Newsletters

Treasury Welcomes Clear Guidance on Pillar Two Global Minimum Tax and Tax Credit Protections

The OECD/G20 Inclusive Framework released a package of technical and administrative guidance that achieves clarity on the global minimum tax on multinational corporations known as Pillar Two. Further, it provides critical protections for important tax incentives, including green tax credit incentives established in the Inflation Reduction Act. Pillar Two provides for a global minimum tax on the earnings of large multinational businesses, leveling the playing field for U.S. businesses and ending the race to the bottom in corporate income tax rates. This package follows the release of the Model Rules in December 2021, Commentary in March 2022 and rules for a transitional safe harbor in December 2022. The guidance will be incorporated into a revised version of the Commentary that will replace the prior version.

Additionally, the package includes guidance on over two dozen topics, addressing those issues that Inclusive Framework members identified are most pressing. This includes topics relating to the scope of companies that will be subject to the Global Anti-Base Erosion (GloBE) Rules and transition rules that will apply in the initial years that the global minimum tax applies. Additionally, it includes guidance on Qualified Domestic Minimum Top-up Taxes (QDMTTs) that countries may choose to adopt.

“The continued progress in implementing the globalminimum tax represents another step in leveling the playing field for U.S. businesses, while also protecting U.S. workers and middle-class families by ending the race to the bottom in corporate tax rates,” said Assistant Secretary of the Treasury for Tax Policy Lily Batchelder. “We welcome this agreed guidance on key technical questions, which will deliver certainty for green energy tax incentives, support coordinated outcomes and provide additional clarity that stakeholders have asked for.”

2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)

The IRS released the optional standard mileage rates for 2025. Most taxpayers may use these rates to compute deductible costs […]

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2025 Standard Mileage Rates Released (Notice 2025-5; IR-2024-312)

IRS Introduces New Measures to Combat Tax Scams During 2025 Filing Season (IR-2025-12)

The IRS, in partnership with the Coalition Against Scam and Scheme Threats (CASST), has unveiled new initiatives for the 2025 […]

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IRS Introduces New Measures to Combat Tax Scams During 2025 Filing Season (IR-2025-12)

IRS Reminds Taxpayers of Disaster Deadlines (IR-2025-1)

The IRS reminded disaster-area taxpayers that they have until February 3, 2025, to file their 2023 returns, in the entire […]

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IRS Reminds Taxpayers of Disaster Deadlines (IR-2025-1)

IRS to Issue Automatic Recovery Rebate Credit Payments for 2021 Tax Year (IR-2024-314)

The IRS has announced plans to issue automatic payments to eligible individuals who failed to claim the Recovery Rebate Credit on their […]

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IRS to Issue Automatic Recovery Rebate Credit Payments for 2021 Tax Year (IR-2024-314)

FL - Motor vehicle sales tax rates by state issued

Florida has issued motor vehicle sales tax rates by state as of January 15, 2025. Florida law allows a partial […]

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FL - Motor vehicle sales tax rates by state issued

FL - 2025 governmental leasehold intangible tax valuation factor table released

For purposes of calculating the 2025 intangible personal property tax on governmental leaseholds, the Florida Department of Revenue has issued […]

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FL - 2025 governmental leasehold intangible tax valuation factor table released

Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306

The IRS, along with Security Summit partners, urged businesses and individual taxpayers to update their security measures and practices to protect against […]

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Security Summit Urges Updating Digital Security to Prevent Identity Theft, IR-2024-306

2024 Required Amendments List Issued, Notice 2024-82

The IRS has issued its 2024 Required Amendments List (2024 RA List) for individually designed employee retirement plans. RA Lists […]

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2024 Required Amendments List Issued, Notice 2024-82

IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298

The IRS reminded low- and moderate-income taxpayers to save for retirement now and possibly earn a tax credit in 2025 […]

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IRS Reminds Low- and Moderate-Income Taxpayers of Saver’s Credit to Save Retirement Savings in 2025 and Future Years, IR-2024-298

IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302

The IRS and Security Summit partners issued a consumer alert regarding the increasing risk of misleading tax advice on social media, which […]

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IRS and Security Summit Partners Warn Against Bad Tax Advice on Social Media, IR-2024-302