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On Friday, President Biden announced plans to crack down on the de minimis exemption, which allows items that are $800 or less to be imported into the US without tariffs.
Use of the de minimis exemption has skyrocketed since the threshold was increased to $800 in 2015, said David Townsend, a partner at the U.S.-based law firm Dorsey & Whitney and an expert in ...
Last year, the committee began investigating Shein and Temu for slave labor in their supply chains and zeroed in on their use of the de minimis exemption, claiming in a June 2023 report that both ...
Under U.S. tax rules, the de minimis rule governs the treatment of small amounts of market discount. Under the rule, if a bond is purchased with a small amount of market discount (an amount less than 0.25% of the face value of a bond times the number of complete years between the bond's acquisition date and its maturity date) the market discount is considered to be zero and the discount on the ...
The revised statute [3] now includes exemptions for certain Commercial-Off-The-Shelf (COTS) items, a de minimis exception for small amounts of non-domestic metal (excluding high-performance magnets), a market basket approach to measuring the amount of domestic metal content in articles delivered to DOD, and a national security waiver to prevent ...
Internal Revenue Code Section 132(a) provides eight types of fringe benefits that are excluded from gross income.These include fringe benefits which qualify as a (1) no-additional-cost service, (2) qualified employee discount, (3) working condition fringe, (4) de minimis fringe, (5) qualified transportation fringe, (6) qualified moving expense reimbursement, (7) qualified retirement planning ...
In September 2024, the Biden administration announced that it would propose a new rule to close the $800 de minimis exception to import duties and institute additional information disclosure requirements. [39] The plan raised concerns that small sellers could be hurt disproportionately compared to larger platforms such as Temu. [40]
If it expires, the estate and gift tax exemption will fall by about half. Individuals will only be able to gift about $6 million to $7 million, and that rises to $12 million to $14 million for ...