US: FinCEN delays beneficial ownership reporting deadline after court ruling
The US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) has issued an update on its BOI webpage, clarifying that reporting companies are not currently obligated to file beneficial ownership information. However, they may choose
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US: Congressional Research Service publishes report on economic impact of expiring tax cuts
The US Congressional Research Service (CRS) has released a report titled Expiring Provisions of P.L. 115-97 (the Tax Cuts and Jobs Act): Economic Issues on 26 November 2024. Most provisions affecting the individual income tax in the 2017 tax law
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US: IRS Criminal Investigation publishes FY24 report detailing global reach, billion-dollar impact
The US Internal Revenue Service Criminal Investigation (IRS-CI) in the notice IR-2024-307 on 5 December 2024 published its Fiscal Year 2024 (FY24) Annual Report that details significant cases involving crimes ranging from tax fraud to cybercrime,
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US: Treasury, IRS finalise rules on tax credit for clean energy investments
The US Department of the Treasury and Internal Revenue Service (IRS) have released the final rules for the Section 48 Energy Credit – also known as the Investment Tax Credit (ITC), on 4 December 2024. The rules were scheduled to be published in
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US: IRS extends filing research credit claim deadline to January 2026
The US Internal Revenue Service (IRS) has extended the transition period for refining Section 41 research credit refund claims, addressing the additional information requirements introduced in October 2021. The extension was highlighted in a
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US: IRS and Treasury extend consultation deadline for proposed CAMT regulations
The US Treasury Department and Internal Revenue Service (IRS) have announced an extension for submitting comments on the proposed regulations (REG-112129-23) concerning corporate alternative minimum tax (CAMT) on 4 December 2024. Initially published
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Hungary, US: CbCR agreement comes into force
The Hungary-United States Agreement on the Automatic Exchange of Country-by-Country Reports (CbCR) (2024) came into effect on 25 November 2024. The newly approved agreement will succeed the 2018 IGA which ended on 8 January 2023. Earlier,
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US: IRS and Treasury propose rules on taxed earnings, basis adjustments
The US Internal Revenue Service (IRS) and Treasury Department have issued proposed regulations (REG-105479-18) on 2 December 2024, addressing previously taxed earnings and profits (PTEP) of foreign corporations and the associated basis
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Cyprus confirms CbC exchange effective date with US, filing obligations
The Cyprus Tax Department has issued a notice on 19 November 2024, outlining the anticipated effective date for the agreement on exchanging Country-by-Country (CbC) reports with the US as well as related local filing requirements. The Cyprus Tax
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US: Congressional Research Service updates report on global intangible low-taxed income
The US Congressional Research Service (CRS) has released an updated report (IF 11943) addressing proposed changes to the taxation of global intangible low-taxed income (GILTI) on 25 November 2024. The updates explain that the proposed changes
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US: IRS provides transitional relief for payment app transactions
The US Internal Revenue Service has issued Notice 2024-85 corresponding to a news release (IR-2024-299) on 26 November 2024, providing transition relief for third-party settlement organisations (TPSOs), also known as payment apps and online
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US: Louisiana finalises net capital gains deduction rules
Louisiana’s Department of Revenue has released final regulations for entities claiming net capital gains deductions. These regulations include guidance for situations where the claimed capital gain exceeds USD 250,000. The final regulations
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US: Georgia consults digital sales tax rules
Georgia’s Department of Revenue has launched a public consultation on the proposed regulations regarding the taxation of digital product sales. The rules set forth the application of Georgia sales and use tax concerning the sale or use of
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US: IRS urges taxpayers to prepare for 2025 filing with online tools
The US Internal Revenue Service (IRS) in a release (IR-2024-297) on 22 November 2024 reminding people of simple steps they can take now to prepare to file their 2024 federal tax returns. This reminder is part of the IRS's "Get Ready" campaign
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US: Congressional Research Service (CRS) reviews TCJA changes to cost recovery, R&D tax credit
The US Congressional Research Services (CRS) has published a new "In Focus" report, “How the "Tax Cuts and Jobs Act" (TCJA, P.L. 115-97) Changed Cost Recovery and the Tax Credit for Research” on 13 November 2024. Tax benefits for investments
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US: Treasury Department finalises rules for expanding clean energy tax credits
The US Department of the Treasury and the IRS, in a press release on 19 November 2024, issued final regulations that will expand the reach of the Biden-Harris Administration’s Inflation Reduction Act by helping entities that co-own clean energy
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US: Treasury Department’s CDFI Fund to grant USD 10b in NMTC authority for 2024-25
The US Department of the Treasury's Community Development Financial Institutions Fund (CDFI Fund), on 19 November 2024, released the Notice of Allocation Availability (NOAA) for the next round of the New Markets Tax Credit Program (NMTC
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Hungary ratifies new CbC reporting pact with US
Hungary’s President has signed Law No. XLIII of 2024, officially ratifying the new Country-by-Country (CbC) reports exchange agreement with the US. The ratification was published in the Official Gazette No. 113 (Magyar Közlöny) on 13 November
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