Scope: United States
Proposed
Proposed regulations on the remittance transfer tax established under the One, Big, Beautiful Bill
Proposed regulations clarify definitions and rules around the 1% excise tax on remittance transfers funded with physical instruments, including which instruments qualify, the tax base, timing, and procedural requirements. Providers must collect, deposit semimonthly, and file quarterly returns. Comments due by June 12, 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Proposed Regulations on the New Remittance Transfer Tax under the One, Big, Beautiful Bill
Effective January 1, 2026, the One, Big, Beautiful Bill imposes a **1 % excise tax** on remittance transfers from the U.S. to foreign recipients when funded with physical instruments such as cash, money orders, cashier’s checks, or similar. Proposed regulations clarify which instruments qualify, how the tax base is calculated, reporting responsibilities, and that failure to collect makes the provider liable. Comments due by June 12, 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Status requires verification
Lowest Marginal Personal Income Tax Rate Reduction under Bill C-4
Bill C-4 reduced Canada’s first federal personal income tax rate from **15%** to **14.5%** for the 2025 taxation year and to **14%** starting in **2026**. This affects taxable income in the first bracket (up to ~$58,523), lowering tax liability for nearly 22 million Canadians. The change also affects the value of non-refundable tax credits, which are calculated using the lowest rate.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Cola increases for dollar limitations on benefits and contributions
For 2026, IRS applies cost-of-living adjustments (COLA) to retirement-related limits: IRA contribution limit up to $7,500; 401(k) deferrals limit $24,500; SEP, SIMPLE plan limits; defined benefit and contribution plans adjusted accordingly.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Proposed regulations on new remittance transfer tax under the One, Big, Beautiful Bill
The Treasury and IRS issued proposed regs clarifying the new excise tax (1% rate) that applies to certain remittance transfers beginning Jan 1, 2026. It specifies which “physical instruments” trigger tax, defines amount on which tax is imposed, outlines remittance providers’ responsibilities for collection, deposits, and filing. Public comments due by June 12, 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Treasury, IRS Issue Proposed Regulations on the New Remittance Transfer Tax Under the One, Big, Beautiful Bill
Starting January 1, 2026, a 1% excise tax applies to certain remittance transfers funded by cash or physical instruments. Proposed regulations clarify definitions, scope, collection, and liability rules. Remittance transfer providers must collect from senders, make semimonthly deposits, and file quarterly returns. Public comments solicited through June 12, 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Proposed Regulations on the New Remittance Transfer Tax under the One, Big, Beautiful Bill
The Treasury Department and IRS published proposed regulations (REG-114499-25) clarifying the 1% excise tax on certain remittance transfers under Section 4475 of the One, Big, Beautiful Bill. These proposed rules define key terms such as what constitutes a physical instrument (cash, money order, cashier’s check, etc.), the base amount on which the tax is imposed, the roles and liabilities of remittance transfer providers vs senders, and reporting/payment obligations including semimonthly deposits and quarterly returns using Form 720. Penalties for non-collection shift liability to the provider if the tax isn’t collected from the sender. Public comments are due by June 12, 2026. Implications include compliance burdens for remittance providers and potential cost increases for senders.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Proposed Regulations on the New Remittance Transfer Tax Established under the One, Big, Beautiful Bill
The Treasury and IRS issued proposed regulations clarifying definitions, liability, required collection, deposit, and reporting for the new 1% excise tax on remittance transfers made via physical instruments on or after January 1, 2026. Implications include compliance burdens for remittance providers and senders, with comments due by June 12, 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Proposed Regulations on New Remittance Transfer Tax (Section 4475)
Beginning January 1, 2026, a 1 % excise tax applies to remittances funded by cash, money order, cashier’s checks or similar physical instruments; providers must collect and remit the tax, make semimonthly deposits and file quarterly returns. Proposed regulations clarify taxable instruments, scope and tax base; comments due June 12, 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Increase of Standard Deduction and AMT Exemption Amounts for Tax Year 2026 Under OBBB
Under the One, Big, Beautiful Bill and associated inflation adjustments, the standard deduction amounts for 2026 have increased significantly—for married filing jointly: $32,200; single filers: $16,100; heads-of-household: $24,150. Similarly, the AMT exemption amounts have also adjusted upward. These changes affect tax liability for individuals and married couples.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS simplifies penalty relief, introduces automatic process for eligible taxpayers
