United States

KPMG TaxNewsFlash reports of tax developments in the United States

February 2025
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KPMG report: Effective dates and early reliance requirements in proposed CAMT regulations

Advantages and disadvantages of early adoption of proposed regulations

February 26, 2025

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O’Donnell resigns as acting IRS Commissioner; Krause to serve until nominee is confirmed

Melanie Krause will become the acting IRS Commissioner following Doug O'Donnell's retirement.

February 26, 2025

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KPMG report: Partnership related-party basis adjustment transactions of interest

Reporting requirements imposed on both taxpayers and material advisors

February 26, 2025

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IRS provides tax relief for taxpayers affected by storms in Kentucky

Taxpayers in the entire state of Kentucky have until November 3, 2025, to file various federal tax returns and make payments.

February 25, 2025

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White House announces directive to counter digital service taxes (DSTs)

President Trump signed a memorandum to respond to the enactment by foreign governments of DSTs.

February 24, 2025

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White House memorandum on U.S. tax and trade policies focuses on China

Including review of whether to suspend or terminate 1984 U.S.-China income tax treaty

February 24, 2025

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U.S. Tax Court: U.S. parent company not allowed foreign tax credits under former section 902 and section 960

Non-U.S. partnership interposed between two tiers of non-U.S. corporations made no distributions and no income inclusion at U.S. parent company level

February 24, 2025

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Notice 2025-15: Guidance regarding health coverage reporting required by sections 6055 and 6056

Guidance regarding alternative manner of furnishing health coverage statements under sections 6055(c)(3) and 6056(c)(3)

February 21, 2025

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KPMG report: Accounting for income taxes considerations of the issuance of the section 987 final regulations

Overview of final regulations under section 987 and their impact on accounting for income taxes.

February 19, 2025

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Rev. Proc. 2025-15: Insurance companies, unpaid loss discount factors for 2024 accident year

For use in computing discounted unpaid losses under section 846 and discounted estimated salvage recoverable under section 832

February 13, 2025

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Trump signs executive orders reconfirming standing hiring freeze for IRS, requiring OIRA review of tax regulations

Executive orders aimed at reducing size of federal government’s workforce and regulatory burdens

February 12, 2025

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Rev. Proc. 2025-16: Automobile depreciation deduction limits for 2025

Section 280F limitations are required to be adjusted for inflation for automobiles placed in service after 2018

February 12, 2025

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KPMG report: Observations on the final Form 4626 Instructions for CAMT

Final Instructions for 2024 Form 4626, “Alternative Minimum Tax – Corporations”

February 12, 2025

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KPMG report: State and local tax changes affecting 2024 filing and payment obligations of entities taxed as partnerships

Summary of significant state and local tax changes affecting entities taxed as partnerships

February 6, 2025

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IRS practice units: Partnership liabilities, outside basis, and liquidating distributions; partial disposition of a building

Five LB&I practice units covering partnerships and deductible and capital expenditures

February 4, 2025

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KPMG report: Final regulations on clean hydrogen production credit and related energy credit

Initial observations and analysis on the final regulations

February 4, 2025

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KPMG article: Possible comeback of section 199 domestic production activities deduction (DPAD)

Possibility that Congress revives the former section 199 deduction, or a variation of it

February 3, 2025

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    January 2025
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    IRS practice units: Foreign tax credit categorization of income and taxes, carryback and carryover, sourcing of income

    Three “practice units” related to foreign tax credits

    January 29, 2025

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    Senate confirms Scott Bessent as Treasury Secretary

    U.S. Senate vote was 68-29

    January 28, 2025

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    California: Property tax relief due to wildfires

    Taxpayers generally must apply for reassessment within 12 months

    January 28, 2025

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    KPMG report: Employers providing employee assistance for victims of Los Angeles wildfires

    KPMG report reviews the options for employers, and some of the advantages and disadvantages of each.

