US: IRS introduces pass-through compliance unit in large business divisions
The US Internal Revenue Service (IRS) announced the new pass-through field operations unit announced last fall that has officially started work in its Large Business and International (LB&I) division to more efficiently conduct audits of
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US: FinCEN clarifies public utility exemption for reporting beneficial ownership
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN)Â issued a final rule that clarifies the public utility exemption within the beneficial ownership information reporting rule. The final rule was published in the Federal
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US publishes updated Congressional Research Service report on SALT deduction
The US Congressional Research Service has released an updated report on the Federal Deductibility of State and Local Taxes on 16 October 2024. Under current law, taxpayers who itemise can deduct state and local real estate taxes, personal
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Chile: Treaty allows reduced withholding tax rates for US residents
According to Oficio No. 1763/2024, a payer in Chile may refrain from withholding tax, or withhold tax at a reduced rate, on income paid to a US resident entity under the Chile-US income tax treaty. This applies only after the US recipient submits
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US lawmakers urge Biden administration to address double taxation issues with Taiwan
Congressman Gerry Connolly (D-VA), a senior member of the House Committee on Foreign Affairs, co-Chair of the Congressional Taiwan Caucus, and the author of the Taiwan Tax Agreement Act of 2023, led four of his colleagues in writing to Secretary of
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US: IRS rules section 246(b) tax limit applies to GILTI, FDII income
The US Internal Revenue Service (IRS) Office of Chief Counsel (OCC) has released a memorandum (AM 2024-002) that examines how the taxable income limitation under the Internal Revenue Code (IRC) section 246(b) applies to both IRC section 951A global
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US: IRS to handle 400,000 employee retention credit claims
The US Internal Revenue Service (IRS) has issued the ERC claims update in a news release (IR-2024-263) on October 10, 2024, stating it is processing about 400,000 claims, representing approximately USD10 billion in eligible claims. Work on the
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US: Senator Wyden presses Pfizer to comply with pharma tax investigation
US Senate Finance Committee Chair Ron Wyden (D-OR), in a release, on 3 October 2024 announced that Pfizer is the sole company unwilling to cooperate with the Finance Committee's investigation into how major pharmaceutical firms utilise offshore tax
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US: IRS releases 2022 tax gap projections of USD 696 billion
The Internal Revenue Service in a news release (IR-2024-262) on 10 October 2024 announced the tax gap projections for tax year 2022, a detailed analysis showing the nation’s projected gross tax gap of USD 696 billion. This reflects the difference
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US: IRS grants six-month filing extension for Exempt Organisation Business Income Tax Return
The US Internal Revenue Service (IRS) has granted certain applicable entities that are making an elective payment election a six-month automatic extension of time to file an original or superseding Form 990-T, Exempt Organisation Business Income Tax
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US: IRS finalises rules for repatriating intangible property under Section 367(d)
The US Internal Revenue Service (IRS) and Treasury published the final regulations - Section 367(d) Rules for Certain Repatriations of Intangible Property in the Federal Register on 10 October 2024, which contains final additions and amendments to
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Argentina gets first financial data exchange from the US
Argentina’s federal tax authority (AFIP) announced that it received its first exchange of financial account information from the US on 2 October 2024. Similarly, Argentina has issued a statement stating that it sent financial information
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US: Treasury releases list of boycott countries
The US Treasury published a notice in the Federal Register regarding the current list of countries that may necessitate participation in or cooperation with an international boycott on 1 October 2024. The countries identified include Iraq,
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USA: FinCEN updates FAQs on beneficial ownership information under CTA
The Financial Crimes Enforcement Network (FinCEN) USA has updated FAQs regarding Beneficial Ownership Information (BOI) under the Corporate Transparency Act (CTA) on 3 October 2024. The FAQs aim to provide clarification regarding the reporting
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US: TIGTA urges IRS to improve Free File Programme
According to a report by the Treasury Inspector General for Tax Administration (TIGTA) the US Internal Revenue Service (IRS) needs to enhance the Free File Programme to ensure better oversight and boost participation on 30 September 2024. What
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US: IRS publishes list of entities, branches with qualified intermediary status
The US Internal Revenue Service (IRS) published its list of entities and branches that have achieved qualified intermediary (QI) status under the Foreign Account Tax Compliance Act (FATCA). The Qualified Intermediary (QI) Program administers
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US: Treasury announces over USD 2 billion in credit transfers for Inflation Reduction Act Phase Four
The US Treasury released a speech outlining the implementation of phase four, along with a press release announcing a significant milestone for clean vehicles on 1 October 2024. Phase Four of Implementation of the Inflation Reduction Act’s
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US: IRS direct file to expand to 12 states, cover more tax situations for 2025 filing season
The US Internal Revenue Service released IR-2024-258 on 3 October 2024, announcing that Direct File will be available for the 2025 tax filing season in double the number of states than last year’s pilot, and it will cover a wider range of tax
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