Events listed in Internal Revenue Code
Treasury Announces Entry into Force of Income Tax Treaty with Chile
ID 26388
On December 19, 2023, the U.S. Department of the Treasury announced the official implementation of a „new“ income tax treaty between the United States and Chile. This is the first bilateral tax agreement between the United States and any country to become effective in over a decade and only the second one in force with a South American nation. The U.S. Senate approved the ...
IRS Launches New Initiatives Using Inflation Reduction Act Funding to Ensure Large ...
ID 25436
On October 20, 2023, the U.S. Department of the Treasury published a press statement to inform that the Internal Revenue Service (IRS) has launched several initiatives to enhance tax collection from (foreign) companies and high net worth individuals and to improve services offered to the public (including businesses). The following text briefly describes those measures relevant for businesses; for information on measures affecting individual ...
Mortality Tables for Determining Present Value Under Defined Benefit Pension Plans
ID 25420
New rules as regards the mortality tables to be used by defined benefit pension plans were recently published in the Federal Register. The rules provide – an updated methodology for determining mortality tables used to calculate the present value of pension benefits to derive future funding needs and to determine single-sum distributions. This revised methodology includes new base mortality tables and mortality improvements. The ...
Malta Personal Retirement Scheme Listed Transaction
ID 23731
The Internal Revenue Service (IRS) and the U.S. Department of the Treasury (USDT) have published in the Federal Register a proposed new regulation to fill the loopholes for tax avoidance in connection with Malta pension plans by individuals subject to U.S. income taxes. Specifically, so far, individuals could „invest“ in Malta pension plans by transferring their assets (stocks, cryptocurrency, etc.) to such plan and ...