    January 28, 2025

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    KPMG report: SEC comments on accounting for income taxes

    Examples of comments about accounting for income taxes recently issued by the U.S. Securities and Exchange Commission

    January 28, 2025

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    KPMG report: Initial observations on a second Trump presidency and the implications for U.S. infrastructure investment

    Presidential actions and orders that may have implications for infrastructure investment in the United States

    January 24, 2025

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    KPMG article: Debt workouts in commercial real estate

    Tax ramifications to borrowers looking to refinance properties

    January 22, 2025

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    White House announcement on OECD “Global Tax Deal”

    A memorandum from President Trump’s White House regarding the OECD “Global Tax Deal”

    January 21, 2025

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    Trump signs executive order placing hiring freeze for federal civilian employees with no expiration date for IRS

    Hiring freeze will remain in effect for IRS until lift determined to be in national interest

    January 21, 2025

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    Daniel Werfel resigns as IRS Commissioner, Trump formally nominates William Long to replace him

    The current Deputy Commissioner will serve as the Acting Commissioner until a nominee is confirmed.

    January 21, 2025

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    KPMG report: Regulations regarding digital content and cloud transactions

    Analysis and observations on the final and proposed regulations

    January 21, 2025

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    KPMG report: Proposed regulations on additional five highest compensated employees subject to section 162(m)

    The proposed regulations are proposed to apply for tax years beginning after the later of December 31, 2026, or the date of publication of the final regulations.

    January 21, 2025

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    Relationship between arm’s length standard and specific period adjustment rules in section 482 regulations

    Legal advice memorandum from the Office of Chief Counsel

    January 21, 2025

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    Notices of filing of petitions for addition of cyanuric acid, potassium carbonate, potassium bicarbonate, and sodium chlorite to Superfund list

    Petitions have been filed by a single petitioner requesting that four substances be added to the list of taxable substances under section 4672(a)

    January 17, 2025

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    IRS updates FAQs for energy efficient home improvement and residential clean energy property credits

    Supersede earlier FAQs posted in April 2024

    January 17, 2025

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    Notice 2025-8: Updated elective safe harbor for domestic content bonus credit guidance amounts under sections 45, 45Y, 48, and 48E

    Modification to safe harbor provided in Notice 2024-41

    January 16, 2025

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    Rev. Rul. 2025-4: Guidance for states that have paid family and medical leave programs

    Includes transition relief for state paid medical leave benefits paid made during calendar year 2025

    January 16, 2025

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    KPMG report: Implications of Denham Capital Management LP v. Commissioner Tax Court Opinion

    Partners were more akin to employees than passive investors and all the partnership allocations at issue were subject to self-employment

    January 16, 2025

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    Notice 2025-9: Safe harbors regarding incremental cost and retail price equivalent of certain qualified commercial clean vehicles for purposes of section 45W credit

    Notice is effective on January 15, 2025

    January 15, 2025

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    Announcement 2025-6: Pilot program to test changes to alternative dispute resolution (ADR) programs

    IRS is requesting comments on the pilot changes

    January 15, 2025

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    Rev. Proc. 2025-14: List of qualifying technologies for clean electricity credits

    First annual table that provides greenhouse gas emissions rates for certain types or categories of facilities that are eligible for the clean electricity production

    January 15, 2025

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    KPMG article: Tax issues raised by development of valuable digital IP and data assets

    Including transfer pricing issues

    January 15, 2025

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    Michigan: Research and development credit law enacted

    New R&D tax credit effective for tax years beginning on or after January 1, 2025

    January 15, 2025

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    Final regulations: Guidance relating to IRS Independent Office of Appeals

    Final regulations provide that while Appeals resolution process is generally available to all taxpayers, there are certain exceptions.

    January 14, 2025

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    Proposed regulations: Limitation of deduction for certain employee remuneration under section 162(m)

    Proposed regulations implement amendments made to section 162(m) by American Rescue Plan Act of 2021

    January 14, 2025

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    Notice 2025-12: Indexing factor for use by group health plans and health insurance issuers in 2025 under “No Surprises Act” provisions

    Indexing factor used to calculate “qualifying payment amount”

    January 14, 2025

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    Rev. Proc. 2025-13: Streamlined procedure for taxpayers to revoke election to apply alternative tax for non-life insurance companies under section 831(b)

    Procedure provided in response to comments received on regulations identifying micro-captive listed transactions and micro-captive transactions of interest

    January 14, 2025

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    Reporting deadlines for certain partnership “basis shifting” transactions identified as transactions of interest

    Published version of the final rule provides reporting deadlines.

