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Frozen Tax Bands Drag 1M Pensioners Into Higher Rates
Frozen income tax bands in the UK are pulling approximately one million pensioners into higher tax brackets as state pension…
Multistate Monitor — As states decouple from OBBB, expert explains how to address now-incorrect tax estimates
As U.S. states begin decoupling from federal tax provisions in the One Big Beautiful Bill (OBBB), tax professionals face the…
FBR yet to set refund mechanism for Section 7E, Super Tax under Section 4C
Pakistan's Federal Board of Revenue (FBR) has not yet established a refund mechanism for taxpayers who overpaid under Section 7E…
Section 54 Exemption Cannot Be Denied on Hyper-Technical Grounds: ITAT Bangalore
The Income Tax Appellate Tribunal (ITAT) Bangalore has ruled that capital gains exemption under Section 54 of the Income Tax…
Cleaning Up a PFIC Before Making a Sec 1296 MTM Election
This article addresses the technical process of handling a Passive Foreign Investment Company (PFIC) position before making a Section 1296…
ITR Filings Cross Record 7.8 Crore Mark for AY 2026-27, Says IT Department
India's Income Tax Department has announced a record 7.8 crore income tax returns filed for Assessment Year 2026-27, surpassing previous…
Bowen v. Commissioner Narrows the Scope of Landmark COVID-Era Tax Relief
The Bowen v. Commissioner case has narrowed the scope of COVID-era tax relief, with significant implications for taxpayers who relied…
Jaipur ITAT: Salaried Taxpayer’s HRA Claim Can’t Be Rejected Without Reviewing Supporting Documents
The Jaipur Income Tax Appellate Tribunal has ruled that a salaried taxpayer's House Rent Allowance claim cannot be dismissed without…
New IRS Rates Are Out: Why AFRs Matter
The IRS has released updated Applicable Federal Rates (AFRs) for the upcoming month. AFRs are minimum interest rates set by…
How are Ponzi Scheme Payments Taxed in Canada: Taxable Income, Investment Fraud, or Return of Capital?
This article examines the Canadian tax treatment of payments received from Ponzi schemes, addressing the complex question of whether such…
Investors Can't Escape Danish Tax Fraud Case, 2nd Circ. Says
The Second Circuit Court of Appeals has ruled that investors cannot avoid liability in a major Danish tax fraud case,…
How North Carolina’s Income Tax Rate Compares to Its Neighbor States, as Voters Consider Cap
North Carolina voters are considering a constitutional amendment to cap the state income tax rate, prompting comparisons with neighboring states.…
Social Security And Taxes: What You Pay And What You Get
This article examines the tax dimensions of Social Security in the United States, covering both the payroll taxes workers and…
Effects of Automatic Stabilizers on the Federal Budget: 2026 to 2036
The Congressional Budget Office examines how automatic stabilizers—tax provisions and spending programs that expand or contract with economic conditions without…
Nebraska Residents Impacted by March Fires Receive IRS Tax Filing Extension
The IRS has granted a tax filing and payment extension to Nebraska residents affected by wildfires that occurred in March.…
Why HMRC’s first crypto tax data should alarm every accountant
HMRC has released its first data on cryptocurrency tax compliance, raising significant concerns for accountants and tax practitioners. The data…
WSJ: ‘A Roth IRA on Steroids’: Wealthy Americans Find Another Tax-Free Way to Invest
Wealthy Americans are increasingly using a tax-advantaged investment structure described as a 'Roth IRA on steroids,' allowing tax-free growth and…
Delhi ITAT Limits Section 68 Addition to ₹5 Lakh on ₹1.80 Crore Hospital Cash Deposits During Demonetisation
The Delhi Income Tax Appellate Tribunal ruled that Section 68 additions on unexplained cash credits should be limited to ₹5…
The Gift Has Changed Hands-But Has Its Tax History Also Changed?
