Scope: Global
Status requires verification
Bill C-4 (Making Life More Affordable for Canadians Act) receives Royal Assent
Enacted measures under Canada’s Bill C-4 include cutting the first federal personal income tax rate from 15 % to 14 % (from July 1, 2025), first-time home buyers’ GST rebate on new homes ≤ C$1 million; reduced GST for homes between C$1–1.5 million; permanent removal of federal fuel consumer charge and of mandatory carbon pricing requirement for provinces/territories; automatic filing of returns for lower-income individuals in simple situations now possible.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 12, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Updated Tax Withholding Estimator lets millions of taxpayers take One, Big, Beautiful Bill changes into account when calculating their withholding (IR-2026-35)
The IRS enhanced its Tax Withholding Estimator (published March 12, 2026) to include several additions from the One, Big, Beautiful Bill (OBBB), such as "no tax on tips", "no tax on overtime", new car loan interest exclusion, and senior deductions, and revisions to credits and deductions tied to family, homeownership, and charitable giving. This gives workers and retirees a tool to assess if more or less tax should be withheld to align with anticipated liability. Impact is high, especially for those with gig income, multiple jobs, or new eligibility for deductions. Effective immediately in 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 12, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Bill C-4, Making Life More Affordable for Canadians Act – First-Time Home Buyers GST/HST Rebate
Bill C-4, which received Royal Assent on March 12, 2026, introduces a new GST/HST rebate for first-time home buyers: full GST/HST elimination for new homes up to $1 million, and reduced GST/HST for homes between $1 million and $1.5 million. Applies to purchase agreements from March 20, 2025 to 2031. ([canada.ca](https://www.canada.ca/en/department-finance/news/2026/03/legislation-to-make-life-more-affordable-receives-royal-assent.html?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 12, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Making Life More Affordable for Canadians Act receives Royal Assent
Bill C-4, Making Life More Affordable for Canadians Act, has been enacted (Royal Assent March 12, 2026). Key provisions include: reducing the **first federal personal income tax rate** from 15% to 14% (saving up to $420 per person or $840 for two-income families, affecting incomes under $58,523 in 2026); a **GST elimination or reduction** for first-time home buyers on new homes up to $1 million or between $1–1.5 million; permanent removal of the federal consumer fuel charge and requirement for consumer-facing carbon price in provinces from April 1, 2025—gasoline prices reduced by up to 18¢/L compared to 2024-25 in most provinces.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 12, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Making Life More Affordable for Canadians Act (Bill C-4) – Royal Assent
Royal Assent of Bill C-4 enacts major affordability measures: reduces the first marginal federal income tax rate to 14% for 2026 (14.5% for 2025), introduces a GST rebate for first-time new home buyers and permanently removes the federal consumer fuel charge and mandate for consumer-facing carbon price laws in provinces/territories, among others.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 12, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS unveils enhancements to Withholding Estimator reflecting One, Big, Beautiful Bill changes (IR-2026-35)
The IRS updated its Tax Withholding Estimator in March 2026 to incorporate changes brought by the One, Big, Beautiful Bill, including no tax on tips, no tax on overtime, and other changes to credits and deductions. Taxpayers can use the enhanced tool to better align withholding to their expected tax liability under the new law.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 12, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS announces tax relief for taxpayers impacted by severe winter storms in the State of Louisiana; various deadlines postponed to March 31, 2026
Under section 7508A, the IRS has postponed the due dates for most federal tax returns and payments—originally due between January 22, 2026 and March 31, 2026—for taxpayers in the covered disaster area in Louisiana. Estimated tax payments and other time-sensitive acts are deferred to March 31, 2026 without penalties. Waivers do not apply to certain information returns (e.g. W-2s, certain 1099s), or to employment and excise tax deposits. This gives affected individuals, businesses, non-profits and relief workers additional time to comply due to storm-related disruptions.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 10, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-7 Interim Guidance on Corporate Alternative Minimum Tax
Notice 2026-7 (published in IRB 2026-11) sets forth updated interim rules for the Corporate Alternative Minimum Tax: adjustments to adjusted financial statement income, treatment of financially troubled companies, anti-abuse rules for covered asset transactions including section 367(d), and applicability of previous interim guidance (e.g., Notice 2025-49).
