Scope: Canada
Status requires verification
Underused Housing Tax Act changes: cancellation of returns requirement starting for 2025
Bill C-15, enacted March 26, 2026, removed the requirement for owners subject to the Underused Housing Tax (UHT) to **file a return or pay the tax for the 2025 and subsequent calendar years**. Previous filings for 2022-2024 remain required; 2025 filings already made will be canceled.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Middle East
Status requires verification
Ministerial Decision No. 133 of 2026 on the entities required to file the Pillar Two Information Return
This Decision sets out which entities in the UAE must file a Pillar Two Information Return under the Top-up Tax regime enacted via Cabinet Decision No. 142 of 2024. It applies to Constituent Entities (excluding Investment Entities), Joint Ventures and JV Subsidiaries, and Stateless Constituent Entities that are Reverse Hybrid Entities. Allows direct filing by these entities, or via a Designated Local Entity. Effective for financial years starting on or after 1 January 2025.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Expansion of Child Tax Credit
The Child Tax Credit will be expanded to provide additional financial support to families with children under the age of 17, increasing the maximum credit amount and adjusting income thresholds for eligibility.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice extending temporary relief for adequate identification of digital asset units under the basis-determination rules
IRS Notice 2026-20 extends the temporary relief period through December 31, 2026, allowing taxpayers with digital assets held by brokers to use alternative methods (such as book-records identification or standing order) for identifying units sold, even if brokers’ reports don’t match taxpayers’ records, under § 1.1012-1(j)(3)(ii).
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Eliminating the Underused Housing Tax
Budget 2025 proposes to eliminate the Underused Housing Tax (UHT) as of the 2025 calendar year, meaning no UHT payable and no UHT returns required for 2025 and future years. However, filing requirements and liabilities for 2022-2024 remain intact. This change reduces tax and compliance burdens for non-resident or under-used real properties. It is a proposed measure, subject to parliamentary passage.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Transition relief for tax year 2025 for businesses reporting car loan interest under the One, Big, Beautiful Bill
Notice 2025-57 grants transitional relief to lenders and interest recipients for Tax Year 2025 regarding new reporting obligations under section 6050AA (added by OBBB) for qualified passenger vehicle loan interest. Lenders may satisfy reporting by making statements available (online portal, statements) and are shielded from penalties if they meet those minimum statements even if formal information returns aren’t yet fully compliant.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Final regulations on occupations where workers customarily and regularly receive tips under the One, Big, Beautiful Bill
These final regulations, effective for tax years beginning after December 31, 2024, establish a List of Occupations that Receive Tips and define "qualified tips" for the "No Tax on Tips" deduction, allowing eligible workers to deduct up to $25,000 in qualified tips, with phase-outs for higher-income taxpayers. New categories (visual artists, floral designers, gas pump attendants) were added.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Increased Standard Deduction for 2025
The standard deduction for individual taxpayers has been increased to $15,000, while married couples filing jointly will see it rise to $30,000. This change aims to simplify tax filing and provide relief to middle-income families.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Proposed
LI 2025/D17 – Taxation Administration (Exemptions from Requirement to Lodge Australian IIR/UTPR Tax Return and Australian DMT Tax Return) Determination 2025
This draft legislative instrument sets out the circumstances under which a group entity of an Applicable MNE Group may be **exempt** from lodging certain GloBE-related returns (AIUTR and/or DMTR) for fiscal years where liabilities would always be nil. It does **not** exempt the GIR or Foreign Lodgment Notification. Exemptions apply to subsidiaries, entities not GloBE located in Australia, entities where higher-tier inclusion rules apply, flow-through entities with no liability, amongst others. Lodgment deadlines vary (first for fiscal years ending 31 December 2024 due 30 June 2026, then later deadlines apply per entity year ends).
