US: Treasury, IRS clarify permanent 100% additional first-year depreciation under OBBB
The US Internal Revenue Service (IRS) and the Department of the Treasury announced on 14 January 2026 the issuance of Notice 2026-11 offering guidance on the permanent 100% additional first-year depreciation deduction for eligible property acquired
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US: Trump delays critical minerals tariffs, opts for overseas sourcing
President Donald Trump has decided not to impose tariffs on rare earths, lithium, and other critical minerals for now, opting instead to pursue overseas supply arrangements. He has instructed US Trade Representative Jamieson Greer and Commerce
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US: Trump imposes 25% tariff on AI chips imports
US President Donald Trump has announced a new 25% tariff on selected high-performance artificial intelligence chips, including Nvidia’s H200 processor and AMD’s MI325X, under a national security proclamation issued by the White House on 14
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US: Trump to imposes tariffs on Iran’s trade partners
Alongside military considerations, Trump has moved to sharply increase economic pressure on Iran. He announced on Monday, 12 January 2026, the immediate imposition of a 25% tariff on any country doing business with Iran, a step that could
See MoreUS: Supreme Court to determine fate of Trump’s sweeping global tariffs on 14 January
The US Supreme Court is expected to deliver its latest round of decisions on 14 January 2026 on the legality of President Donald Trump’s global tariff policy. The court noted that its rulings may be announced when the justices convene for their
See MoreUS: IRS issues 2026 procedures for letter rulings, technical advice
The US Internal Revenue Service has issued Internal Revenue Bulletin 2026-01 on 29 December 2025, which includes five Revenue Procedures for 2026: letter rulings, determination letters, information letters and technical advice from the IRS. The
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OECD: Side by Side Arrangement on Global Minimum Tax
On 5 January 2026 the OECD issued a document with the title Tax Challenges Arising from the Digitalisation of the Economy – Global Anti-Base Erosion Model Rules (Pillar Two), Side-by-Side Package. This document set out more details of the
See MoreUS: IRS releases individual tax return filing preparation guidance for 2026 tax year
The US Internal Revenue Service (IRS) has released guidance to help individuals prepare for filing their 2026 tax returns on 6 January 2026. With the 2026 filing season quickly approaching, the Internal Revenue Service is urging taxpayers to take
See MoreUS: Trump Administration postpones tariff hike on furniture, kitchen cabinets
The Trump Administration has postponed the planned 2026 tariff hikes on upholstered furniture and kitchen cabinets to 1 January 2027, according to a proclamation issued on 31 December 2025. This follows the Trump Administration’s earlier
See MoreUS: IRS updates guidance on business interest deduction limits
The US Internal Revenue Service (IRS) updated the frequently asked questions in Fact Sheet 2025-09 on 23 December 2025, regarding changes to the limitation on the deduction for business interest expense (Section 163(j)) under the One, Big, Beautiful
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US: Treasury, IRS issue final BEAT guidance on qualified derivative payments in securities lending transactions
The US Treasury Department and the Internal Revenue Service (IRS) issued final regulations in the Federal Register on 18 December 2025, outlining how qualified derivative payments (QDPs) are determined and reported in securities lending transactions
See MoreUS sets initial zero-rate tariffs on Chinese semiconductors
The Office of the United States Trade Representative (US Trade Representative) has issued a Notice of Action titled “China’s Acts, Policies, and Practices Related to the Targeting of the Semiconductor Industry for Dominance,” which was
See MoreUS: Whistleblower Office announces new digital Form 211
The US Internal Revenue Service (IRS) Whistleblower Office announced on 19 December 2025 that it is making it easier for whistleblowers to report tax noncompliance to the IRS with the launch of the new digital Form 211, Application for Award for
See MoreUS: Treasury, IRS offers safe harbour for taxpayers claiming carbon capture credit
The US Department of the Treasury and the Internal Revenue Service provided guidance on 19 December 2025 for taxpayers claiming the tax credit for carbon capture and sequestration, which was expanded and modified in the One, Big, Beautiful
See MoreUS: IRS-CI releases 2025 annual report highlighting key investigations
The US IRS Criminal Investigation released its Fiscal Year 2025 Annual Report PDF on 11 December 2025, showcasing banner investigative results fueled by new partnerships and innovative financial investigative techniques. The report details how
See MoreUS to introduce gradual tariffs on Nicaragua following labour rights violations
The US will introduce new tariffs on selected Nicaraguan imports starting 1 January 2026, citing ongoing labour and human rights issues. According to the US Trade Representative (USTR), the duties will be phased in gradually, rising to 10% in
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US to reduce Swiss tariffs under new trade deal
The US will reduce tariffs on Swiss goods from 39% to 15% under a new trade framework, the Swiss government announced today. The agreement also includes a commitment by Swiss companies to invest USD 200 billion in the US by 2028. The framework
See MoreUS: IRS, Treasury issue guidance on enhanced health savings account tax benefits under the One, Big, Beautiful Bill
The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-05 on 9 December 2025, announcing new guidance on tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes
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