US: IRS announces 401(k) and IRA contribution limits increases in 2026
The US Internal Revenue Service (IRS) announced an increase in 401(k) and IRA contribution limits for 2026 on 13 November 2025. The amount individuals can contribute to their 401(k) plans in 2026 has increased to USD 24,500, up from USD 23,500
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US: Government shutdown ends, IRS to be fully operational
The US House of Representatives passed H.R. 5371 on 10 November 2025, to fund the federal government through 30 January 2026, ending the longest government shutdown in history and allowing furloughed IRS employees, as of 8 October 2025, to return to
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US: Treasury Department discontinues direct file option for individual tax returns
The US Department of the Treasury issued a report to Congress in October 2025 regarding the replacement of the Direct File program for individual income tax returns. Initially launched during the 2024 tax filing season in 12 states, the program
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US: Trump administration working on reducing tariffs on Swiss imports
The US is in discussions with Switzerland to reduce the 39% tariff imposed on Swiss exports, President Donald Trump announced on 10 November 2025, although no final agreement has been reached. The high tariffs, introduced in August as part of
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China eases export controls on select materials to US
China’s Ministry of Commerce (MOFCOM) announced on Sunday, 9 November 2025, that it will temporarily suspend part of its 2024 export-control rules on certain dual-use materials shipped to the US. The change, effective from 9 November 2025 to 27
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US: Minnesota revises tax forms due to One Big Beautiful Bill Act (OBBBA) nonconformity
The US State of Minnesota has updated its draft tax forms and instructions for 2024 and 2025 to reflect federal tax changes from the One Big Beautiful Bill Act (OBBBA) passed in July 2025. However, as of 1 May 2023, Minnesota's tax code conforms
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US: IRS services remain limited as US government shutdown hits record length
The ongoing US federal government shutdown, which began on 1 October 2025, has become the longest in history, lasting 37 days as of 6 November 2025. The IRS is heavily impacted, with most staff furloughed and limited capacity to process returns,
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Uzbekistan agree on trade deal with the US
The US and Uzbekistan agreed on a trade and economic deal on 7 November 2025. President Donald Trump announced on Truth Social that Uzbekistan intends to invest and purchase approximately USD 35 billion from U.S. sectors over the next three
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US: New York City consults on proposed business corporation tax regulations
The New York State Department of Finance (DOF) is in the process of developing regulations for the business corporation tax, which was enacted in 2015. On 27 December 2023, the New York State Department of Taxation and Finance published a new set
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US: Supreme Court scrutinises Trump’s global tariffs in high-stakes legal battle
The US Supreme Court is currently examining the legality of sweeping tariffs imposed by President Donald Trump as of 5 November 2025, a case that represents a significant test of presidential power and carries major implications for the global
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US: IRS clarifies penalty relief for 2025 reporting on tips and overtime under One, Big, Beautiful Bill
The US Internal Revenue Service (IRS) has announced, on 5 November 2025, penalty relief for tax year 2025 related to information reporting on tips and overtime. The Treasury, IRS provide penalty relief for tax year 2025 for information
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China eases tariffs on select US agricultural products
China announced plans today, 5 October 2025, to suspend some of the retaliatory tariffs it imposed on US imports, following a recent meeting between the leaders of the two nations. Starting 10 November, China will lift duties of up to 15% on
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US: Trump administration releases factsheet on US-China trade deal
The Trump Administration released a fact sheet detailing the trade agreement reached between the US and China on 30 October 2025, on 1 November 2025. This follows the announcement by US Treasury Secretary Scott Bessent on 26 October 2025 that the
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US: IRS announces tax relief for North Dakota and South Dakota storm, flood victims
The US Internal Revenue Service (IRS) released ND-2025-01 and SD-2025-01 on 29 October 2025, announcing tax relief for individuals and businesses in parts of North Dakota and South Dakota affected by severe storms and flooding that began on 12 June
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US: IRS announces tax relief to Alaska storm and flood victims
The US Internal Revenue Service (IRS) in a notice (AK-2025-0) on 30 October 2025 announced tax relief for individuals and businesses in the Lower Kuskokwim Regional Educational Attendance Area, Lower Yukon Regional Educational Attendance Area, and
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US: Texas issues new franchise tax rates, threshold caps for 2026–27
The Texas Comptroller of Public Accounts has released the franchise (margin) tax rates, thresholds, and deduction limits for 2026 and 2027. The tax rates remain unchanged from 2024 to 2025, while both the no-tax-due threshold and the compensation
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US: California enacts law for IRC provisions conformity, introduces R&D tax credits
California Governor Gavin Newsom signed Senate Bill 711 (SB 711) into law on 1 October 2025, bringing the state’s tax code into conformity with various Internal Revenue Code (IRC) provisions from 1 January 2015 through 1 January 2025. SB 711,
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US and Korea (Rep.) sign trade deal, reduces auto tariffs
RF Report The US and Korea (Rep.) signed a major trade agreement on 29 October 2025. The key aspect of this agreement is the reduction of US tariffs on automobiles and auto parts imported from Korea (Rep.), from 25% to 15%. In exchange for
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