Search

Windfall Taxes on Oil and Gas Create Negative Consequences

The Tax Foundation published research analyzing the EU's 2022-2023 windfall profits taxes on fossil fuel companies. The EU temporarily imposed a 'solidarity contribution' on oil, gas, coal, and refining sectors, with rates ranging from 25 percent in the United Kingdom to 80 percent in Slovenia. Sixteen of 27 EU Member States applied the tax while seven adopted equivalent national measures. Revenue collected totaled €26.15 billion, slightly exceeding the €25 billion estimate.

CBO: Federal Taxes Progressive Post-Pandemic, 2022

The Congressional Budget Office published updated 2022 estimates on household income distribution, including federal transfers and taxes. The Tax Foundation's analysis of this data shows the federal tax system remains progressive, with effective rates ranging from 1.4% for the bottom quintile to 23.2% for the top quintile and 31.5% for the top 1% of earners. Since 1979, the top 1% of households saw income after taxes and transfers rise 144%, while the lowest quintile doubled and middle quintiles grew roughly 65%.

Prakash Mehta, 72, Pleads Guilty, $200,901 Restitution

A Mecklenburg County businessman pleaded guilty to three counts of Embezzlement of State Property for failing to remit North Carolina Sales Tax. Prakash Mehta, 72, was sentenced to a 16 month minimum, 29 month maximum prison term (suspended), placed on 24 months supervised probation, ordered to complete 120 hours of community service, and paid $200,901.12 in restitution. The charges stemmed from embezzling $200,901.12 in sales tax collected during January 1, 2022 through March 31, 2024.

H. 4216 Modifies South Carolina Income Tax Rates, Deductions, and EITC

South Carolina Governor Henry McMaster signed H. 4216 into law on March 30, 2026, modifying individual income tax rates to a flat 1.99% for income below $30,000 and 5.21% minus $966 for income of $30,000 and above. The law decouples South Carolina from federal standard and itemized deductions, establishing a new South Carolina Income Adjusted Deduction (SCIAD) of $15,000 for single filers, $22,500 for head of household, and $30,000 for married filing jointly. The Earned Income Tax Credit is limited to $200.

Customs Duty Repayment Changes for Northern Ireland Businesses

HMRC has published The Customs (Northern Ireland) (EU Exit) (Amendment) Regulations 2026, amending customs duty repayment rules for businesses bringing goods into Northern Ireland. The changes modify the Duty Reimbursement Scheme (DRS) to allow eligible businesses to switch relief amounts from the Customs Duty Waiver Scheme (CDWS) to DRS awards. The measure also permits DRS claims for goods held in common stock of interchangeable goods where individual item monitoring is impractical.

Rev. Rul. 2026-9: May 2026 AFR Tables and Tax Rate Prescriptions

The IRS released Rev. Rul. 2026-9 providing prescribed federal tax rates for May 2026. The ruling includes short-term AFR at 3.82%, mid-term AFR at 4.08%, and long-term AFR at 4.83% (annual compounding). Tables cover adjusted AFR, Section 382 ownership change rates (3.65%), low-income housing credit percentages (8.04% for 70% present value credit, 3.44% for 30% present value credit), and Section 7520 annuity valuation rate (5.00%). These rates apply to various tax computations including original issue discount, present value determinations, and tax-exempt entity ownership changes.

Customs Importer and Exporter Population 2025

HMRC published official statistics on the UK customs importer and exporter population for 2025, covering 2021-2025 data. The publication reports on traders moving goods across EU and non-EU countries based on positive declarations of trade in goods. This statistical release succeeds the previous UK Importer and Exporter Population publication and includes methodology notes and data tables on trade partner regions, direction of movement, and annual business churn.

AML Training Resources for Art Market Participants and Estate Agencies

HMRC has published AML communication training resources including video films and discussion notes for art market participants and estate agencies. The materials include 'Framed' (art market) and 'Closing costs' (estate agency) training films with supporting discussion notes. The resources are designed to help supervised businesses train staff on their anti-money laundering responsibilities under the Money Laundering Regulations.

UK Overseas Trade in Goods Statistics February 2026 Import and Export Data

HMRC published UK overseas trade in goods statistics for February 2026, containing EU and non-EU import and export data at chapter level. The statistical tables are available as OpenDocument format files (ODS). This release provides trade data for compliance monitoring and economic analysis purposes.

