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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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Corporate Income Tax

KPMG reports: Arkansas (reduced corporate income tax rate); Oklahoma (sales and use tax exemption for digital assets mining equipment); Vermont (taxation of remotely accessed software)

KPMG reports on the latest twist in tax developments in the United States, including changes in tax rates, interest deductions, loss utilization, hybrid rules, EU proposals, OECD - pillar 1 & 2, MDR, tax treaty updates, domestic WHT updates, documentation, and rulings.

Corporate Income Tax

Notice 2024-45: Clean hydrogen production credit under section 45V, inflation adjustment factors and applicable amounts for 2023 and 2024

The article discusses the inflation adjustment factors for the clean hydrogen production credit, which is a tax incentive for companies producing clean hydrogen in the United States.

Individual Income Tax

Notice 2024-55: Guidance on exceptions to 10% additional tax on early retirement plan distributions

The article provides guidance on exceptions to the additional tax on early retirement plan distributions.

Corporate Income Tax

IRS releases revised draft Form 6765, Credit for Increasing Research Activities

IRS releases revised draft Form 6765 for research and development tax credit.

Corporate Income Tax

U.S. Supreme Court: Mandatory repatriation tax under section 965 held constitutional

US Supreme Court rules that mandatory repatriation tax under Section 965 is unconstitutional.

U.S. Treasury announces suspension, by mutual agreement, of the Russia income tax treaty (updated)

The US Treasury has announced the suspension by mutual agreement of the Russia income tax treaty.

Corporate Income Tax

Treasury and IRS release guidance on partnership “basis shifting” transactions

The Treasury and IRS released guidance on partnership basis shifting transactions, providing taxpayers with clarity on the tax implications of these transactions.

IRS issues FAQs regarding educational assistance programs

This article provides answers to frequently asked questions about educational assistance programs and their tax implications.

Corporate Income Tax

KPMG reports: California (tax measures in budget legislation); Rhode Island (single-sales factor apportionment); South Carolina (sales tax on installed materials)

KPMG reports on the latest twist in US tax laws, including changes to tax rates, interest deductions, loss utilization, hybrid rules, EU proposals, OECD - pillar 1 & 2, MDR, tax treaty updates, domestic WHT updates, documentation, and rulings.

Corporate Income Tax

Notice 2024-47: Additional limited relief from underpayment of estimated tax attributable to CAMT liability

The IRS has issued Notice 2024-47 to provide relief for underpayment of estimated tax attributable to a corporate alternative minimum tax (AMT) liability arising from the base erosion and anti-abuse tax (BEAT).

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

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

Corporate Income Tax

KPMG report: Section 45Y clean electricity production credit and section 48E clean electricity investment credit proposed regulations

The article discusses the proposed regulations for the Clean Electricity Production Credit and Investment Credit, which aim to incentivize clean electricity production in the United States.

Individual Income Tax

IRS provides tax relief for taxpayers affected by storms in Arkansas

The IRS has provided tax relief for taxpayers impacted by severe storms, straight-line winds, tornadoes, and flooding in Arkansas.

Corporate Income Tax

IRS practice unit: Lower of cost or market (LCM)

This practice unit provides guidance on the lower of cost or market method for valuing inventory for tax purposes.

IRS adds new FAQs to provide guidance to qualified intermediaries (QIs)

The IRS has released new FAQs and guidance for qualified intermediaries, providing updates and clarifications on various tax areas such as tax treaties, withholding tax, and documentation.

Corporate Income Tax

KPMG reports: Connecticut (unclaimed loss carryforward period, unclaimed property modifications); Florida (unclaimed property law changes); South Carolina (income producing activities)

KPMG reports on the latest twist in US tax laws, including changes to tax rates, interest deductions, loss utilization, and more.

Tax rate change

Corporate Income Tax

Notice 2024-48: Guidance for the energy community bonus credit under IRA

The article discusses the Energy Community Bonus Credit Amounts and Rates for the year 2024.

Corporate Income Tax

Rev. Proc. 2024-26: Procedures for qualified manufacturers, dealers and sellers of certain qualified clean vehicles under IRA

This article provides guidance for manufacturers, dealers, and sellers of qualified clean vehicles in the United States regarding the tax implications of the IRA tax credit.

Corporate Income Tax

Notice 2024-39: Carbon oxide sequestration credit under section 45Q, inflation adjustment factor for 2024

The IRS has released Notice 2024-39, which provides an inflation adjustment factor for the carbon oxide sequestration credit under Section 45Q for the year 2024.

Kentucky and West Virginia

IRS provides tax relief for taxpayers affected by storms in Kentucky and West Virginia

The IRS has announced tax relief for individuals and businesses affected by storms in Kentucky and West Virginia.

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