US Tax NewsArchiv

On July 12, the US Department of Commerce announced its affirmative
preliminary decision to impose anti-subsidy countervailing duties on imports
of stainless steel sheet and strip from China.

Iceland, the rotating Council Chair of the European Free Trade Association for the second half of 2016, presented its priorities at the EFTA Council meeting in Geneva on July 12, 2016.

On July 10 in Shanghai, the G20 trade ministerial meeting „identified a clear
path“ to successfully completing the plurilateral Environmental Goods Agreement this year.

The US Internal Revenue Service has released an International Practice Unit
(IPU) on the availability of the foreign housing exclusion, under which US citizens
who work and live abroad may qualify to exclude some or all of the amounts paid
for their foreign housing costs when calculating their worldwide income subject
to US tax.

The mid-year report to the US Congress from National Taxpayer Advocate Nina Olson,
released on July 7, said that the Internal Revenue Service delivered a generally
successful 2016 filing season, but also identified priority issues for next fiscal year.

A recent paper from the Tax Foundation pointed out that, while most Organisation
for Economic Co-operation and Development countries lean more on tax revenue
from consumption taxes, the United States relies more on individual income tax,
while raising relatively little from consumption taxes.

On July 6, the Security Summit, which links the Internal Revenue Service,
state tax agencies, and the tax preparation industry, warned tax preparers in the
United States that they are increasingly the targets of cybercriminals.

On July 5, against opposition from President Barack Obama, the US House of Representatives
passed tax-related health care legislation that includes an expansion of health
savings accounts and an increase to the existing caps on repayments of
advance premium tax credits.

Bermuda’s Government has proposed legislation allowing for the formation of limited liability companies similar to those that may be formed in the State of Delaware.

Seven Republican members of the US Senate Finance Committee have written to Treasury
Secretary Jack Lew adding their voices to those of other lawmakers and businesses
who have urged modifications to the proposed debt-equity regulations and an extension
to their comment period.