UK Overseas Trade in Goods Statistics February 2026

HMRC published the February 2026 UK Overseas Trade in Goods Statistics, providing comprehensive datasets on UK's trade in goods at country and product level covering over 9,000 commodities and more than 200 partner countries. The release includes commentary, methodology notes, and multiple ODS format data files showing monthly trade figures, EU and non-EU trade breakdowns, and top partner country comparisons.

Agent Update Issue 142 for Tax Advisers

HMRC published Issue 142 of its Agent Update guidance publication for tax agents and advisers. The update provides guidance and news on tax-related matters. Recipients can sign up for email notifications about future editions of the agent update.

Customs Declarants and Declaration Volumes for International Trade in 2025

HMRC has announced the release of official statistics on customs declarants and declaration volumes for international trade in 2025. The statistics will detail the volume of customs declarations and number of businesses declaring international trade in goods for the calendar year 2025. The data is scheduled for release on 14 May 2026 at 9:30am. This announcement does not impose any compliance obligations on businesses.

Georgia Santos Arrested for Tax Charges Related to Kahealani Property Services

The Hawai'i Department of Taxation announced felony and non-felony charges against Georgia Santos for alleged violations of state tax laws involving Kahealani Property Services LLC. Santos faces five felony counts of Willful Failure to Collect and Pay Over Tax under Section 231-36.4, HRS, for tax years 2018-2022, and twelve non-felony counts of Willful Failure to File Return under Section 231-35, HRS, for tax years 2018-2023. Santos was arrested on April 10, 2026, with assistance from Hawai'i County Police Department.

2025 Reconciliation Law Tax Changes for Small Businesses

The Tax Foundation submitted testimony to the U.S. House Small Business Committee on April 15, 2026 analyzing how the 2025 reconciliation law affected small business taxation. The testimony addresses the permanency of Individual TCJA provisions including the 20 percent Section 199A qualified business income deduction, the preservation of the 37 percent top ordinary income tax rate, and the extension of 100 percent bonus depreciation. The Tax Foundation recommends further simplification of the tax code for small business owners.

Top 1% Pays 26.3% vs Bottom 50% 3.7% of Federal Income Taxes, Tax Year 2023

The Tax Foundation analyzed IRS data for tax year 2023 showing 153.1 million tax returns filed with $15.2 trillion in adjusted gross income and $2.1 trillion in federal income taxes paid. The top 1% of taxpayers paid a 26.3% average income tax rate, while the bottom 50% paid a 3.7% average rate. The top 50% of taxpayers paid 96.7% of all federal individual income taxes.

California Wealth Tax May Tax Founders' Voting Interests

The Tax Foundation analyzes a proposed California wealth tax ballot initiative, examining whether the tax would be levied based on founders' voting interests in their companies rather than just their economic stake. The analysis focuses on ambiguity in the initiative's language regarding whether super-voting shares constitute publicly traded assets, which would determine their valuation treatment. The analysis concludes that the drafting creates genuine uncertainty about how the tax would apply to restricted control shares owned by corporate founders.

Nebraska General Fund Receipts March 2026

Nebraska Department of Revenue released March 2026 General Fund receipt figures, providing updated monthly state tax collection data. The announcement presents revenue figures for the state's general fund but does not create any new regulatory obligations or compliance requirements.

Tax Policy Newsletter April 2026: Coastal Fee Suspension and Franchise Tax Updates

The Texas Comptroller of Public Accounts announces that the Coastal Protection Fee is suspended effective May 1, 2026, because the Coastal Protection Fund reached its maximum balance. Crude oil transferred through marine terminals on or after that date is not subject to the fee. The April 2026 report (due June 1, 2026) is the last report required until the fee is reinstated. The 2026 franchise tax no-tax-due threshold is updated to $2,650,000, and the No Tax Due Report form has been discontinued for 2024 and subsequent report years.

LDR New Orleans Regional Office Relocates to OMV Building

The Louisiana Department of Revenue has relocated its New Orleans regional office from Benson Tower in the Central Business District to the state Office of Motor Vehicles building at 100 Veterans Boulevard, New Orleans, LA 70124. The new location offers walk-in services including business tax filing, individual income tax payments, watercraft registrations, and various tax clearances from 8 a.m. to 4 p.m. Monday through Friday, with no appointment required.

