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The Biden administration on Friday issued last-minute proposed rules to curb duty-free imports under the $800 "de minimis" threshold, denying the low-value shipments exemption for goods that are ...
For years, de minimis was a minor factor in the American retail landscape. But in 2016, the de minimis threshold was raised from $200 to $800, allowing pricier items to skip the formal customs ...
Prices on Shein and Temu could rise by as much as 20% if the Biden administration successfully closes the so-called “de minimis loophole.” The loophole allows packages valued under $800 to ...
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 ...
In September 2024, the Biden administration announced that it would propose a new rule closing the $800 de minimis exception for Chinese e-commerce retailers such as Shein. [52] In April 2023, Brazilian officials stated that Shein used a loophole in Brazilian law to practice tax evasion and "smuggling" to consumers in the country. [53]
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]
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 ...
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 ...