US: IRS clarifies mutual agreement procedure relief requirements under tax treaty with Germany
The IRS Office of Chief Counsel (OCC) issued a letter on 11 April, 2024, addressing an inquiry regarding the 1989 US-Germany income tax treaty. The letter outlines the requirements for obtaining tax relief under Article 25 (Mutual Agreement
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US: Senate approves $12.3 billion IRS budget for FY 2025
The US Senate Appropriations Committee passed the Fiscal Year 2025 Financial Services and General Government Appropriations Act on 1 August, 2024. The act provides USD 27.885 billion to fund the operations of the Department of the Treasury, the
See MoreUS: New Jersey introduces tax credits for AI businesses
New Jersey’s Governor Phil Murphy has signed Bill S3432/A4558, which introduces the Next New Jersey Program on 25 July 2024. The Next New Jersey Program is aimed at attracting fresh investments into the state's artificial intelligence (AI)
See MoreUS: Washington increases sales tax rates
The Washington District of Columbia has increased the sales tax rate from 6% to 6.5%, effective 1 October 2025. The sales tax rate will be further to 7% on 1 October 2026. The increase follows the district's 2025 budget by the City Council and is
See MoreUS: Nebraska governor to reduce property taxes up to 50%
Nebraska Governor Jim Pillen, in a release, has convened a special legislative session to discuss the possibility of reducing local property taxes by 40-50% on 30 July 2024. This significant property tax reduction plan is part of Pillen’s
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Mexico, US renew maquiladora tax agreement
The Mexican Tax Administration (SAT) announced the second renewal of the Qualified Maquiladora Approach Agreement (QMA) with the US Internal Revenue Service (IRS). The SAT stated that the latest renewal preserves the core aspects of the QMA's
See MoreUS: FinCEN informs financial institutions on beneficial ownership information rules
The US Financial Crimes Enforcement Network (FinCEN) released a notice to customers of financial institutions about reporting beneficial ownership information on 26 July, 2024. The Corporate Transparency Act requires certain entities, including
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Bulgaria approves pending CbC report exchange agreement with the US
Bulgaria's Council of Ministers approved the pending Intergovernmental Agreement (IGA) with the US regarding the exchange of Country-by-Country (CbC) reports. Bulgaria’s Ministry of Finance signed a country-by-country (CbC) exchange agreement
See MoreIMF Report Assesses the US Economy
On 17 July 2024 the IMF issued a report following consultation with the US government under Article IV of the IMF’s articles of agreement. The US economy has performed strongly in the past few years. Economic activity and employment now exceed
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Bulgaria approves CbC exchange agreement with US
Bulgaria’s Council of Ministers approved the Bulgaria – United States Agreement on the Automatic Exchange of Country-By-Country (CbC) Reports on 17 July, 2024. This automatic exchange of CbC reports will enhance international tax transparency
See MoreUS: Pennsylvania passes tax bill to double net loss limit
The US State of Pennsylvania’s Governor Josh Shapiro signed a tax bill - Senate Bill 654 - into law on 11 July, 2024. This bill follows the state’s federal tax code that proposes to gradually increase the net operating loss carryover limit
See MoreUS: Oregon reportedly proposes higher taxes for corporations
The US State of Oregon, in its Initiative Petition 17 (IP 17), has reportedly proposed to raise minimum taxes for corporations in Oregon with sales over USD 25 million. Initiative Petition 17 proposes to increase state taxes paid by certain
See MoreUS: North Carolina ends sales tax threshold for remote sellers
The US state of North Carolina has phased out the 200-transaction sales tax threshold for retail merchants and marketplace facilitators under Session Law 2024-28, which was recently signed into law by Governor Roy Cooper (D). Effective 1 July
See MoreUS: Missouri to let pass-through entities bypass entity-level tax
The state of Missouri announced that it will permit members of pass-through entities (PTEs) to opt out of the elective entity-level tax under HB 1912, which was signed by Governor Mike Parson (R) on 10 July, 2024. The HB 1912 will take effect on
See MoreUS: Washington exempts carbon credits and allowances taxes
Washington has announced that it will exempt certain carbon credits and allowances under the cap and invest programme for greenhouse gas emissions from the state's business and occupation (B&O) tax and public utility tax (PUT). This update was
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US: IRS issues fact sheet on inflated tax refund claims due to inadequate social media advice
The US Internal Revenue Service (IRS), in a release FS-2024-24 in July 2024, issued alert IR-2024-139 on 14 May 2024, about a series of scams and inaccurate social media advice. Social media schemes led to thousands of inflated refund claims during
See MoreUS: FinCEN updates FAQs on beneficial ownership for pre-Corporate Transparency Act, defunct entities
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has released new and revised FAQs concerning beneficial ownership reporting requirements, effective 1 January, 2024. The new FAQs were issued on 8 July 2024. FinCEN has
See MoreUS: Lawmakers urge treasury secretary to enforce 15% corporate minimum tax
US Senators Elizabeth Warren (D-MA), Angus King (I-ME), Michael Bennett (D-CO.), and Representative Don Beyer (D-VA) are urging to fully implement the 15% Corporate Alternative Minimum Tax (CAMT). A signed letter was sent to Treasury Secretary
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