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 9, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Notice 2026-7: Interim Guidance for Corporate Alternative Minimum Tax (CAMT)
This IRS notice provides interim guidance on adjustments to Adjusted Financial Statement Income (AFSI) for large corporations subject to the Corporate Alternative Minimum Tax under the Inflation Reduction Act. It also clarifies rules for financially troubled companies, anti-abuse in covered asset and intangible property transactions, and how taxpayers should apply proposed CAMT regulations. Implications include potential increases in taxable income, need for new documentation, and strategic review of constituent transactions to align with adjusted tax basis for AFSI and CAMT basis.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 9, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
IRS Guidance: Interim Rules on Corporate Alternative Minimum Tax under Notice 2026-11
The IRS issues interim guidance clarifying the application of the Corporate AMT (CAMT) under the One, Big, Beautiful Bill, including adjustments to adjusted financial statement income (AFSI), definitions for financially troubled companies, covered asset transactions, and rules on prohibited foreign entity (PFE) involvement. Corporations must apply these interim directives pending final rule issuance.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 9, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-7: Additional Interim Guidance on the Application of the Corporate Alternative Minimum Tax (CAMT)
The IRS issued guidance clarifying how large corporations must adjust their book income (“Adjusted Financial Statement Income” – AFSI) to compute CAMT liabilities. It includes anti-abuse rules, especially for intangible property transactions under IRC section 367(d), rules for financially troubled firms, and sets effective applicability dates when interim guidance may be relied on. This impacts how corporations must treat certain income and deductions, potentially increasing tax-payable for firms previously minimizing CAMT risk. Important for tax planning and compliance.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 9, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-11: Interim Guidance on Additional First-Year Depreciation Deduction under § 168(k) (OBBB Act)
Interim guidance under § 168(k), as amended by Public Law 119-21 (the One, Big, Beautiful Bill), announcing forthcoming proposed regulations that establish eligibility for permanent 100% first-year depreciation for qualified property acquired and placed in service after January 19, 2025; clarifies elections under §§ 168(k)(5),(10) and modifications to include qualified sound recording productions.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 9, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
Notice 2026-15: Guidance on Material Assistance Cost Ratio (MACR) for Energy Tax Credits
Notice 2026-15 under the IRS clarifies how qualified facilities, energy storage technologies, or eligible components should calculate the Material Assistance Cost Ratio (MACR), especially when foreign entities may be involved. It also provides limited general guidance around the definition of "prohibited foreign entity" and requests comments on anti-circumvention rules. Important for entities claiming clean energy credits under §§ 45X, 45Y, 48E.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 9, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-7: CAMT Adjustments to Adjusted Financial Statement Income, Intangible Property, and Anti-Abuse Rules
Interim guidance under the Corporate Alternative Minimum Tax (CAMT) clarifies how large corporations must adjust **Adjusted Financial Statement Income (AFSI)** for certain items, defines anti-abuse rules for covered asset transactions and foreign intangible property under §367(d), and provides rules for financially troubled companies. It also sets applicability dates and confirms that portions of future final regulations will apply no earlier than 6 months after publication. The policy increases compliance burdens for large corporations and provides clearer risk areas in tax structuring.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 9, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
IRS Issues Proposed Regulations for Trump Accounts Pilot Program
On March 6, 2026, the Treasury and IRS issued **proposed regulations** outlining the pilot program for *Trump Accounts*, which are new IRAs established under the One, Big, Beautiful Bill (Public Law 119-21). These rules detail how to make the one-time \$1,000 contribution to eligible children, how to elect into the pilot, limits, investment constraints, and eligibility. For example, eligible children must be U.S. citizens born in 2025-2028, have a valid Social Security Number, and have no prior pilot election. Form 4547 is introduced as the election form. This guidance helps parents/guardians and institutions prepare for compliance under the new law. The policy is **proposed**, because comments will be solicited before final regulations are published.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 6, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Dirty Dozen tax scams for 2026: IRS reminds taxpayers to watch out for dangerous threats
The IRS released its annual ‘Dirty Dozen’ list (IR-2026-30) on March 5, 2026, identifying evolving tax scams threatening taxpayers and professionals. Notably added this year: abusive undistributed long-term capital gains claims using Form 2439; AI-enabled impersonation (calls using voice mimicry, spoofing); overstated withholding schemes; plus others like fake charities and ghost preparers. The announcement underscores increased IRS enforcement and urges vigilance, especially for digital scams and fraudulent refund claims.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 5, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Important updates to the trust reporting requirements for the 2025 taxation year: What you need to know
Bill C-15 proposes changes to trust reporting rules for the 2025 taxation year. Bare trusts are exempted from filing a T3 return including Schedule 15 (Beneficial Ownership Information of a Trust) for 2025 unless requested by CRA. Other trusts are required to file under enhanced reporting rules with Schedule 15. Filing deadlines and obligations are clarified. Non-compliance may lead to penalties.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 5, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Status requires verification
IRS Announces Its Annual Dirty Dozen List of Tax Scams for 2026
The IRS has published its 2026 “Dirty Dozen” – twelve top tax fraud and scam threats for individuals and businesses. Noteworthy changes include the addition of abusive claims involving undistributed long-term capital gains, and evolving tactics using AI, impersonation, and overstated withholding. The announcement emphasizes compliance vigilance for tax claims, identity security, and avoiding unregistered preparers.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 5, 2026
- Verification
- Not recorded
Open cited source
Scope: Australia
Status requires verification
GSTD 2026/1: Clarification on GST status of formula products
The ATO has clarified in GST Determination GSTD 2026/1 that formula products marketed principally as food for infants (up to 12 months) are GST-free under section 38-2 of the GST Act, whereas formula for children over 12 months are not GST-free. This rule applies from 4 March 2026, and includes transitional relief for taxpayers who in good faith treated over-12 month formula as GST-free for periods ending on or before 30 June 2026, except in cases of fraud, evasion or voluntary change.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 4, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS published schedule taxpayers will use to claim deductions on no tax on tips, no tax on overtime, no tax on car loans, no tax on seniors
IRS released Schedule 1-A and updated Form 1040 instructions for tax year 2025 to implement several deductions under the One, Big, Beautiful Bill. These include the no-tax clauses on tips, overtime compensation, car loan interest, and enhanced senior deductions. The guidance clarifies deduction limits, phase-outs based on MAGI, definitions of qualified tips and overtime, and specifies how taxpayers can claim these deductions whether or not itemizing.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Mar 2, 2026
- Verification
- Not recorded
Open cited source