Highlights • The U.S. Supreme Court is expected to rule on the legality of the International Emergency Economic Powers Act (IEEPA) tariff actions in late 2025 or early 2026. • Importers should begin to prepare for potential tariff refunds by tracking protest filing deadlines and by filing timely protests with U.S. Customs and Border Protection (CBP). • The courts could also establish a special IEEPA refund process that may require certain filings or complaints in court. As the U.S. Supreme Court reviews the...

Commission unveils digital package revamping data and AI rules On Wednesday (19 November), the European Commission presented a major digital simplification package designed to foster innovation while maintaining high standards. The proposal intends to cut administrative costs by up to €5 billion by 2029 and introduce new European Business Wallets, which could generate an additional €150 billion in yearly savings. Overall, the package seeks to make it much easier for European companies to scale and remain leaders in technology by streamlining rules...

By Martin Ignasiak KC, Ashley M. White, Jessica Kennedy, and David Wainer, Bennett Jones Canada's budget 2025, released on November 4th, outlines the federal government's "Climate Competitiveness Strategy" as part of the government's new vision for climate-change policy. This is the liberal government's first budget since being elected in April and follows consistent messaging from the last several months: the government is focused on creating conditions that will attract investment into Canada, while building an affordable net-zero future in which...

When the federal government shut down Oct. 1, the IRS was among the agencies forced to substantially reduce or halt most operations. While the short-term disruption captured headlines, the true cost will reveal itself after the government fully reopens. For businesses and tax professionals, the shutdown triggered long-lasting operational and compliance challenges. Two of the most significant consequences are administrative backlogs and regulatory uncertainty, both of which are likely to persist in the months ahead. Administrative Backlogs Each day the IRS was...

The EU’s AI Act brings fresh challenges for data centre operators – and the regulatory regime will continue to develop The phrase "artificial intelligence" (AI) permeates conversations about technology, business and everyday life. Its revolutionary impact on data processing is undeniable. What is often not appreciated is that the EU's Artificial Intelligence Act imposes obligations on the operators of the data centres that host the processing. The AI Act and data centres Against the backdrop of the wave of IT regulation in...

By Tony Gutierrez, Director of Tax Services, Berkowitz Pollack Brant The IRS released the annual inflation adjustments to more than 60 provisions of the tax code. Taxpayers will use these figures when filing their 2026 federal income tax returns in 2027. Income Tax Rates The income individuals use to determine how much tax they pay each year increases in 2026. However, unless taxpayers’ income rises significantly from the prior year, they will likely remain in the same tax bracket. • 37% for income...

By Eric Gelb, CPA, Partner and Joe Marchese, CTP, Partner, PKF O'Connor Davies Key Takeaways: • A 13-week cash flow forecast supports short-term liquidity management and operational planning. • Identifying liquidity opportunities helps improve cash flow stability and flexibility. • Collaboration with financial advisors helps uncover opportunities and manage risk effectively. Many are familiar with the 13-week cash flow forecast as a critical tool during periods of financial stress — whether in the context of a business restructuring, turnaround or a looming liquidity shortfall....

IPTI’s usual monthly newsletter - the “President’s Message” - contains, inter alia, some summarised news articles from around the world. This IPTI publication - “Property Tax in the News” - contains some of the more interesting news articles concerning property taxes in North America and Europe which is where many of our members have a particular interest. Links to these and more, similarly summarised, articles - from North America, Europe and around the globe - can be found in...