Employer Bulletin: April 2026 Payroll Tax Updates for Employers

HMRC published its April 2026 Employer Bulletin covering key payroll tax updates for UK employers. The bulletin addresses removal of tax relief for non-reimbursed homeworking expenses effective 6 April 2026, Statutory Sick Pay changes, reporting requirements for benefits in kind, and updates to the official rate of interest. The bulletin is part of HMRC's bi-annual guidance cycle providing employers and agents with regulatory updates.

HMRC Vaping Products Duty Stamps Guidance Manual

HMRC Vaping Products Duty Stamps Guidance Manual

Vermont Tax Scam Protection Advisory Issued

The Vermont Department of Taxes issued an advisory warning Vermonters about tax scams during the 2026 filing season. The department provides guidance on verifying official communications, checking URLs for 'vermont.gov', and contacting the department directly at 802-828-2865 to confirm legitimacy of suspicious messages. The advisory notes that the department does not send unsolicited text messages or robocalls.

IRS Final Rule Defines Qualified Tips for Section 224 Tax Deduction

The IRS has issued final regulations under Section 224 of the Internal Revenue Code defining 'qualified tips' for income tax deduction purposes. The regulations identify occupations that customarily and regularly received tips on or before December 31, 2024, and establish documentation requirements for the deduction. The rule affects individuals who receive tips as part of their employment in qualifying occupations.

Proposed Excise Tax on Remittance Transfers Under Section 4475

IRS proposes regulations implementing a 1% excise tax on remittance transfers under section 4475 of the Internal Revenue Code, enacted by the One, Big, Beautiful Bill Act. The tax applies to transfers where the sender provides cash, money order, cashier's check, or similar physical instrument, effective for transfers after December 31, 2025. Remittance transfer providers would collect the tax from senders and remit it quarterly to the IRS.

IRS Cancels PTIN Fee Reduction Hearing, No Testimonies Received

The IRS has cancelled a public hearing scheduled for April 24, 2026 regarding proposed amendments to reduce PTIN user fees from $11 to $10. The hearing was cancelled after no requests to testify or topic outlines were received by the April 2, 2026 deadline. The underlying proposed rulemaking (REG-108673-25) remains open for public comment via regulations.gov.

Singapore Signs MCAA for GloBE Information Exchange

On 14 April 2026, Singapore signed the Multilateral Competent Authority Agreement on the Exchange of Global Anti-Base Erosion (GloBE) Information. The MCAA enables central filing of GloBE Information Returns, allowing multinational enterprise groups to file in one jurisdiction and have the information automatically exchanged with other tax administrations under Pillar Two rules. Singapore will exchange GIR information only with international partners that have necessary safeguards to ensure confidentiality and prevent unauthorized use.

Discriminatory Cross-Border Service Taxes Threaten US Exports

The Tax Foundation released a research paper analyzing three examples of discriminatory cross-border service taxation: a UN convention proposal, European digital services taxes targeting gross revenues, and the US base erosion and anti-abuse tax. The paper finds these instruments impose higher effective tax burdens on cross-border service provision compared to domestic activity, resulting in tax pyramiding, double taxation, and distorted production decisions. Implications: US services exporters face a growing patchwork of discriminatory taxes worldwide that undermine trade neutrality. As the world's largest services exporter, the US has a stronger interest in combating discriminatory services taxation than in pursuing tariffs. Exporters and policymakers should monitor evolving international tax frameworks and consider implications for cross-border service trade competitiveness.

Advance Valuation Rulings Guide for Importers

HMRC published guidance on Advance Valuation Rulings (AVRs), which are legally binding decisions on customs valuation methods for imported goods. AVRs are valid for three years and must be applied for before import. Importers must submit complete documentation including transaction details, proposed valuation method, supporting evidence, and confirmation goods are not under legal challenge. HMRC will issue rulings within 90 days of application acceptance.

Customs Valuation Method 1 - Transaction Value Guidance

HMRC has published guidance on Customs Valuation Method 1 (Transaction Value), the primary method importers must use when valuing goods for import to the UK. The guidance explains that customs value is based on the price actually paid or payable for goods when sold for import to the UK, adjusted in accordance with the Trade Customs and Excise Management Act (TCTA) and CIDEER Regulations. The guidance covers how to establish a valid sale for export, the definitions of transaction value, and examples of acceptable documentation.