    January 14, 2025

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    Proposed regulations: Guidance on corporate separations, incorporations, and reorganizations qualifying for nonrecognition of gain or loss

    Including proposed regulations that would require multi-year tax reporting for corporate separations and related transactions

    January 13, 2025

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    Proposed regulations withdrawn: Amendments to coverage of certain preventive services under Affordable Care Act

    Notice of proposed rulemaking that appeared in the Federal Register on October 28, 2024, will be withdrawn.

    January 13, 2025

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    Final regulations: Guidance regarding certain disregarded payments and dual consolidated losses (DCLs)

    Rules from proposed regulations relating to disregarded payment losses (DPLs) finalized, additional transition relief for application of DCL rules to Pillar Two rules

    January 10, 2025

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    Final regulations: Certain partnership “basis shifting” transactions identified as transactions of interest

    Final regulations adopt proposed regulations issued in June 2024 with certain changes in response to comments received

    January 10, 2025

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    Final regulations: Micro-captive listed transactions and micro-captive transactions of interest

    Final regulations identify certain micro-captive transactions as reportable transactions

    January 10, 2025

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    Proposed regulations: Base erosion and anti-abuse tax (BEAT) rules for qualified derivative payments (QDPs) on securities lending transactions

    Guidance under section 59A BEAT rules regarding how QDPs in connection with securities lending transactions are determined and reported

    January 10, 2025

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    Proposed regulations: Guidance on section 45W credit for qualified commercial clean vehicles

    Proposed regulations providing guidance on the qualified commercial clean vehicle credit under section 45W

    January 10, 2025

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    Proposed regulations: Guidance on catch-up contributions to retirement plans

    Proposed regulations reflect statutory changes made by the “SECURE 2.0 Act of 2022”

    January 10, 2025

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    Proposed regulations: Automatic enrollment requirements under section 414A

    Guidance with respect to the automatic enrollment requirements that apply to certain retirement plans under section 414A

    January 10, 2025

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    Treasury and IRS release guidance on clean fuel production credit under section 45Z

    Guidance includes notice of intent to propose regulations and notice providing annual emissions rate table

    January 10, 2025

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    IRS provides tax relief for taxpayers affected by California wildfires

    Affected taxpayers have until October 15, 2025, to file various tax returns and make tax payments.

    January 10, 2025

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    Final and proposed regulations: Classification of digital content and cloud transactions for purposes of international provisions of the Code

    Comments requested under Notice 2025-6 on extending rules to all provisions of the Code

    January 10, 2025

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    Final regulations: Guidance under section 2801 regarding the imposition of tax on certain gifts and bequests from covered expatriates

    Apply to covered gifts and bequests received on or after January 1, 2025

    January 10, 2025

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    KPMG report: Analysis and observations on investment tax credit for energy property under section 48

    Rules for determining whether investments in energy property are eligible for the energy credit and for defining an energy project

    January 9, 2025

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    Final regulations and Rev. Proc. 2025-11: Guidance on environmental justice clean electricity capacity limitation program

    Program provides an increase to the new clean electricity investment tax credit rate available under section 48E

    January 8, 2025

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    Rev. Rul. 2025-3 and Rev. Proc. 2025-10: Guidance on definition of employee under section 530 of the Revenue Act of 1978

    Clarifications and modifications regarding the application of section 530 of the Revenue Act of 1978

    January 8, 2025

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    IRS announces extra day for taxpayers to file any returns, pay any tax due January 9

    Extra day granted because of Carter remembrance day

    January 8, 2025

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    National Taxpayer Advocate report to Congress identifying taxpayer problems

    Administrative and legislative recommendations to address problems

    January 8, 2025

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    KPMG report: Observations on amendments to section 52 regulations as part of amendments to consolidated return regulations

    Changes to the constructive ownership rules

    January 8, 2025

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    Final regulations: Clean electricity production and investment credits under sections 45Y and 48E