This article examines the tax implications of gifted assets in India, specifically whether the recipient of a gift inherits the…
ITR-BN: The New Return Form for Block Assessments
India's income tax authorities have introduced ITR-BN, a new return form specifically designed for block assessments — a process used…
Bombay HC: TDS Credit Can’t Be Denied Despite Deductor’s Failure to Deposit Tax
The Bombay High Court held that a taxpayer cannot be denied credit for Tax Deducted at Source (TDS) simply because…
FBR revises property valuation rates across Quetta
Pakistan's Federal Board of Revenue (FBR) has revised property valuation rates across Quetta, the capital of Balochistan province. The updated…
ITR Deadline 31 August 2026: Points to remember-
With India's Income Tax Return deadline set for 31 August 2026, taxpayers are reminded of key compliance points to ensure…
Anonymous Donations Cannot Be Treated as Unexplained Cash Credits Merely Because Donor Identity Is Unknown: ITAT
India's Income Tax Appellate Tribunal (ITAT) has ruled that anonymous donations received by a trust or institution cannot automatically be…
Four Ways US Bond Markets Affect Tax Revenue
This Tax Foundation analysis examines the relationship between US bond markets and federal tax revenue through four key channels. Rising…
Loss from Cryptocurrency Fraud Accepted as Non-Capital Loss
A tax ruling has accepted that losses arising from cryptocurrency fraud qualify as non-capital losses rather than capital losses. This…
Correspondence: Edition 6: Making Tax Digital for Income Tax — software developer newsletter
HMRC's sixth edition of the Making Tax Digital for Income Tax software developer newsletter provides technical guidance and updates for…
Official Statistics: Property rental income statistics
HMRC has published updated official statistics on property rental income in the UK, covering data on landlords and rental income…
Capital gains tax revenues make the case for the Taxing Wealth Report
UK capital gains tax revenue data is presented as evidence supporting the recommendations of the Taxing Wealth Report, which advocates…
Section 80P Deduction Can Be Claimed During Assessment Proceedings Even If Not Claimed in ITR: ITAT
The Income Tax Appellate Tribunal held that a cooperative society can claim the Section 80P deduction during assessment proceedings even…
California NAACP, Equality California, SF Dems Oppose Prop. 40’s Billionaire Tax
California's Proposition 40, a ballot measure proposing a wealth tax targeting billionaires, is facing opposition from unexpected quarters including the…
Couple Did Not Back Up Business Deductions, Tax Court Says
The U.S. Tax Court has ruled against a married couple who claimed business deductions they could not adequately substantiate. The…
Outdated IRS forms could cost firms compliance in 2026
Outdated IRS forms pose a significant compliance risk for firms heading into 2026. As the IRS updates its reporting requirements,…
Policy paper: Scottish Income Tax outturn reconciliation for 2024-25
HMRC has published the Scottish Income Tax outturn reconciliation for 2024-25, detailing the difference between forecast and actual Scottish Income…
Policy paper: Welsh Rates of Income Tax outturn reconciliation for 2024-25
HMRC has published the Welsh Rates of Income Tax outturn reconciliation for 2024-25, confirming the variance between forecast and actual…
State Action on Child Tax Credits and Earned Income Tax Credits Since 2021
An analysis of state-level legislative actions on Child Tax Credits (CTCs) and Earned Income Tax Credits (EITCs) since 2021. The…
State Rundown 8/27: Tax Policy is Cool as Summer Wraps
A weekly roundup of state-level tax policy developments across the United States. The digest covers legislative updates, budget decisions, and…
240 crypto millionaires revealed in new government data
HMRC has published new data revealing 240 crypto millionaires identified through its compliance and data-gathering activities. The release signals intensified…
FTO faults FBR over delayed women enterprise tax relief in IRIS
Pakistan's Federal Tax Ombudsman (FTO) has criticised the Federal Board of Revenue (FBR) for failing to implement women enterprise tax…
ITAT Jaipur: Section 87A Rebate Allowed on STCG U/S 111A of Income Tax Act for AY 2024-25
The Income Tax Appellate Tribunal (ITAT) Jaipur has ruled that the Section 87A tax rebate is allowable against tax liability…
£16bn in unpaid corporate tax and 81,000 crypto letters – HMRC widened its net
HMRC has ramped up enforcement activity, identifying £16 billion in unpaid corporate tax while simultaneously targeting crypto asset holders with…
Section 50C Cannot Reduce Section 54F Exemption: ITAT Chennai
The Income Tax Appellate Tribunal (ITAT) Chennai has ruled that Section 50C of the Income Tax Act, which deems stamp…
CalCPA Opposes Proposed California Billionaire Tax
The California Society of CPAs (CalCPA) has formally opposed a proposed California billionaire tax, raising concerns about its constitutionality, administrability,…
Relentless State Income Tax Cuts Add Up to Massive Giveaways for the Wealthy
An analysis of the cumulative fiscal impact of successive state income tax cuts enacted across the United States, arguing these…
4 Factors That May Decide Success Of IRS Easement Office
Analysis identifies four key factors that will determine the success of the IRS's newly established conservation easement office, created to…
Will Trump Accounts Make Saving Easier?
An analysis of proposed 'Trump Accounts,' a new tax-advantaged savings vehicle under discussion in the United States. The proposal aims…
Ex-ATO boss accused of dodging tax while at KPMG
A former Australian Taxation Office (ATO) commissioner has been accused of tax avoidance during his tenure at KPMG. The allegations…
Reassessment Notice Issued After the Specified 6 Year Limitation Period is Not Valid: ITAT Quashes Order
India's Income Tax Appellate Tribunal (ITAT) has quashed a reassessment notice issued beyond the specified 6-year limitation period, ruling it…
Can a CA Claim Section 44ADA on Remuneration Received as a Working Partner? ITAT Delhi Says Yes
The Income Tax Appellate Tribunal (ITAT) Delhi has ruled that a Chartered Accountant receiving remuneration as a working partner in…
Section 43CA Cannot Be Applied to Land Sale Agreed Before Its Introduction: ITAT Jaipur
The Income Tax Appellate Tribunal (ITAT) Jaipur ruled that Section 43CA of the Indian Income Tax Act cannot be applied…
How to Pay the IRS When You Have a Tax Bill
A practical guide for US taxpayers on how to pay an IRS tax bill, covering available payment methods including IRS…
W-8 and W-9 best practices and what’s changing
This article covers best practices for W-8 and W-9 forms, which are critical IRS withholding and documentation forms used to…
HMRC Wins Pause In Ex-Construction Boss' £1.7M Tax Fight
HMRC has secured a stay in a £1.7 million tax dispute involving a former construction company boss, with the tribunal…
Tax Issues with Prince Harry and Meghan Markle’s Return to U.K.