IRS announced the new Automatic Exemption from Penalty (AEP), replacing the First Time Abate relief for eligible taxpayers. AEP automatically grants relief from failure-to-file, failure-to-pay, and failure-to-deposit penalties for those with a history of timely filing and paying—no request needed. First Time Abate will be phased out, with AEP applying to returns with original due dates on or after January 1, 2027.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Africa
Status requires verification
SARS urges schools to apply for VAT deregistration
With effect from 1 January 2026, supplies by schools are exempt from VAT, except for qualifying welfare activities. Schools registered as VAT vendors must apply to cancel registration and correct returns for periods from 1 January 2026.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Proposed
Treasury, IRS Issue Proposed Regulations on the New Remittance Transfer Tax Under the One, Big, Beautiful Bill
This proposed regulation clarifies definitions and rules for the 1 % excise (remittance transfer) tax that took effect January 1, 2026 under the One, Big, Beautiful Bill. It defines physical instruments subject to the tax, specifies the amount taxed, and outlines procedures for collection by remittance providers. Comments are due June 12, 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Global
Proposed
Treasury, IRS issue proposed regulations on the new remittance transfer tax established under the One, Big, Beautiful Bill
Starting Jan 1, 2026 the U.S. imposes a 1 % excise tax on certain remittance transfers funded via cash, money orders, cashier’s checks or similar physical instruments and sent abroad. The proposed regulations clarify which instruments are taxable, define terms like “sender” and “remittance transfer provider”, set deposit and reporting obligations, and specify the tax base excluding fees not passed to recipients. Comments due by June 12, 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Extension of cap and rate reductions for alcohol & brewery excise duties
A measure proposed in Spring Economic Update 2026 would **extend by two years** the 2% cap on the inflation adjustment for beer, spirits, and wine excise duties, and **cut in half** the excise duty rate on the first 15,000 hectolitres of beer brewed in Canada, for an additional two-year period. This helps small brewers and reduces inflationary pressures in alcohol-related prices. ([budget.canada.ca](https://budget.canada.ca/update-miseajour/2026/report-rapport/tm-mf-en.html?utm_source=openai))
Editorial impact label: Low
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Employee Ownership Trust Tax Exemption made permanent
The Spring Economic Update 2026 proposes to make permanent the temporary capital-gains tax exemption (up to CAD $10 million) on sales of businesses to employee ownership trusts or worker cooperatives. The exemption, which was temporary for the 2024-2026 tax years, will enable eligible business owners and workers to benefit permanently from employee ownership for generational wealth-transfer and succession planning. ([budget.canada.ca](https://budget.canada.ca/update-miseajour/2026/report-rapport/chap1-en.html?utm_source=openai))
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Notice 2026-10: 2026 Standard Mileage Rates
The IRS issued Notice 2026-10 updating the optional standard mileage rates for 2026. The business mileage rate increases to **72.5¢/mile**, medical/moving rate decreases to **20.5¢/mile**, and charitable rate stays at **14¢/mile**. Also includes depreciation portion (35¢/mile for business) and maximum auto cost under FAVR plan. These changes affect deductions for business, medical, moving and charitable use of vehicles, as well as basis adjustments.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
Adjusted Housing Expense Limitations for Foreign Housing Exclusion (Notice 2026-25)
For taxable years beginning on or after January 1, 2026, the IRS updated adjusted housing expense limitations under IRC section 911 for specific foreign locations. Taxpayers living in locations where 2026 limits are higher may apply those limits to their 2025 housing expenses when calculating the exclusion or deduction. This affects digital nomads, expats, and others living abroad.
Editorial impact label: Medium
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: Canada
Proposed
Budget 2025 CRA Information: Home Accessibility Tax Credit and Personal Support Workers Tax Credit
Budget 2025 **proposes** amendments to the Income Tax Act for taxation years 2026 and subsequent years: For Home Accessibility Tax Credit (HATC), expenses claimed under the Medical Expense Tax Credit (METC) can no longer be double-claimed under HATC. Also introduces a **new refundable** credit (PSWTC) for eligible personal support workers, equal to lesser of $1,100 and 5 % of eligible remuneration. Affects PSWs working for eligible health care establishments (excluding BC, NL, NT).
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source
Scope: United States
Status requires verification
IRS announces Working Families Tax Cuts – Individuals and workers updated estimate tables
Under the Working Families Tax Cuts (part of OBBBA), for tax year 2026 the IRS increased standard deduction amounts, marginal tax rates thresholds, Alternative Minimum Tax exemption levels, estate tax exclusion, and limits for adoption credit. These changes affect individual filers and heads of households starting in 2026.
Editorial impact label: High
- Published
- Not recorded
- Policy event
- Not recorded
- Effective
- Jan 1, 2026
- Verification
- Not recorded
Open cited source