    Clean electricity production and clean electricity investment credits as established by the “Inflation Reduction Act of 2022”

    January 7, 2025

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    KPMG article: Commensurate with income standard in transfer pricing

    Evolution of the commensurate with income (CWI) standard, its current and prospective application, and its practical implications for taxpayers

    January 6, 2025

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    Final regulations: Clean hydrogen production credit and related energy credit

    Final regulations apply to tax years beginning after December 26, 2023

    January 3, 2025

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    IRS annual revenue procedures for 2025

    Six annual revenue procedures

    January 3, 2025

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    U.S. Treasury release: No change to list of countries cooperating with international boycott

    No new countries are added, and no countries are removed from the prior list.

    January 2, 2025

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      Latest tax developments from the United States and from KPMG member firms around the globe

      December 2024
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      Proposed regulations and Rev. Proc. 2025-9: Excise tax under section 5000D on designated drugs

      Proposed regulations adopt rules consistent with substantive rules described in Notice 2023-52

      December 31, 2024

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      Announcement 2025-5: Partial suspension by mutual agreement of income tax treaty with USSR as it relates to Belarus

      Suspension is effective December 17, 2024, until December 31, 2026

      December 31, 2024

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      Notice 2025-7: Temporary relief for making adequate identification of units of digital assets held in broker’s custody

      Allows reliance on alternative methods for making an adequate identification during the period beginning on January 1, 2025, and ending on December 31, 2025

      December 31, 2024

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      Final and proposed regulations: Amendments to consolidated return regulations to reflect statutory changes, modernize language, and enhance clarity

      Final and proposed consolidated return regulations

      December 27, 2024

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      Final regulations: Treatment of tax-exempt bonds as retired

      Final regulations address when tax-exempt bonds are treated as retired for purposes of sections 103 and 141 through 150

      December 27, 2024

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      Information reporting by non-custodial brokers of digital asset transactions

      Final regulations requiring information reporting by non-custodial digital asset brokers and transitional relief under Notice 2025-3

      December 27, 2024

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      Technical corrections to proposed regulations on corporate alternative minimum tax (CAMT)

      Comments on the proposed regulations are still being accepted until January 16, 2025.

      December 23, 2024

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      Proposed regulations withdrawn: Rescission of “moral exemption rule” to coverage of certain contraceptive services under Affordable Care Act

      The notice of proposed rulemaking that appeared in the Federal Register on February 2, 2023, is withdrawn.

      December 23, 2024

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      U.S. Tax Court: Active partners’ income subject to self-employment tax

      The court upheld the IRS's adjustments.

      December 23, 2024

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      Final regulations: Rules for supervisory approval of penalties

      Proposed regulations adopted with minor modifications

      December 20, 2024

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      Proposed regulations: Updated rules contained in Circular 230 for tax professionals who can practice before IRS

      The proposed regulations would incorporate new provisions that better align Circular 230 with the current practice environment.

      December 20, 2024

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      IRS contingency plan during possible government shutdown

      The IRS updates its contingency plan in anticipation of a possible government shutdown.

      December 20, 2024

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      IRS seeks feedback on draft Instructions for Form 6765, Credit for Increasing Research Activities

      The IRS is seeking feedback on the draft instructions until June 30, 2025.

      December 20, 2024

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      Rev. Proc. 2024-42: Updated list of jurisdictions for exchanging deposit interest information

      The IRS periodically issues guidance that updates and adds countries.

      December 20, 2024

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      Rev. Rul. 2025-2: Covered compensation tables for 2025 plan year

      The IRS provided tables of covered compensation under section 401(l)(5)(E) for the 2025 plan year.

      December 20, 2024

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      KPMG report: Determination under section 987 of taxable income or loss and foreign currency gain or loss with respect to a QBU

      Analysis and observations of final and proposed regulations

      December 19, 2024

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      KPMG report: Proposed PTEP regulations

      Analysis and observations

      December 19, 2024

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      KPMG report: Proposed adoption of Amount B in the United States

      Notice 2025-4 would allow the U.S. application of Amount B—an OECD-initiative to simplify transfer pricing for baseline marketing and distribution activities.

