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Corporate Income Tax

KPMG reports: Arizona (transaction privilege tax); Illinois (sourcing obligations); Kansas (decoupling from section 163(j)); New Jersey (S corporation requirements); Washington State (tax exemption on shipping container repairs)

This article discusses the potential impact of the proposed changes to the US tax system on businesses and individuals.

Corporate Income Tax

KPMG reports: Illinois (sales tax exemption); Massachusetts (tax amnesty program); Minnesota (market research activities); Texas (franchise tax, computer-based testing service)

This article discusses the potential impact of the proposed changes to the US tax system, including potential changes to corporate income tax rates and interest deduction rules.

Corporate Income Tax

U.S. Tax Court: Participation interest may constitute partnership interest regardless of subjective intent to be a partner

The US Tax Court issued a memorandum on August 8, 2024, regarding a case involving KPMG and the IRS.

IRS issues new FAQ for QI/WP/WT

The IRS has issued a new FAQ for Qualified Intermediaries, Withholding Partnerships, and Withholding Trusts regarding the new Qualified Intermediary Agreement (QIA) and the new Qualified Derivatives Dealer (QDD) regime.

Corporate Income Tax

Proposed regulations: Dual consolidated loss rules, including treatment of intercompany transactions, Pillar Two taxes, and certain disregarded payments

The article discusses the proposed regulations and draft rules for intercompany transactions under Pillar Two of the OECD's BEPS project, specifically focusing on disregarded payments.

IRS releases draft updated Form 1099-DA for digital assets proceeds from broker transactions, requests comments

The IRS has released a draft updated Form 1099-DA for digital assets proceeds from broker transactions and is seeking comments from the public.

Corporate Income Tax

IRS announces end to moratorium on processing new employee retention credit claims

IRS announces end to moratorium on processing new Employee Retention Credit claims.

Corporate Income Tax

IRS accepting applicants for 2025 Compliance Assurance Process (CAP) program beginning September 4, with expanded eligibility criteria

The IRS has announced that the application period for the 2025 CAP program will open on September 4, 2024.

Corporate Income Tax, Individual Income Tax, Tax Treaties

Vice President Harris releases partial economic plan that includes tax proposals

Vice President Harris releases economic plan which includes tax proposals for corporate and individual income tax, as well as tax treaties.

IRS expands Hurricane Debby tax relief to taxpayers in Vermont

The IRS has expanded tax relief for victims of Hurricane Debby in Vermont.

IRS provides tax relief for taxpayers affected by severe storms and flooding in Minnesota

The IRS has provided tax relief for taxpayers affected by severe storms and flooding in Minnesota.

KPMG report: Documentation rules under final digital asset reporting regulations

This article discusses the final digital asset reporting regulations and their impact on tax documentation requirements.

Announcement 2024-30: Second voluntary disclosure program for employee retention credit

The article discusses the extension of the 30-second voluntary disclosure program and the employee retention credit until 2024.

Corporate Income Tax

Corporations subject to CAMT must file Form 2220 to qualify for estimated tax penalty relief

Corporations subject to CAMTG must file Form 2220 to qualify for estimated tax penalty relief.

IRS provides tax relief for taxpayers affected by severe storms, straight-line winds, flooding in South Dakota

The IRS has provided tax relief for taxpayers affected by severe storms, straight-line winds, and flooding in South Dakota.

IRS provides tax relief for taxpayers throughout Puerto Rico affected by Tropical Storm Ernesto

IRS provides tax relief for taxpayers throughout Puerto Rico affected by Tropical Storm Ernesto.

Rev. Rul. 2024-18: Interest rates, tax underpayments and overpayments remain same for fourth quarter 2024

Interest rates are expected to remain the same in the fourth quarter of 2024 in the US.

Delaware: Notices requesting “verified reports” of unclaimed property

Delaware has issued notices requesting verified reports for unclaimed property, which may have tax implications for companies.

Proposed regulations: Revising qualified domestic trust regulations to update outdated references, procedures

The proposed regulations revise the qualified domestic trust regulations to reflect changes made by the Tax Cuts and Jobs Act.

Corporate Income Tax

Proposed regulations: Guidance regarding elections relating to foreign currency gains and losses

Proposed regulations and guidance on elections for foreign currency gains and losses.

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