US: Idaho offers tax relief for South California taxpayers affected by wildfires
The Idaho State Tax Commission announced on 6 March 2025 that it is extending the deadlines to file and pay taxes for victims of the southern California wildfires and straight-line winds. Affected taxpayers in Los Angeles County will have until
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US: Wyoming offers 25% property tax cut for homeowners
Wyoming Governor Mark Gordon signed a legislation on 3 March 2025 that offers a property tax exemption of up to 25% for single-family homes. A single-family home is a structure intended for human habitation, including a house, modular home,
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US: Idaho lowers corporate, individual tax rates
Idaho Governor Brad Little has signed House Bill 40 into law on 6 March 2025, lowering corporate and individual income tax rates from 5.695% to 5.3%. The legislation also allows veterans to keep more of their military pensions. “Idaho
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Switzerland opens consultation on new FATCA agreement to exchange tax data with US
The Swish Federal Council opened a consultation on 7 March 2025 regarding a new FATCA agreement. In the future, Switzerland will no longer only provide financial account information to the US but will also receive information from the US as part of
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US: Trump orders lumber import probe and boost domestic production, raising concerns on potential tariffs
US President Donald Trump has issued two executive orders concerning the timber industry on 1 March 2025. The first executive order aims to boost domestic production, and the second investigates the impact of imported timber on US security and
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US: IRS announces foreign income exclusion eligibility waiver countries for 2024
The US Internal Revenue Service (IRS) has released Revenue Procedure 2025-17, set to be published in Internal Revenue Bulletin 2025-13 on 14 March 2025. This revenue procedure provides information to any individual who failed to meet the
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US: IRS announces unchanged interest rates for Q2 2025
The US Internal Revenue Service (IRS), announced – on 6 March 2025 – that the interest rates will remain the same for the calendar quarter beginning 1 April 2025. For individuals, the rate for overpayments and underpayments will be 7% per
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US: Trump halts tariffs on USMCA products
US President Donald Trump signed executive orders halting the recently imposed tariffs on imports from Canada and Mexico covered under the United States-Mexico-Canada Agreement (USMCA) yesterday, on 6 March 2025. The USMCA allows goods to move
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US: Chamber of Commerce urges US Trade Representative to boost digital trade leadership
The US Chamber of Commerce published a letter on 3 March 2025 urging US Trade Representative Jamieson Greer to prioritise digital trade rules and strengthen US leadership in global markets. This includes acting against foreign countries imposing
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US to impose reciprocal tariffs on India and other countries
The US will implement reciprocal tariffs on imports from countries imposing high tariffs on US goods, including India starting 2 April 2025. President Donald Trump announced this measure during a joint session of Congress, criticising India's 100%
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US: Trump exempts automakers from Mexican, Canadian tariffs for a month
According to the White House, on 5 March 2025, US President Donald Trump has decided to exempt automakers from his 25% tariffs on Canada and Mexico for one month if they follow existing free trade rules. Following discussions with the three
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US: IRS sets 2025 housing cost amounts exclusion limits
The US Internal Revenue Service (IRS) has issued Notice 2025-16, outlining the housing expense limits under section 911 of the Internal Revenue Code for 2025. This notice provides adjustments to the limitation on housing expenses for purposes of
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US raises tariffs on Chinese goods
US President Donald Trump signed an Executive Order on 3 March 2025, increasing tariffs on Chinese products from 10% to 20%. The order amends previous actions targeting the synthetic opioid supply chain and cites China's insufficient efforts to curb
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US: Treasury suspends Corporate Transparency Act enforcement against citizens, domestic reporting companies
The US Department of the Treasury announced, on 2 March 2025, with respect to the Corporate Transparency Act, that it will not enforce any penalties or fines associated with the beneficial ownership information reporting rule under the existing
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US: Trump’s tariffs enters into force, Canada and China announces retaliation
US President Donald Trump’s new 25% tariffs on imports from Canada and Mexico, and 20% tariffs on Chinese imports entered into force today, 4 March 2025, raising fears of trade conflicts with the top three US trading partners. In response,
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US: FinCEN won’t impose fines or penalties for missing beneficial ownership information reporting deadlines
The US Treasury Financial Crimes Enforcement Network (FinCEN) has announced, on 27 February 2025, that it will not issue any fines or penalties or take any other enforcement actions against any companies based on any failure to file or update
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US: Wyoming raises exemption for business personal property tax
Wyoming’s Governor Mark Gordon has signed the bill (S.F. 48) on 24 February 2025, which increased the property tax exemption for personal business property from USD 2,400 to USD 75,000 in fair market value per county. The new threshold takes
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US: IRS releases 2025 dirty dozen tax scams list
The US Internal Revenue Service (IRS), in a release IR-2025-26 on 27 February 2025, announced its annual Dirty Dozen list of tax scams for 2025 with a warning for taxpayers, businesses and tax professionals to watch out for common schemes that
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