KPMG Week in Tax: June 2 – 6, 2025

• Eighth Circuit: Taxpayer changed method of accounting when it first began amortizing “base acres”
• Ninth Circuit: Discharged debt resulting in COD income not presumed worthless for purposes of claiming section 166 bad debt deduction
• Rev. Proc. 2025-23: Updated annual list of automatic accounting method changes
• KPMG report: Notice 2025-27 provides additional CAMT interim guidance
• KPMG article: Analysis of New York State trial court decision on out-of-state online retailers
• KPMG article: Notice 2025-27 provides CAMT relief to taxpayers
• KPMG article: Analysis of AM 2025-001 and the IRS’ imposition of periodic adjustments under Treas. Reg. § 1.482-4

Read TaxNewsFlash-United States

• JCT releases “Bluebook” on tax legislation in 118th Congress

Read TaxNewsFlash-Legislative Updates

• Australia: Consultation on updated tax transparency code, alignment with public CbC reporting rules
• Cambodia: Guidance on documentation for loans between related parties, taxation of trusts, reduced withholding tax on payments by airlines to nonresidents
• Denmark: Simplified transfer pricing rules and reduced documentation burden
• Germany: Implications of new obligation to correct tax returns on transfer pricing issues
• KPMG article: Analysis of AM 2025-001 and the IRS’ imposition of periodic adjustments under Treas. Reg. § 1.482-4

• OECD: User guides for new status message XML schemas for CARF and CRS; consolidated text of CRS

• White House announces increase in tariffs on steel and aluminum to 50%
• Colombia: Tax benefit for exporters of certain goods and services
• USTR extends certain product exclusions from China Section 301 tariffs

• Mauritius: Assessment review committee ruling on timing of acquisition for investment tax credit purposes

• Colombia: Tax benefit for exporters of certain goods and services

• Australia: Consultation on updated tax transparency code, alignment with public CbC reporting rules
• Australia: Not-for-profits must update governing documents for income tax exemption by June 30, 2026
• Australia: Proposals in budget 2025-2026 (Tasmania)
• Cambodia: Guidance on documentation for loans between related parties, taxation of trusts, reduced withholding tax on payments by airlines to nonresidents
• Vietnam: Guidance on invoices, including electronic invoices, and documents

• Denmark: Simplified transfer pricing rules and reduced documentation burden
• Germany: Implications of new obligation to correct tax returns on transfer pricing issues
• Italy: Guidance on digital services tax in online gaming and betting sector
• Italy: Dividend withholding tax refund claims for nonresident investment fund

The items described above are also reported as editions of TaxNewsFlash:

• BEPS
• Indirect Tax
• Digital Economy
• Tax Controversy