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Taxpayers in the United States could be in line for substantial income tax cuts following Donald Trump's surprisingly comfortable victory in the presidential elections on November 8. Read Full Story
The US House of Representatives Small Business Subcommittee on Economic Growth, Tax, and Capital Access has held a hearing to examine the attitude of the Internal Revenue Service toward small business. Read Full Story
Randy Hultgren has introduced legislation into the House of Representatives to provide federal tax relief and reduce administrative burdens for pass-through entities in the United States. Read Full Story
Hong Kong's Commissioner of Inland Revenue, Wong Kuen-fai, has reported that total tax revenue collected in Hong Kong in the 2015-16 fiscal year, which ended on March 31, was HKD291.3bn, a drop of HKD10.6bn compared with the previous year. Read Full Story
Vern Buchanan, a senior member of the House of Representatives Ways and Means Committee, has introduced the Main Street Fairness Act to ensure that small businesses receive an equivalent tax rate cut in any future reform of corporate taxation. Read Full Story
On April 26, the American Institute of Certified Public Accountants encouraged the US Senate Finance Committee, which was holding a hearing on business tax reform, to preserve the use of the cash method of accounting for tax purposes. Read Full Story
The Parity for Main Street Employers business coalition has issued a new letter that calls on the US Congress to enact tax reform "that is comprehensive, restores tax rate parity for all businesses, and reduces or eliminates the double tax on corporate income by integrating the corporate and individual tax codes." Read Full Story
A group representing 250 UK landlords has announced that it will seek a Judicial Review of the Government's planned reform of buy-to-let tax reliefs. Read Full Story
Ireland's Finance Department is to undertake a review of the taxation of entrepreneurs and the self-employed, Fine Gael Member of Parliament Ray Butler has said. Read Full Story
The US Internal Revenue Service has reminded businesses in US territories, including individuals who are sole proprietors, that they must report cash transactions of more than USD10,000 received in a trade or business. Read Full Story
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