IBFD Knowledge Hub
Tax Insights and News at Your Fingertips
Check out our latest updates, reports and more from our team of tax experts
Welcome to the IBFD Knowledge Hub. Here, you have free access to a selection of tax articles written by the IBFD Knowledge Centre - our department of tax experts. In these articles, we cover current tax topics - tapping into tax trends and global conversation.
The IBFD Knowledge Hub is divided into 'Tax News' and 'Tax Insights', to help you find the tax updates you're looking for. Stay in the loop and browse them now.
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Celebrating the Women of IBFD
Our "Celebrating the Women of IBFD" series highlights the inspiring stories of the remarkable women who help shape our organization. Through these interviews, we recognize their achievements, unique experiences
1 minute
Court Filing Alleges Unlawful Access to Taxpayer Data by US DOGE Service
The Center for Taxpayer Rights (CTR) and several other plaintiffs have filed a complaint against the Internal Revenue Service (IRS) and US Department of the Treasury, among others, alleging unlawful access to sensitive taxpayer information by the Department of Government Efficiency (i.e. US DOGE
2 minutes
Treasury and IRS Finalize Clean Hydrogen Production Tax Credit Regulations
The Department of Treasury and the IRS have finalized regulations implementing the credit for the production of clean hydrogen and certain provisions pertaining to the energy credit under the Inflation Reduction Act (IRA) of 2022.
3 minutes
DOJ Asks Supreme Court to Lift Block on CTA After Beneficial Ownership Information Reporting Was Halted
The US Department of Justice has filed a petition with the US Supreme Court, asking the court to overturn an injunction that currently blocks the enforcement of the Corporate Transparency Act (CTA), or to limit its application to the plaintiffs in the lawsuit, following an order issued late last
3 minutes
FinCEN Extends Beneficial Ownership Information Reporting Deadlines
The Financial Crimes Enforcement Network (FinCEN) of the US Department of Treasury has extended beneficial ownership information (BOI) reporting deadlines to provide businesses adequate time to meet their obligations. Report from our correspondent Jannica Santos, Attorney
2 minutes
The History of Taxes in the United States: A Timeline
Taxes are a fundamental part of any government's operations, used primarily to raise revenue and finance public services. The intricate history of taxes in the United States sheds light on significant political
4 minutes
Navigating US Taxation with a Global Perspective
In today's interconnected world, as businesses go global and individuals become more mobile, understanding the intricacies of US taxation within an international framework becomes crucial.
7 minutes
Decoding Digital Services Taxes: A Comprehensive Guide to the OECD's Proposal
The digital economy has taken the world by storm, leading to inevitable tax challenges. Governments and organizations worldwide have grappled with the emergence of digital companies that have revolutionized how
5 minutes
Biden Signs Federal Disaster Tax Relief Act of 2023 and VETT Act to Provide Targeted Tax Relief for Disaster Victims and Veterans
President Joe Biden (D) has signed two significant tax relief measures aimed at supporting disaster victims and veterans. The Federal Disaster Tax Relief Act of 2023 ( H.R. 5863) will provide tax relief to individuals affected by federally declared disasters, with specific provisions for wildfire
3 minutes
The 15% Corporate AMT: What You Need to Know
What is the Corporate Alternative Minimum Tax? The Inflation Reduction Act (IRA) of 2022 created the Corporate Alternative Minimum Tax (CAMT), which imposes a 15% minimum tax on the adjusted financial statement
6 minutes
What is a Tax Treaty Benefit and how can it help you?
What do US income tax treaties do? The United States (US) has income tax treaties with a number of foreign countries. An income tax treaty between the US and a particular foreign country can lower, or even
6 minutes
Inflation Reduction Act's Clean Energy Tax Credits: What the IRA Hopes to Accomplish
Clean Energy Tax Credits get a boost in new Climate Law In response to the escalating climate crisis, the Inflation Reduction Act has introduced substantial reforms to clean energy tax credits. These reforms
4 minutes
New Reporting Requirement for Beneficial Ownership Information: What You Need to Know
What is the beneficial ownership information reporting Requirement? Effective January 1, 2024, the Corporate Transparency Act (CTA) mandates that many US companies must disclose their beneficial owners, meaning
5 minutes
The Economic Nexus Revolution: Navigating the Wayfair Era for Remote Sellers and Marketplace Facilitators
The advancement of our modern world, and the emergence of the digital age, brought about increased occurrences of untaxed online sales and with it a pressing need to re-evaluate US state sales tax nexus laws
6 minutes
What You Need to Know About the Hydrogen Tax Credit
The hydrogen production tax credit, established under the Inflation Reduction Act ( PL 117-169), represents a significant step toward reducing dependence on fossil fuels and supporting the shift towards
5 minutes
A Guide to Understanding Indirect and Direct Taxes
Difference between direct and indirect tax John Stuart Mill gave the following definition: “A direct tax is one which is demanded from the very persons who it is intended or desired should pay it. Indirect
5 minutes
A Beginner's Guide to Cryptocurrency Tax
How is crypto taxed and do you pay taxes on Bitcoin? Yes, you absolutely do pay taxes on Bitcoin and other digital assets. For federal income tax purposes, the IRS treats crypto as a capital asset, not currency
6 minutes
IRS Issues Proposed Regulations on Previously Taxed Earnings and Profits
The IRS has issued proposed regulations on corporate treatment of previously taxed earnings and profits (PTEP) from foreign corporations and related basis adjustments, consequently preventing double taxation of the PTET. Report from Gray Farris, Associate Editor, IBFD North America.
2 minutes