On May 20, 2025, Maryland Governor Wes Moore signed the Budget Reconciliation and Financing Act (BRFA) of 2025, closing a $3.3 billion budget gap while significantly expanding the state’s sales and use tax base. Among its most impactful provisions…

In Mexico, a company with a local presence that is currently undergoing, or may in the future undergo, a tax review for FY 2020 of its transfer pricing policies (or other international tax matters) that may give rise to a case that could be…

In the context of mergers and acquisitions (M&A), Tax is often under the spotlight during the period leading up to a deal signing. During this time, due diligence is conducted, a step plan is developed outlining steps required to complete the…

As an update, the Monetary Authority of Singapore (MAS) has provided further information regarding the new financial sector incentives (“FSI”) announced during 2025 Budget Statement in the MAS Circular released on 3 July 2025 [1]. The FSI will now…

On June 9, 2025, the IRS released Rev. Proc. 2025-23,[1] which updates the list of accounting method changes — previously in Rev. Proc. 2024-23 — that qualify for the automatic change procedures under Rev. Proc. 2015-13.The updated revenue…

As the Republican’s self-imposed July 4th deadline for the One Big Beautiful Bill Act (“OBBBA”) nears, attention is focused on the Senate Parliamentarian, who is determining which provisions procedurally can be included in a reconciliation bill,…

On Monday, Senator Crapo released much-anticipated initial draft legislation from the Senate Finance Committee for the One Big Beautiful Bill Act reconciliation bill (the Senate Bill). This release marks a pivotal step in the ongoing legislative…

On May 22, 2025, the House passed H.R. 1 (the "House Bill").[1]  While the House Bill generally focuses on domestic taxpayers, it includes section 899, "Enforcement Remedies Against Unfair Foreign Taxes," which, if enacted, could dramatically…