      December 19, 2024

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      Source of gain under section 937 from certain dispositions of stock (IRS Chief Counsel memorandum)

      Memorandum addresses source of gain from certain sales of stock by U.S. citizen who becomes resident of Puerto Rico

      December 19, 2024

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      Notice 2025-5: Standard mileage rates for 2025

      Standard mileage rates for taxpayers to use in computing the deductible costs of operating an automobile for business, charitable, medical, or moving purposes

      December 19, 2024

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      Notice 2025-4: Application of Pillar One Amount B simplified and streamlined approach

      Treasury and IRS announce intention to issue proposed regulations applicable to tax years beginning on or after January 1, 2025.

      December 18, 2024

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      Announcement 2025-2: Certain portions of proposed regulations on required minimum distributions under section 401(a)(9) will not apply until 2026

      Proposed regulations were generally proposed to apply beginning 2025

      December 18, 2024

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      Rev. Proc. 2025-8: Expanded waiver of eligibility rules to accounting method changes to comply with section 174

      The revenue procedure is generally effective for Forms 3115 filed on or after December 17, 2024.

      December 17, 2024

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      Final regulations: Definition of the term “coverage month” for computing premium tax credit

      The final regulations apply to tax years beginning on or after January 1, 2025.

      December 17, 2024

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      IRS announces tax relief for taxpayers in West Virginia affected by Post-Tropical Storm Helene

      Various deadlines postponed to May 1, 2025

      December 17, 2024

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      Washington State: Insurance company affiliate qualifies for insurance business B&O tax exemption (Supreme Court decision)

      Affiliate qualifies for exemption on income earned from providing services to insurance company

      December 17, 2024

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      Notice 2025-2: Penalty relief for partnerships to provide complete Forms 8308 for section 751(a) exchanges

      The IRS will not impose penalties for failing to furnish a completed Part IV of Form 8308 by the due date, provided that the partnership meets specific conditions.

      December 13, 2024

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      IRS provides new tax penalty relief for Maui wildfire victims

      Relief is separate from disaster relief announced in August 2023

      December 12, 2024

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      Louisiana: Several tax bills approved

      Bills present significant reform of state tax structure.

      December 12, 2024

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      U.S. Tax Court: Taxpayer entitled to section 199 deductions

      Tax Court held that taxpayer qualified for section 199 deductions, but found the taxpayer’s allocation of gross receipts and related expenses unreasonable.

      December 11, 2024

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      Final and proposed regulations: Taxable income or loss and foreign currency gain or loss with respect to a QBU

      Final and proposed regulations under section 987

      December 10, 2024

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      Announcement 2024-42: U.S.-Norway competent authority arrangement regarding regulated investment companies

      Competent authorities agree that Article 20 (investment or holding companies) is not applicable to regulated investment companies

      December 9, 2024

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      KPMG report: Implications of designations of Bourse de Montreal and European Energy Exchange as “qualified boards of exchange”

      The designations will cause certain contracts traded through these exchanges to be treated as section 1256 contracts.

      December 9, 2024

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      IRS practice unit: Examining a reseller’s 263A computation

      IRS Large Business and International division publicly released a “practice unit”

      December 6, 2024

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      Notice 2024-82: Required amendments list (2024) for qualified retirement plans and 403(b) plans

      List of changes to qualification requirements with which a plan must comply

      December 5, 2024

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      Trump to nominate Scott Bessent as Treasury Secretary, Billy Long as IRS Commissioner

      President-elect Donald Trump announced nominations for Treasury Secretary and IRS Commissioner

      December 5, 2024

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      Final regulations: Definition of energy property and rules applicable to energy credit under section 48

      Final regulations adopt proposed regulations issued in November 2023

      December 4, 2024

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      Comment period extended for proposed regulations on corporate alternative minimum tax (CAMT)

      Comment period extended from December 12, 2024, to January 16, 2025

      December 3, 2024

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      Proposed regulations: Unmarked vehicles used by emergency responders treated as qualified nonpersonal use vehicles under sections 274 and 280F

      Rules would allow such vehicles to be excepted from the substantiation requirements for deductibility of related expenses

      December 2, 2024

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