Foreign Policy

Biden passes chip act to counter china. The Biden Administration, joined by a large majority of Congress, passed the Chips and Science Act. The Act is designed to counter the influence of China, and to make the United States secure in Computer ... Read More

England reverses failed tax plan. After the resignation of Finance Minister Kwasi Kwarteng, new Finance Minister Jeremy Hunt reversed the policies that were put in place by Prime Minister Liz Truss. After planned massive tax cuts, during a time... Read More

1256 Foreign currency contracts defined. The proposed regulations by the IRS and Treasury Department defined the mark to market rules that would be defined as only including forward contracts. The new definition, which would be added at Regulat... Read More

Reporting foreign sourced income. With the need for more revenue, due to the once in a life time health pandemic, the U.S. Government is cracking down on anyone who avoids foreign sources of income. They were alerted to schemes to hide income, ... Read More

China slaps tax on australian wine. China has added wine to the growing list of Australian goods barred from its markets in a trade war against Australia over disputes including its support for a probe into the origin of the coronavirus. The Minis... Read More

IRS details on foreign earnings. The Internal Revenue Service provided additional information to help taxpayers meet their filing and payment requirements for the Section 965 transition tax on untaxed foreign earnings. The Tax Cuts and Jobs Act re... Read More