Tax Update
Brief updates from the previous quarter on legislative, judicial, and administrative developments that may impact Japanese companies operating in the United States.
KPMG report: Proposed regulations under section 987, initial observations and analysis
November 11, 2023
Notable changes to the foreign exchange exposure pool (FEEP) method framework
TaxNewsFlash No. 2023-399 (PDF)
KPMG report: Section 451(b) and specified fees
November 08, 2023
Overview of certain issues associated with the accounting method change
What's News in Tax - A Tax Practitioner's Guide to Section 451 (b) and Specified Fees (PDF)
IRS extends acceptance of digital signatures, encrypted emails
October 30, 2023
Digital signatures on certain forms will continue to be accepted until “more robust” technical solutions are deployed.
TaxNewsFlash No. 2023-386 (PDF)
KPMG report: Transfer pricing and international tax year-end considerations
October 25, 2023
Time for multinational companies to focus on year-end tax planning
What's News in Tax - Transfer Pricing and International Tax Year-End Considerations (PDF)
U.S. Treasury to allocate $5 billion in New Markets Tax Credit (NMTC) authority for 2023
October 23, 2023
NMTC program allows an investor a tax credit against its federal income taxes.
TaxNewsFlash No. 2023-380 (PDF)
IRS announces new compliance initiatives aimed at large corporations
October 20, 2023
New initiatives “to ensure large corporations pay taxes owed”
TaxNewsFlash No.2023-378 (PDF)
Questions remain on Superfund excise tax compliance
October 19, 2023
Treasury and IRS have worked to issue several pieces of guidance for reinstated Superfund excise taxes.
What's News in Tax - Questions remain on Superfund excise tax compliance (PDF)
KPMG report: Impact of proposed U.S. broker digital asset tax reporting regulations on industry verticals (updated with new reports)
October 13, 2023
Custodial exchanges, NFT marketplaces, digital asset payment providers and processors, and online gaming marketplaces
TaxNewsFlash No. 2023-361 (PDF)
KPMG report: New CAMT guidance in Notice 2023-64 expands scope, increases compliance burdens
September 28, 2023
A report on the latest guidance on application of the corporate alternative minimum tax.
TaxNewsFlash No. 2023-340 (PDF)
Notice 2023-68: Per diem rates, substantiation of employee lodging, meals, incidentals (2023–2024)
September 25, 2023
Rates for taxpayers to use in substantiating the amount of ordinary and necessary business expenses incurred while traveling away from home.
TaxNewsFlash No. 2023-332 (PDF)
Initial observations and analysis of Notice 2023-63 providing guidance on section 174
September 13, 2023
Guidance for taxpayers working to prepare their current year tax returns.
IRS Releases Initial Guidance on Section 174 SRE Expenditures (PDF)
Notice 2023-64: Additional interim guidance on new corporate alternative minimum tax (CAMT)
September 12, 2023
Guidance designed to help corporations determine whether CAMT applies to them and how to compute the tax
TaxNewsFlash No. 2023-314 (PDF)
Proposed regulations: Information reporting, determination of amount realized and basis, and backup withholding for digital asset transactions
August 25, 2023
Proposed regulations and request for comments.
TaxNewsFlash No. 2023-294 (PDF)
IRS updates FAQ extending penalty relief, Forms 1042 and 1042-S
August 24, 2023
Penalty relief will apply with respect to dividend equivalent payments made with respect to a derivative referencing a partnership.
You can also...
- Read this article in Japanese (日本語でこの記事を読む)
- Go to Issue 4, 2023 Top
- Go to JP Executive Insight Top
- Go to KPMG U.S. Japanese Practice Page
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