US: IRS extends tax relief for Iowa taxpayers impacted by storms and floods
The US Internal Revenue Service (IRS), in a release – IA-2024-04 – published on 6 June, 2024, announced tax relief for individuals and businesses in Iowa affected by severe storms, tornadoes, and flooding that occurred on 20 May, 2024. The
See MoreUS: IRS extends tax relief for Kentucky taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release – IR-2024-159 – published on 7 June 2024, announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and
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US, Bulgaria sign CbC exchange agreement
Bulgaria's Ministry of Finance signed a country-by-country (CbC) exchange agreement with the US on 30 May, 2024. The automatic exchange of CbC reports will enhance international tax transparency and aid tax administrations in targeting resources
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US: FY 2025 State and Foreign Operations Appropriations Bill defunds several international programmes
The US House Appropriations Committee released the Fiscal Year 2025 State and Foreign Operations Appropriations Bill on 3 June, 2024. It proposes terminating several programmes including funding for the Organisation for Economic Cooperation and
See MoreUS: Washington updates regulation on apportionable income calculation
US state Washington’s Department of Revenue has updated a regulation concerning the calculation of the portion of a business’s apportionable income generated within Washington State. Introduced on 15 May, 2024, this rule will go into force on
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US: Tennessee implements destination sourcing under the Tennessee Works Tax Act
Tennessee’s Department of Revenue has issued Notice 24-08, outlining the sales and use tax sourcing changes introduced in the "Tennessee Works Tax Act". On 11 May, 2023, Governor Lee signed into law the Tennessee Works Tax Act (TWTA), Public
See MoreUS: IRS revises automatic accounting methods
The US Internal Revenue Service (IRS) announced revising its automatic accounting method procedures in April 2024. As per the new method, taxpayers must obtain formal IRS consent through a letter ruling to alter any aspect of their tax
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Bulgaria signs AEOI agreement with USA
The Bulgarian Ministry of Finance announced, on 30 May 2024, the signing of an agreement with the United States for the automatic exchange of information (AEOI). Lyudmila Petkova, Deputy Prime Minister and Minister of Finance, Bulgaria, alongside
See MoreUS: Illinois governor receives 2025 budget revenue billÂ
The governor of Illinois is expected to receive the fiscal year 2025 budget revenue bill. The bill introduces several tax changes, which includes: Introduction of a USD 500,000 cap on net operating loss (NOL) carryovers for corporate taxes,
See MoreUS: IRS extends tax relief for Massachusetts taxpayers impacted by storms and floods
On Friday, 31 May, 2024, the US Internal Revenue Service (IRS), in a release—IR-2024-154, announced tax relief for individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on 11 September,
See MoreUS negotiates CbC exchange deal with Dominican Republic
As per an update to the IRSÂ Country-by-Country Reporting Jurisdiction Status Table, the US has initiated negotiations with the Dominican Republic for a competent authority arrangement concerning the exchange of Country-by-Country (CbC)
See MoreUS proposes clean electricity credits under sections 45Y and 48E
The US Internal Revenue Service (IRS) and the Department of Treasury announced proposed regulations (REG-119283-23), on Wednesday, 29 May, 2024, concerning the clean electricity production credit under section 45Y and the clean electricity
See MoreUS proposes tax credits beyond solar and wind energy
The Biden administration announced proposals to expand tax credits beyond solar and wind energy to include other renewable and clean energy sources, such as nuclear fission and fusion on Wednesday, 29 May 2024. This comes after the US Treasury
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US: IRS reminds overseas taxpayers deadline for 2023 tax returns
The US Internal Revenue Service issued a notice on Tuesday, 28 May, 2024, which reminded taxpayers living and working outside the United States to file their 2023 federal income tax return by 17 June, 2024. This deadline applies to US citizens
See MoreUS: IRS extends tax relief for Texas residents impacted by adverse weather
The US Internal Revenue Service (IRS), on Tuesday, 28 May, 2024, in a release (TX-2024-13) announced tax relief for individuals and businesses in Texas affected by severe storms, straight-line winds, tornadoes, and flooding that began on 26 April,
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G7 finance ministers pledge for a fairer global tax system
The G7 Finance Ministers and central bank governors held a meeting from 23–25 May, 2024, at Stresa, Italy, during which they issued a Communiqué reaffirming their commitment to creating a more stable and equitable international tax system. The
See MoreUS: House panel praises opportunity zones, calls for improvements
The Opportunity Zone tax incentives introduced in the Tax Cuts and Jobs Act of 2017 (TCJA, P.L. 115-97) received bipartisan praise during a US House Ways and Means Tax Subcommittee field hearing in Erie, Pennsylvania, on 20 May, 2024. The hearing
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Kenya and US to strengthen business and trade ties
Kenyan President William Ruto announced that Kenya will engage in a new round of trade negotiations with the US on Friday, 24 May 2024, during a visit to the US. These talks aim to promote new business agreements and to strengthen economic ties
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