Foreign Insurance Companies Asset Percentages, Yields 2026

IRS Rev. Proc. 2026-19 provides updated domestic asset/liability percentages and domestic investment yields for foreign insurance companies computing minimum effectively connected net investment income under section 842(b) of the Internal Revenue Code. For the first taxable year beginning after December 31, 2024, foreign life insurance companies use 128.2% and 2.1% yield; foreign property and liability insurance companies use 202.4% and 2.2% yield. Percentages are based on 2023 tax return data.

VCT Statistics 2026: Funds Raised, Investors 2024-2025

HMRC announces release of Venture Capital Trusts Statistics for 2026, covering funds raised and investor numbers for the 2024-2025 tax year. The statistics are scheduled for publication on 21 May 2026 at 9:30am. No compliance obligations are created by this announcement.

Enterprise Investment Scheme and Seed Enterprise Investment Scheme: May 2026 Statistics Announcement

HMRC has announced the release of accredited official statistics on the Enterprise Investment Scheme (EIS) and Seed Enterprise Investment Scheme (SEIS) covering investment data up to the 2024-2025 period. The statistics will be published on 21 May 2026 at 9:30am. The data will cover the number of companies and investors under these venture capital schemes along with investment amounts.

Governor Green Secures IRS Deadline Extensions for Storm-Affected Residents and Businesses

The Hawaii Department of Taxation announces that Governor Josh Green secured IRS federal tax relief for individuals and businesses affected by the Kona-Low storm disaster beginning March 10, 2026. The IRS extended federal tax filing and payment deadlines to July 8, 2026, for all counties (Hawaii, Honolulu, Kauai, Maui). State income tax relief is also being provided until July 20, 2026, for eligible storm-impacted residents and businesses.

Hawaii Tax Review Commission Meeting Notice - April 20, 2026

The Hawaii Tax Review Commission (2025-2027) has published a meeting notice for April 20, 2026 from 2:30-4:30 PM. The meeting will be held remotely via Zoom and will cover consultant hiring progress, competitiveness topics, tourism and transient accommodations taxes, and housing affordability. Public testimony will be accepted via written submission, telephone, or interactive conference technology.

Proposed Excise Tax Regulations Under IRC Section 4475 for Remittance Transfers

The IRS proposes regulations under Internal Revenue Code section 4475 to implement a 1 percent excise tax on certain remittance transfers occurring after December 31, 2025. The proposed rules would revise 26 CFR part 40 (Excise Tax Procedural Regulations) and add provisions to 26 CFR part 49 (Facilities and Services Excise Tax Regulations), providing definitions, collection procedures, and rules for determining qualifying payment instruments.

IRS Proposed Rule on Excise Tax Remittance Transfers - Comment Deadline June 12

The IRS has published a proposed rule on excise tax remittance transfers for public comment. The comment deadline is June 12. Taxpayers affected by excise tax remittance requirements should review the proposal and submit comments by the deadline.

Definition of Qualified Tips for Income Tax Deduction Under Section 224

The IRS has issued final regulations implementing Section 224 of the Internal Revenue Code (added by the One, Big, Beautiful Bill Act of July 4, 2025) to define "qualified tips" for an income tax deduction. The rule identifies occupations that customarily and regularly received tips on or before December 31, 2024, and establishes requirements for the deduction. These regulations affect individuals who receive tips as part of their occupation and are effective June 12, 2026.

American Compass Tariff Claims Break Down Under Scrutiny

The Tax Foundation published an analysis examining American Compass's 'Tariff Tally' evaluation of economic developments since the imposition of Trump's global tariff policy. The analysis finds that American Compass's theoretical framework contains flawed and inconsistent connections between tariffs, prices, manufacturing output, capital investment, and job creation. The research contends that American Compass presents a selective and asymmetric interpretation of economic data, crediting tariffs when indicators are positive while attributing poor results to other factors or timing.

Foreign Insurance Companies Asset Percentages, Investment Yields 2026

Rev. Proc. 2026-19 provides updated domestic asset/liability percentages and domestic investment yields for foreign insurance companies to compute minimum effectively connected net investment income under IRC § 842(b) for taxable years beginning after December 31, 2024. Foreign life insurance companies use 128.2% and 2.1%; foreign property and liability insurance companies use 202.4% and 2.2%.

