Draft Regulations: Carbon Border Adjustment Mechanism Emissions and Verification
HMRC has published draft secondary legislation for the UK Carbon Border Adjustment Mechanism (CBAM), covering emissions monitoring and verification requirements. The consultation seeks feedback on embodied emissions provisions, monitoring standards, and verification procedures for UK importers of aluminium, cement, fertilisers, hydrogen, and iron and steel goods from 1 January 2027. Responses are due by 21 May 2026.
HMRC February 2026 Performance Update
HMRC published its February 2026 performance update for fiscal year 2025-2026, reporting on performance against strategic objectives including tax collection, customer service delivery, and compliance outcomes. The report includes detailed performance data spreadsheets and metric definitions.
Carbon Border Adjustment Mechanism CBAM Communications Resources Pack
HMRC published communications resources for trade associations and industry bodies to cascade CBAM information to businesses importing goods from five specified sectors: aluminium, cement, fertiliser, hydrogen, and iron and steel. The materials include sample emails, social media messaging, and leaflets available in English and Welsh. CBAM comes into effect on 1 January 2027 and affects UK importers of covered goods from these sectors.
Governor Green Authorizes Tax Filing Deadline Extension to July 20 for Kona Low Victims
Hawaii Governor Josh Green authorized the Department of Taxation to extend the state income tax filing and payment deadline from April 20, 2026, to July 20, 2026, for taxpayers impacted by the Kona Low storms. Affected residents and businesses may request waiver of late file and late payment penalties and interest by submitting Form L-115.
Form 8886 mailing address updated to Ogden UT
The IRS updated the mailing address in the Instructions for Form 8886 (Reportable Transaction Disclosure Statement). The address on page 3 under 'When and How To File' is now Internal Revenue Service, 1973 Rulon White Blvd., OTSA Mail Stop 4915, Ogden, UT 84201. This change affects taxpayers filing paper Form 8886 disclosures who must use the new Ogden address for submissions.
How to Report Other Expenses on the Updated Form 8825
IRS issued guidance on reporting other expenses on the updated Form 8825 for tax year 2025. Partnerships and S corporations not required to file Schedule M-3 must now use Form 8825 line 17 for expenses previously reported on line 15. Schedule M-3 filers must attach Schedule A (Form 8825) and report totals on line 17, with additional expenses on line 30 of Schedule A.
Smaller corporate tax bills reflect proper investment treatment, not new loopholes
Tax Foundation op-ed explains that smaller corporate tax bills under the One Big Beautiful Bill Act (OBBBA) reflect proper investment treatment through permanent 100% bonus depreciation and R&D expensing, not new tax loopholes. The analysis argues these provisions correct a major flaw in the tax code by allowing businesses to deduct investment costs immediately.
Gas tax holidays are counterproductive, research shows
Gas tax holidays are counterproductive, research shows
Georgia March Net Tax Revenues $2.62B, Up 4.8%
Georgia DOR reports March 2026 net tax collections of $2.62 billion, up $120.4 million (4.8%) from March 2025. Individual income tax rose $3.3 million (0.3%) and corporate income tax increased $44.9 million (13.7%). Sales and use tax net collections grew $71.5 million (10.3%). Year-to-date collections through Q3 reached $24.5 billion, up $463.6 million (1.9%) from the prior year.
Claim Unused Allowance for Agricultural or Business Property Relief (IHT437)
HMRC has published form IHT437 (effective 8 April 2026) enabling executors and personal representatives to claim and transfer unused 100% agricultural or business property relief allowances from a deceased spouse or civil partner to the current estate. The form must be submitted alongside form IHT400 for inheritance tax purposes.
Completing CT600P for Creative Industries Tax Reliefs
HMRC published guidance on completing CT600P supplementary pages for creative industry tax reliefs, effective 8 April 2026. The guidance covers Audio-Visual Expenditure Credit (AVEC), Film Tax Relief, High-End Television Tax Relief, Children's Television Tax Relief, Animation Tax Relief, Video Games Expenditure Credit, Video Games Tax Relief, Theatre Tax Relief, Orchestra Tax Relief, and Museums and Galleries Exhibition Tax Relief. Companies claiming these reliefs must complete the CT600P form with specific expenditure and credit calculations.
Compliance Checks: Anti-avoidance Information Notices — CC/FS88
HMRC published factsheet CC/FS88 explaining anti-avoidance information notices used in compliance checks. The guidance clarifies taxpayers' obligations when HMRC issues formal information notices under anti-avoidance provisions. Factsheets reflect HMRC's position at time of writing and are for guidance purposes only.