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Corporate Income Tax

Notice 2024-61: Inflation adjustment factor and phase-out for enhanced oil recovery credit

The IRS has announced the inflation adjustment factor and phase-out for the enhanced oil recovery credit for tax years beginning in 2024.

Notice 2024-63: Interim guidance on employer matching contributions made to retirement plans related to employee student loan payments

The IRS has issued a notice allowing employers to make matching contributions to retirement plans based on employee student loan payments.

Corporate Income Tax

KPMG report: Controlled foreign corporations as collateral post-TCJA

This article discusses the impact of the Tax Cuts and Jobs Act on controlled foreign corporations and the potential collateral consequences for taxpayers.

IRS provides tax relief for taxpayers affected by Hurricane Debby in four states

The IRS has provided tax relief for taxpayers affected by Hurricane Debby in four states.

Corporate Income Tax

KPMG reports: District of Columbia (FY 2025 budget includes increase in sales and use tax rate); New Mexico (gross receipts tax); Pennsylvania (taxation of electricity used to power vehicles); multistate (tax reform proposals)

This article discusses the potential impact of the proposed changes to the US tax system, including potential changes to corporate income tax rates and interest deduction rules.

Corporate Income Tax

KPMG reports: Texas (sales tax on credit card processing fees); Wisconsin (unclaimed property voluntary disclosure); multistate (digital advertising tax updates)

KPMG reports on the latest twist in US tax developments, including tax rate changes, interest deductions, and OECD proposals.

Corporate Income Tax

KPMG reports: Florida (sourcing rule for intangible property); New Jersey (new corporate transit fee); Oregon (proposed increase in corporate minimum tax); Pennsylvania (increase in NOL carryforward limitation)

This article discusses the potential impact of the Tax Cuts and Jobs Act on businesses and individuals in the United States.

Corporate Income Tax

Rev. Proc. 2024-30: Procedures for obtaining automatic consent to change methods of accounting to the Allowance Charge-off Method

This article provides guidance on the methods of accounting for revenue recognition for taxpayers that are subject to the new revenue recognition standard.

KPMG report: Recent litigation regarding sales tax collection and remittance obligations in Illinois

This article discusses the recent litigation surrounding sales tax obligations in Illinois and the potential impact on businesses.

Corporate Income Tax

KPMG report: Clean fuel production credit—a new incentive regime

KPMG report discusses the new Clean Fuel Production Credit and its potential impact on the US tax regime.

Employment Tax Credits

Proposed regulations: Recapture of interest on erroneous refunds of COVID-19 relief employment tax credits

The proposed regulations aim to recapture interest on erroneous refunds of employment tax credits.

Proposed Regulations

Corporate Income Tax

KPMG report: Inconsistency in state conformity to the Code

This article discusses the inconsistency in state conformity to the federal tax code in the United States.

Corporate Income Tax

KPMG report: Reporting and paying the stock repurchase excise tax

This article discusses the reporting and paying of the stock repurchase excise tax in the United States.

Corporate Income Tax

Notice 2024-52: Reference price for section 45I credit for production of natural gas from marginal wells

The IRS has issued Notice 2024-52 which provides a reference price for production of gas from marginal wells for purposes of the marginal well production credit.

Individual Income Tax

KPMG report: IRS steps up enforcement of the individual expatriation tax

KPMG report on enforcement of individual expatriation tax in the United States.

Final regulations: Guidance on procedural requirements for section 5000D excise tax on sales of “designated drugs”

The article discusses the final regulations on procedural requirements for excise tax on sales of designated drugs.

Final Regulations

Corporate Income Tax

KPMG report: Specified research and experimentation expenditures under section 174

This article discusses the tax implications of specified research and experimentation expenditures under Section 174 of the US tax code.

Proposed regulations: Amended guidance regarding payment of tax by commercially acceptable means

The proposed regulations provide amended guidance on the payment of tax by commercially acceptable means.

California: Budget tax changes enacted

California has enacted a budget that includes significant tax changes, including changes to corporate and individual income tax rates, transfer pricing rules, and tax treaties.

IRS provides tax relief for taxpayers affected by storms, flooding, landslides, and mudslides in West Virginia

The IRS has provided tax relief to taxpayers in West Virginia affected by severe storms, flooding, landslides, and mudslides.

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