US seeks USMCA dispute settlement talks over Canada’s digital services tax
The US Trade Representative Katherine Tai announced that the US has requested dispute settlement consultations with Canada under the United States-Mexico-Canada Agreement (USMCA) regarding Canada’s recently enacted digital service tax (DST) on 30
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US: Maine joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 27 August 2024, that Maine will be the latest state to join the IRS Direct File for Filing Season 2025. Following a successful Pilot Program in 12 states that saw
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US: IRS struggles to tackle tax avoidance by multinational corporations
The US Treasury Inspector General for Tax Administration (TIGTA) issued a partially redacted report on 26 August 2024, highlighting the challenges the US Internal Revenue Service (IRS) encounters in tackling tax avoidance strategies deployed by
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US: SST Board finds Georgia, Nebraska, Ohio sales tax systems non-compliant, seeks public input
The US Streamlined Sales Tax Governing Board (SST) has found potential non-compliance with the Streamlined Sales and Use Tax Agreement (SSUTA) in Georgia, Nebraska, and Ohio during its 2024 Annual State Compliance Review. The SST has requested
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US: Wisconsin to join IRS 2025 direct filing season
The US Department of the Treasury and Internal Revenue Service (IRS) announced that Wisconsin is the next state to join the IRS Direct File for Filing Season 2025 on 21 August 2024. IRS Direct File was made possible by President Biden’s
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US releases report on Inflation Reduction Act
The US Internal Revenue Service (IRS) released IR-2024-223 on Friday, 23 August 2024, publishing its Inflation Reduction Act two-year report card. The IRS has made significant progress on a range of improvements, including that all taxpayers can
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US: Interest rates on overpaid and underpaid tax steady for Q4 2024
The US Internal Revenue Service (IRS) announced in a release IR-2024-220 on Wednesday, 21 August 2024, that interest rates will remain the same for the calendar quarter beginning 1 October 2024. For individuals, the rate for overpayments and
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US: CRS reviews marginal effective tax rates on investment, expiring tax cuts
The Congressional Research Service (CRS) released a report (R48153) on 13 August 2024, examining tax rate differences by asset, sector, and source of finance. The report also evaluates the relative incentives for investment. The Tax Cuts and Jobs
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US: Senate fails to pass Taiwan double-tax relief bill
The US Senate failed to pass the legislation (H.R. 7024) featuring the US-Taiwan Expedited Double-Tax Relief Act on 1 August 2024. This legislation, known as the Tax Relief for American Families and Workers Act of 2024, aims to establish tax
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US: Kamala Harris promises to increase corporate tax rate
US Vice President Kamala Harris, during her campaign on the first day of the Democratic National Convention in Chicago, on Monday, 19 August 2024, said that she will increase the corporate tax rate from 21% to 28%. However, Harris has committed
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US: IRS consults updated draft form for reporting digital asset transactions
The US Internal Revenue Service released IR 2024-204 on 9 August 2024, which contains an early draft of the updated Form 1099-DA. This form is for brokers to report certain sale and exchange transactions of digital assets that take place beginning
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US: California to rejoin IRS direct file programme
RegFollower Desk The Franchise Tax Board (FTB) of California announced that it will continue to work with the IRS to offer many California taxpayers the option of a simple way to file both their federal and state tax returns using the IRS Direct
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US: Kansas updates transition rules after separating from federal interest deductions
The Kansas Department of Revenue published Notice 24-16, on 7 August 2024, providing guidance on business interest deductions for tax years 2021 and beyond. For tax years 2018, 2019, and 2020, Kansas was coupled with the federal code and only
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US: IRS urges early registration for 2023 payment, transfer claims
The US Internal Revenue Service released IR-2024-210, which strongly urges qualifying businesses, tax-exempt organisations, and state, local, and Indian tribal governments to complete the pre-filing registration process now for projects placed in
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US: Connecticut joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 9 August 2024, that Connecticut will join the IRS Direct File for Filing Season 2025. The IRS Direct File was made possible by President Biden’s Inflation
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Uruguay approves tax information exchange agreement with the US
Uruguay's Chamber of Senators approved a tax information exchange agreement with the US on 7 August 2024. Signed on 24 October 2023, this marks the first agreement of its kind between the two nations. It aims to enhance cooperation in tax matters
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US: IRS, Treasury issue final regulations for digital asset reporting regulations
The US IRS and Department of the Treasury Department, on 9 July 2024, published ‘“Gross Proceeds and Basis Reporting by Brokers and Determination of Amount Realised and Basis for Digital Asset Transactions”, outlining the final regulations
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US: IRS, Treasury propose dual consolidated loss rules
The US Internal Revenue Service (IRS) and the US Department of Treasury have released Rules Regarding Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, in which it proposed regulations that offer guidance on the dual
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