An analysis of the tax implications arising from Prince Harry and Meghan Markle's potential return to the United Kingdom. The…
Delhi ITAT Deletes ₹23 Lakh Addition U/S 69A, Accepts Tree & Mango Sale Proceeds as Source
The Delhi Income Tax Appellate Tribunal (ITAT) deleted a ₹23 lakh addition made under Section 69A of the Income Tax…
Section 54F Exemption Allowed on Property Purchased from Husband: ITAT Mumbai Says Genuine Tax Planning Is Not Tax Evasion
The Income Tax Appellate Tribunal (ITAT) Mumbai ruled that a taxpayer is entitled to claim Section 54F capital gains exemption…
Gujarat HC: AO Cannot Reopen Scrutiny Assessment on Mere Change of Opinion Without Fresh Material
The Gujarat High Court has ruled that an Assessing Officer (AO) cannot reopen a scrutiny assessment based on a mere…
Section 264 Cannot Be Used to Revive a Missed Tax Claim After Revision Deadline
An Indian tax ruling has clarified that Section 264 of the Income Tax Act, which allows a Commissioner to revise…
Section 69A Addition Cannot Be Sustained Without Proving Ownership of Unexplained Money: ITAT Jaipur
The Income Tax Appellate Tribunal (ITAT) Jaipur held that an addition under Section 69A of the Indian Income Tax Act,…
Failure to Initiate Section 270A Penalty Cannot Alone Justify Section 263 Revision: ITAT Ahmedabad
The Income Tax Appellate Tribunal (ITAT) Ahmedabad ruled that an assessing officer's failure to initiate a penalty under Section 270A…
AICPA supports disaster tax bill, presses for permanent relief
The AICPA has expressed support for pending disaster tax relief legislation while simultaneously advocating for permanent statutory relief measures. The…
AICPA supports disaster tax bill, presses for permanent relief
The AICPA has expressed support for proposed disaster tax relief legislation while urging Congress to make such relief permanent rather…
More on Tax-Aware Long-Short Investing Strategies
This article explores tax-aware long-short investing strategies, examining how investors can structure equity portfolios to optimise after-tax returns by offsetting…
IRS Keeps Interest Rates Steady for Q4 2026
The IRS has announced that interest rates will remain unchanged for the fourth quarter of 2026. These rates apply to…
Income Tax Officials Review Roadmap to Enhance Taxpayer Services
Indian Income Tax officials are reviewing a roadmap aimed at enhancing taxpayer services, signaling potential administrative and procedural improvements within…
Estate, Inheritance, and Gift Taxes in Europe, 2026
A Tax Foundation analysis surveys estate, inheritance, and gift tax regimes across European countries for 2026. The report maps which…
Nephew Gifts ₹1.65 Crore Property to Uncle: Tax-Free Gift or Tax Trouble?
This article examines the Indian tax implications of a nephew gifting a ₹1.65 crore property to his uncle, analysing whether…
Testing the Limits of Neoclassical Tax-Mobility Arguments
This academic article critically examines neoclassical arguments about tax-driven mobility — the theory that high taxes cause individuals and businesses…
Delayed Form 10B Filing Cannot Deny Trust Exemption if Filed Before Processing: ITAT Bangalore
The Income Tax Appellate Tribunal (ITAT) Bangalore has ruled that a charitable trust cannot be denied tax exemption solely due…
Section 50C Addition Cannot Survive When AO Fails to Refer Valuation Dispute to DVO: ITAT
The Income Tax Appellate Tribunal (ITAT) has ruled that an addition under Section 50C of the Indian Income Tax Act…
Practical Advice for Late FBAR Filing by an Offshore Specialist
This article provides practical guidance on late FBAR (Foreign Bank Account Report) filing from an offshore tax specialist. FBAR filings…
WSJ: When Your Bumper 401(k) Is a Tax Problem Waiting to Happen
The Wall Street Journal highlights a growing tax challenge for retirement savers with large 401(k) balances. As account values surge,…
Fighting Your CRA Reassessment at the Tax Court of Canada Through an Appeal? Does an Informal or General Procedure Apply?
This article explains the procedural differences between the Informal and General Procedure routes when appealing a CRA reassessment at the…
Repeatedly Failed to Report Income (even $500)? CRA Will Penalize You for That: Lessons from Kryski v. The King , 2026 TCC 145
The 2026 Tax Court of Canada decision in Kryski v. The King reinforces CRA's authority to impose a repeated failure-to-report…
FE fundinfo brings Irish tax modelling to Nexus
FE fundinfo has integrated Irish tax modelling capabilities into its Nexus platform, enabling fund managers and distributors to calculate and…
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