Nomadic Tax Institute
Publicly sourced cross-border tax developments. Dates, status and scope are shown separately so they can be read in context.
2645 updates
Status requires verification
The IRS has released annual inflation adjustments for tax year 2025, affecting over 60 tax provisions, including tax rate schedules and other tax changes.
Editorial impact label: High
Status requires verification
The IRS issued interim guidance via Notice 2026-7 modifying rules around Corporate AMT: adjustments to AFSI, treatment of production costs, intangible property, and requirements for statements to be attached to returns; applies to tax year 2025.
Editorial impact label: High
Status requires verification
IRS replaces First Time Abate with Automatic Exemption from Penalty (AEP). Taxpayers with a history of timely filing and paying for the prior three years (or 12 quarters for quarterly returns) will automatically receive relief from certain penalties (failure to file, pay, deposit) starting with eligible original returns for tax years 2025 and 2026 quarterly returns. First Time Abate phases out; AEP fully replaces it for returns with due dates on or after January 1, 2027.
Editorial impact label: Medium
Status requires verification
IRS updated Publication 570 for 2025 returns to reflect changes including expanded eligibility for the Additional Child Tax Credit (ACTC) for bona fide residents of Puerto Rico (now eligible with one or more qualifying child), updated standard deduction amounts, changes to NIIT application, and adjustments in MAGI-based deduction limitations.
Editorial impact label: High
Status requires verification
IRS IR-2026-28 (March 2, 2026) released Schedule 1-A and updated Form 1040 instructions for tax year 2025, allowing taxpayers to deduct qualified tips (up to $25,000), qualified overtime (up to $12,500 individual, $25,000 joint), interest on car loans for qualifying vehicles, and an enhanced $6,000 deduction for seniors age 65+. These deductions are effective for 2025 through 2028 under the One, Big, Beautiful Bill. Phase-outs apply for MAGI over $150,000 (single) or $300,000 (joint). Reporting requirements are relaxed for employers/payors during the 2025 transition period.
Editorial impact label: High
Status requires verification
The IRS announces that several changes under the One, Big, Beautiful Bill may reduce 2025 tax liability or increase refunds. Key modifications introduced include additional deduction for seniors (65+) up to $6,000; qualified tips deduction up to $25,000; and overtime deductions up to $12,500 single / $25,000 joint returns. These changes are retroactive to start of 2025, meaning taxpayers need to review withholding and estimated payments.
Editorial impact label: Medium
Status requires verification
Starting with the 2025 tax year, the Canada Revenue Agency (CRA) has ended the moratorium on penalties for trucking businesses that fail to report payments over \$500 in fees for services to Canadian-controlled private corporations in box 048 of the T4A slip. This builds on Budget 2025’s initiative to improve compliance in the industry, ensuring fair competition and correct tax treatment of service payments.
Editorial impact label: Medium
Status requires verification
The Child Tax Credit will be expanded to provide increased benefits for families with children, including higher credit amounts and eligibility for more families.
Editorial impact label: High
Proposed
A proposed policy aiming to establish a minimum corporate tax rate of 15% for multinational corporations to prevent tax avoidance and ensure fair taxation across jurisdictions.
Editorial impact label: High
Status requires verification
The corporate tax rate for large businesses will be reduced from 30% to 25% to encourage investment and economic growth.
Editorial impact label: High
Status requires verification
Effective January 1, 2025, the corporate tax rate for large corporations will increase from 15% to 18%. This policy aims to redistribute wealth and fund social programs.
Editorial impact label: High
Proposed
The VAT registration threshold for small businesses will increase from £85,000 to £100,000, allowing more businesses to operate without the burden of VAT.
Editorial impact label: Medium
Status requires verification
The standard deduction for individual taxpayers has been increased for the 2025 tax year, providing more tax relief for millions of Americans.
Editorial impact label: High
Status requires verification
An agreement among G20 nations to implement a global minimum corporate tax rate of 15% to combat tax base erosion and profit shifting.
Editorial impact label: High
Status requires verification
The small business tax offset will increase from 16% to 20% for the 2025-2026 financial year, providing greater relief for small enterprises.
Editorial impact label: High
Proposed
This policy introduces enhanced tax credits for investments in renewable energy projects, including solar, wind, and energy-efficient technologies.
Editorial impact label: High
Status requires verification
The standard deduction for individual taxpayers will increase to $14,600, while married couples filing jointly will see their deduction rise to $29,200.
Editorial impact label: High
Proposed
A new tax framework targeting digital services provided by multinational corporations, aimed at ensuring fair taxation in the digital economy.
Editorial impact label: High
Proposed
The government has proposed an increase in the tax offset for low-income earners, aimed at providing additional financial relief and encouraging workforce participation.
Editorial impact label: High
Proposed
The limit for the small business deduction will increase from $500,000 to $600,000, allowing more businesses to benefit from lower tax rates.
Editorial impact label: High