1. IRS & Treasury Propose 1% Remittance Tax on Cash Transfers to Foreign Countries
The U.S. Treasury and IRS have formally proposed regulations for a new 1% excise tax on certain cash-based money transfers sent abroad, a move set to directly impact millions of individuals and the remittance industry. The tax, established under the "One Big Beautiful Bill Act," is slated to take effect on January 1, 2...