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US, China Agree To Temporarily Cut Soaring Tariffs

by usoftax_admin | May 12, 2025 | Tax News

The U.S. will cut tariffs on most Chinese goods to 30% for 90 days while China will reduce tariffs on most U.S. goods to 10%, the countries announced Monday after the two governments agreed to relax soaring tariffs.

Gunster Tax Ace Jumps To Spencer Fane In Tampa

by usoftax_admin | May 12, 2025 | Tax News

Spencer Fane LLP announced Monday that it has bolstered its tax, trusts and estates practice group in Tampa with the addition of a former Gunster shareholder.

Italy: year-end transfer pricing adjustments under new accounting standard

by usoftax_admin | May 12, 2025 | Tax News

Federico Vincenti and Carola Valente of Valente Associati GEB Partners/Crowe Valente examine year-end transfer pricing adjustments in light of EU developments and implementation of the OIC 34 accounting standard in Italy

GOP Floats $30,000 SALT Cap, Renewed R&D Credit

by usoftax_admin | May 12, 2025 | Tax News

House Ways and Means Republicans proposed a $30,000 state and local tax deduction cap and a renewed research and development credit in updated legislation to extend their 2017 tax overhaul law, which the committee plans to consider Tuesday.

IRS Paid $21B In Improper Tax Credits, TIGTA Says

by usoftax_admin | May 12, 2025 | Tax News

The Internal Revenue Service made $21.4 billion in improper refundable tax credit payments last year and again failed to meet lawmakers’ goal to reduce its rate of incorrect payments to 10%, the Treasury Inspector General for Tax Administration said...

Biz Groups Back Bill To Expand FDII Tax Benefits

by usoftax_admin | May 12, 2025 | Tax News

A coalition of business lobbying groups has thrown its weight behind proposed legislation that would expand tax breaks for domestically held intellectual property, saying the changes would build on the goals of the 2017 federal tax overhaul.
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