April 2026 Weighted Average Interest Rates, Yield Curves, and Segment Rates

The IRS published Notice 2026-26 providing the April 2026 segment rates used for single-employer and multiemployer pension plan funding calculations under IRC Sections 430 and 431. The document includes the March 2026 spot segment rates (first: 4.24%, second: 5.35%, third: 6.25%), the 24-month average segment rates for April 2026 (adjusted: first 4.75%, second 5.25-5.27%, third 5.84%), and the corporate bond yield curve for March 2026.

Submit Evidence for Child Benefit via Online Form

HMRC has published guidance for Child Benefit applicants on how to submit requested evidence via an online form. Applicants who receive a letter requesting evidence must submit it within 14 days of receiving the letter. If evidence is not provided within this timeframe, HMRC will make a decision based on existing information. Applicants will receive a response letter within 15 working days confirming eligibility.

Countries Improve Tax Systems Through National Reforms: Key Findings from 2025 Index

Tax Foundation analysis examines the 10-year trajectory of the International Tax Competitiveness Index (2016-2025), identifying Greece (+12), the United States (+10), and Hungary, Canada, and Mexico (+5 each) as the largest overall improvers. The paper argues that national legislative reforms—lower tax penalties on new investment, simpler rate structures, broader consumption taxes, and cleaner cross-border rules—delivered more reliable improvements than multilateral approaches such as the OECD BEPS project and Two-Pillar Solution.

Proposed Regulations on New 1% Remittance Transfer Tax Under One, Big, Beautiful Bill

The Department of the Treasury and IRS have issued proposed regulations clarifying the application of the new 1% excise tax on remittance transfers under the One, Big, Beautiful Bill. The tax, effective January 1, 2026, applies to cash, money orders, cashier's checks, and similar physical instruments sent from the US to foreign recipients. Remittance transfer providers are required to collect the tax from senders, make semimonthly deposits, and file quarterly returns on Form 720.

Final Regulations List 70+ Occupations for Tip Deduction Under No Tax on Tips Provision

The Department of the Treasury and IRS issued final regulations implementing the 'No Tax on Tips' provision from the One, Big, Beautiful Bill. The regulations provide a list of more than 70 occupations where workers customarily receive tips and define 'qualified tips' that eligible taxpayers may claim as a deduction. The final regulations expand the occupation list to include visual artists, floral designers, and gas pump attendants.

Economic Crime Levy Insolvency Process for Insolvency Practitioners

HMRC has published Insolvency Practitioner Bulletin 1 (2026) establishing a new digital process for submitting Economic Crime Levy returns and deregistering entities when businesses become insolvent. The bulletin provides guidance specifically for insolvency practitioners on complying with Economic Crime Levy obligations through HMRC's online services. The guidance was published on 10 April 2026.

Economic Crime Levy Insolvency Guidance for Practitioners

HMRC published guidance for insolvency practitioners on procedures when an entity liable for the Economic Crime Levy becomes insolvent. The guidance directs practitioners to follow specific reporting procedures to HMRC and provides a link to detailed instructions on GOV.UK. This affects insolvency practitioners handling cases involving entities registered for the Economic Crime Levy.

Ready, Steady, File! HMRC Newsletter Edition 4

HMRC has published the fourth and final edition of its 'Ready, Steady, File!' newsletter for participants of the Making Tax Digital for Income Tax 2025 testing programme. The newsletter provides updates on latest news, resources, and milestones in the beta testing journey. This edition marks the conclusion of the testing programme newsletter series.

Set Up a Limited Company Step by Step Guide

HMRC published a step-by-step guide on gov.uk explaining how to set up a limited company in the UK. The 10-step guide covers choosing a company type, appointing directors and shareholders or guarantors, identifying People with Significant Control (PSC), preparing formation documents, and registering with Companies House. The guidance is informational and does not create new legal obligations.

Cancel Economic Crime Levy Registration After Insolvency

HMRC published guidance enabling insolvency practitioners to cancel Economic Crime Levy registrations for entities that have become insolvent. The guidance applies to trustees in bankruptcy, liquidators, and administrators. The online process requires specific entity details, and HMRC states it will process forms within 28 working days.

Michigan 24% Wholesale Marijuana Tax Effective January 2026

The Michigan Department of Treasury announces a new 24% wholesale tax on recreational marijuana sales and transfers effective January 1, 2026. The tax applies to the wholesale price of marijuana sold or transferred in Michigan's adult-use market. Revenue from the tax will be deposited into the neighborhood road fund for infrastructure improvements. Treasury has published formal guidance to help cannabis businesses understand compliance requirements.