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IntroducingTax AI

A powerful tool designed to provide business people with comprehensive insights into government policies, tax-related matters, and opportunities around the world. By analyzing data from important tax articles, TaxAI offers valuable metrics to help you make informed decisions and stay ahead of the game.

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KPMG report: Final regulations on information reporting on digital asset transactions

Final regulations have been issued by the US Treasury Department and the IRS on information reporting for digital asset transactions.

Corporate Income Tax

KPMG reports: Application of BBA centralized partnership audit regime

This article discusses the application of the BBA centralized partnership audit regime in the United States.

Corporate Income Tax

Proposed regulations: Certain basket contract transactions identified as listed transactions

Proposed regulations have been issued by the US Treasury Department and the IRS to identify certain basket contract transactions as listed transactions.

Corporate Income Tax

IRS issues FAQs regarding registration for clean fuel production credit

This article provides answers to frequently asked questions about the registration process for the Clean Fuel Production Credit, a tax credit for businesses that produce certain types of clean fuels.

Corporate Income Tax

KPMG report: IRS rewards credit card banks with earlier deductions

IRS rewards credit card banks with earlier deductions for bad debt reserves.

Corporate Income Tax

Final regulations: Guidance under section 367(b) relating to certain triangular reorganizations and inbound nonrecognition transactions

Final regulations and guidance under Section 367(b) relating to certain triangular reorganizations and inbound nonrecognition transactions.

Individual Income Tax

Final and proposed regulations: Required minimum distributions under section 401(a)(9)

The article discusses the final proposed regulations for required minimum distributions (RMDs) from retirement plans and IRAs, which are subject to tax in the US.

Final Proposed Regulations

KPMG report: Final regulations on prevailing wage and apprenticeship requirements under clean energy tax incentives

Final regulations on prevailing wage and apprenticeship requirements under clean energy tax incentives have been released by the US government.

Corporate Income Tax

D.C. Circuit: Gain recognized on sale of partnership interest attributable to inventory not U.S.-source income subject to U.S. tax; Tax Court reversed

The DC Circuit Court of Appeals reversed a Tax Court decision and held that gain recognized on the sale of a partnership interest attributable to inventory is not US source income subject to US tax.

KPMG report: Planning implementation of broker digital asset reporting regulations

This article discusses the planning and implementation of broker digital asset reporting regulations in the United States.

Corporate Income Tax

Notice 2024-58: Percentage depletion for oil and gas produced from marginal properties for 2024

The IRS has issued a notice providing guidance on the percentage depletion method for marginal oil and gas properties.

Corporate Income Tax

IRS updates FAQs on new, previously owned, and qualified commercial clean vehicle credits

The IRS has updated its FAQs on new and previously owned and qualified commercial clean vehicle credits.

IRS provides tax relief for taxpayers in Texas affected by Hurricane Beryl

IRS provides tax relief for taxpayers in Texas affected by Hurricane Beryl.

Corporate Income Tax

KPMG report: APMA program annual report on APA statistics for 2023

The KPMG report provides insights on the APMA program and APA statistics for 2023, highlighting developments and opportunities in the US tax landscape.

KPMG report: Expiring provisions in the 2025 “Tax Cliff”

This report discusses the potential impact of expiring tax provisions in the United States by 2025.

IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, and flooding in Missouri

The IRS has announced tax relief for taxpayers affected by storms in Missouri.

KPMG report: State and local tax, technology-related developments (table, second quarter 2024)

This article discusses the latest developments in state and local tax technology, including changes in tax rates, interest deductions, and documentation requirements.

IRS provides tax relief for taxpayers affected by storms, winds, tornadoes, landslides, and mudslides in Kentucky

The IRS has announced tax relief measures for individuals and businesses affected by the recent storms in Kentucky.

Withholding tax

IRS announces all QI / WP / WT applications for 2024 must be submitted by September 30

The IRS has announced that applications for Qualified Intermediary (QI), Withholding Foreign Partnership (WP), and Withholding Foreign Trust (WT) status for 2024 must be submitted by September 30, 2023.

Corporate Income Tax

Notice 2024-60: Required procedures to claim section 45Q credit for sequestration of carbon oxide

This notice provides guidance on the procedures for claiming the Section 45Q credit for sequestration of carbon oxide.

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