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Global Minimum Corporate Tax Rate
A proposed policy to establish a global minimum corporate tax rate of 15% to prevent tax base erosion and profit shifting by multinational corporations.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Treasury, IRS provide penalty relief for tax year 2025 for information reporting on cash tips & qualified overtime under the One, Big, Beautiful Bill
On November 5, 2025, the Treasury Department and IRS issued guidance (Notice 2025-62) offering penalty relief to employers and other payors for Tax Year 2025 regarding the new information‐reporting requirements under the One, Big, Beautiful Bill (OBBB) for **cash tips**, **qualified overtime compensation**, and related statements. Employers won’t be penalized for failing to separately report certain tip or overtime amounts or the occupation of the tipped worker on returns/forms for 2025, provided they file complete and correct returns/statements otherwise. This assists with the transition, since Forms W-2 and 1099 are not yet updated to capture all OBBB changes.**
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
Increase in Small Business Tax Offset
The small business tax offset has been increased from 16% to 20% for the 2025 financial year, providing greater tax relief for eligible small businesses.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
IRS issues proposed regulations reflecting changes from the One, Big, Beautiful Bill to the threshold for backup withholding on certain payments made through third parties
The Treasury Department and IRS published proposed regulations (IR-2026-03) under the One Big Beautiful Bill that revise when third-party settlement organizations must perform backup withholding. Under the new rule, the threshold for payments requiring withholding and reporting via Form 1099-K is restored to requiring both that a payee receive over **$20,000 in aggregate payments** and conduct **more than 200 transactions** in a calendar year. This replaces the lower $600 threshold that had been set by earlier law. Comments are being solicited and the change applies for payments made in calendar years beginning after December 31, 2024. Implication: many small sellers or gig workers who do not exceed both thresholds may avoid withholding and reporting obligations.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Increased Tax Credits for Low-Income Families
The government has proposed an increase in tax credits for low-income families, aimed at providing additional financial support and reducing poverty levels.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Penalty relief for tax year 2025 for information reporting on tips and overtime under the One, Big, Beautiful Bill
Notice 2025-62 offers penalty relief to employers and other payors for tax year 2025 concerning the new reporting requirements under OBBB for cash tips and qualified overtime. Specifically, penalties won’t apply for failure to separately account for cash tips or provide payee statements for qualified overtime if a complete and correct return is otherwise filed. It acknowledges employers may not yet have systems in place and treats tax year 2025 as a transition period. ([irs.gov](https://www.irs.gov/newsroom/treasury-irs-provide-penalty-relief-for-tax-year-2025-for-information-reporting-on-tips-and-overtime-under-the-one-big-beautiful-bill?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Transitional guidance for businesses reporting car loan interest under the One, Big, Beautiful Bill
Notice 2025-57 provides transition relief for lenders and payors who must report car loan interest payments under section 6050AA of the One, Big, Beautiful Bill. For calendar year 2025, lenders are allowed to meet reporting requirements by making statements available to borrowers (e.g. via online portal or regular monthly/annual statements). Penalties will not be imposed for failing to file formal information returns if these statement-based disclosures are used by January 31, 2026. This gives businesses time to adapt systems for new reporting rules. ([irs.gov](https://www.irs.gov/newsroom/treasury-irs-provide-transition-relief-for-2025-for-businesses-reporting-car-loan-interest-under-the-one-big-beautiful-bill?utm_source=openai))
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS launches paperless processing initiative
The IRS is modernizing tax administration by ensuring that many non-tax forms and correspondence are available digitally, enabling taxpayers to go paperless starting with the 2024 filing season, and fully digitizing paper-filed returns by filing season 2025. Expected outcomes include cutting processing times, reducing paper usage by up to 200 million pieces annually, and expediting refunds.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
2026 filing season updates and resources for seniors
For taxpayers aged 65 or older, a new enhanced standard deduction of **$6,000 per eligible individual** (or $12,000 if married filing jointly and both qualify) is available for tax years 2025-2028; phases out for modified AGI over $75,000 ($150,000 joint)
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Revenue Procedure 2026-16 provides list of countries for waiver of § 911 time requirements for tax year 2025
IRS added several countries (Haiti, Ukraine, Democratic Republic of the Congo, South Sudan, Iraq, Lebanon, and Mali) to the list of waiver countries under §-911(d)(4). Individuals who had to leave these countries due to war, civil unrest or adverse conditions in those countries may be exempted from meeting the usual bona fide residence or physical presence tests for the foreign earned income exclusion for tax year 2025. This ensures displaced taxpayers can still qualify for the exclusion under specific conditions.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source
Scope: United Kingdom
Proposed
New Tax Relief for Small Businesses
A tax relief program aimed at supporting small businesses by allowing them to claim back a percentage of their operational costs.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2025
- Verification
- Not recorded
Open cited source