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199A Trigger Warnings
This article from the S Corporation Association examines Section 199A, the 20% pass-through deduction for qualified business income, focusing on…
Redeveloped Flat Sold Soon After Possession? ITAT Holds Holding Period Starts from Development Agreement, Not Possession Date
India's Income Tax Appellate Tribunal (ITAT) has ruled that for redeveloped flats, the holding period for capital gains tax purposes…
The Hidden Tax Credits Cannabis Farmers Are Leaving on the Table in New York
Cannabis farmers in New York are missing out on significant tax credits available under state law, particularly agricultural tax incentives…
How to Set up Lifetime Benefit Trusts in Canada: Tax-Deferred Planning for Disabled Beneficiaries and Registered Assets
This article explains how Lifetime Benefit Trusts (LBTs) can be established in Canada to provide tax-deferred planning for disabled beneficiaries.…
How to Legally Deduct Leveraged Rental Losses in Your Real Estate Portfolio and Avoid a CRA Rental Audit
This article provides guidance for Canadian real estate investors on legally deducting leveraged rental losses while minimizing the risk of…
Indonesia: Changes to 0.5% Final Income Tax
Indonesia has introduced changes to the 0.5% final income tax regime applicable to small and medium enterprises (SMEs). This final…
Will Trump Accounts Make a Significant Difference in Lives of Young People?
The article examines 'Trump Accounts,' a new savings vehicle proposed under U.S. legislation that would provide tax-advantaged investment accounts for…
Wrong Reassessment Procedure Can Nullify the Entire Case: Mumbai ITAT Quashes Political Donation Reopening
The Mumbai Income Tax Appellate Tribunal ruled that using the wrong reassessment procedure can invalidate an entire tax case. The…
Wrong Political Donation Claim Doesn’t Automatically Mean 200% Penalty: Ahmedabad ITAT Cancels Penalty Under Section 270A
The Ahmedabad Income Tax Appellate Tribunal cancelled a 200% penalty imposed under Section 270A of the Income Tax Act, ruling…
Mamdani Defends Pied-à-Terre Tax Rollout as 17,000 Homeowners Notified They Could Get Hit
New York City mayoral candidate Zohran Mamdani is defending the rollout of a proposed pied-à-terre tax targeting non-primary residential properties.…
Correspondence: Edition 5: Making Tax Digital for Income Tax — software developer newsletter
HMRC's fifth edition of the Making Tax Digital for Income Tax software developer newsletter provides technical guidance and updates for…
4,69,24,148 Returns Filed So Far; Experts Advise Assessees Not to Wait for an ITR Extension
Over 469 million income tax returns have been filed in India so far in the current filing season, with tax…
Tax Court Rejects Employment Expenses Without Proper Receipts: Lessons from Paetz v. The King
In Paetz v. The King, Canada's Tax Court disallowed employment expense deductions claimed by a taxpayer who failed to provide…
Wash. AG's Income Tax Repeal Ballot Language Challenged
Washington State's Attorney General faces a legal challenge over the ballot language used for a proposed initiative to repeal the…
Tourek et al. on Whether Progressivity Raises Tax Capacity
Academic research by Tourek et al. examines whether progressive tax structures increase a government's overall tax capacity—the ability to raise…
From S Corporation to QSBS: Four Paths to Tax-Free Exit
This article outlines four strategies for S corporation shareholders to convert their equity into Qualified Small Business Stock (QSBS) eligibility,…
Ring, Seim, and Zucman: Personal Holding Companies, Tax Progressivity, and Inequality
Research by Ring, Seim, and Zucman examines how personal holding companies are used to reduce effective tax rates for high-income…
Trump Accounts: A New Way to Jump-Start Your Child’s Savings
This article examines 'Trump Accounts,' a proposed child savings vehicle introduced under recent U.S. tax legislation. The accounts would allow…
Michigan enacts Housing Opportunity Tax Credit program
Michigan has enacted the Housing Opportunity Tax Credit program, establishing a new state-level tax credit aimed at expanding housing development…
HOPE Act Introduces New Incentives for Affordable Housing Rehabilitation
The HOPE Act introduces new federal tax incentives aimed at encouraging the rehabilitation of affordable housing. The legislation targets existing…
Can the Income Tax Department Make New Additions in Reassessment If the Original Reason for Reopening Fails? Bangalore ITAT Says No
The Bangalore Income Tax Appellate Tribunal ruled that the Income Tax Department cannot make new additions during reassessment proceedings if…
Can a Delay in Filing an Income Tax Appeal Be Condoned If Your Auditor Failed to File It? Kerala High Court Says Yes—If the Explanation Is Genuine
The Kerala High Court held that a delay in filing an income tax appeal can be condoned where the taxpayer's…
TDS on Faculty Payments: Salary Under Section 192 or Professional Fees Under Section 194J? ITAT Cochin Clarifies the Law
The Income Tax Appellate Tribunal (ITAT) Cochin has issued a clarifying ruling on the correct Tax Deducted at Source (TDS)…
Crypto Hedge Fund Manager Gets 3 Years For Tax Evasion
A crypto hedge fund manager has been sentenced to three years in prison for tax evasion related to cryptocurrency investment…
Mamdani Sparks Backlash, Debate with Social Media Post Celebrating Luxury 2nd-Home Tax
New York City mayoral candidate Zohran Mamdani sparked backlash after posting on social media celebrating a proposed luxury second-home tax.…
New Washington ‘Millionaires Tax’ Lawsuit Challenges Ballot Language
A new lawsuit in Washington State challenges the ballot language used for a proposed 'Millionaires Tax,' which would impose additional…
FTO declares higher tax deduction on teachers’ examination duty unlawful
Pakistan's Federal Tax Ombudsman (FTO) has ruled that higher tax deductions applied to teachers performing examination duties are unlawful. The…
Allahabad High Court Sets Aside IT Reassessment Notice Issued After Assessee’s Death
The Allahabad High Court has set aside an income tax reassessment notice issued to a deceased assessee, ruling the notice…
A modest proposal for a new tax
A policy proposal exploring a new tax mechanism to address social care funding challenges in the UK. The article examines…
Over 120 millionaires demand higher wealth taxes
More than 120 millionaires have publicly called on governments to impose higher wealth taxes on the ultra-rich. The group, coordinating…
New ITR-BN Form for Block Assessment in Search and Seizure Cases
India's tax authorities have introduced a new ITR-BN form specifically designed for block assessments arising from search and seizure operations.…
F&O Traders, Beware! One Wrong ITR can cost more than One Bad Trade
Indian futures and options (F&O) traders face significant tax compliance risks when filing Income Tax Returns. The article warns that…
New data suggests Scotland’s 48p tax rate may be losing money
New data indicates that Scotland's 48p top income tax rate may be generating less revenue than anticipated, raising concerns about…
FBR urges taxpayers to file accurate income tax returns from July 27
Pakistan's Federal Board of Revenue (FBR) has urged taxpayers to file accurate income tax returns starting July 27, marking the…
Legal Heir Is Not Always the Legal Representative: ITAT Agra Quashes Assessment Passed Without Proper Compliance Under Section 159
The Income Tax Appellate Tribunal (ITAT) Agra has quashed a tax assessment made against a legal heir, ruling that a…
Section 56(2)(x): Can Stamp Duty Value on Registration Date Trigger Tax Even When the Property Deal Was Finalised Years Earlier? ITAT Ahmedabad Says No
The ITAT Ahmedabad has ruled that stamp duty value at the date of property registration cannot trigger tax liability under…
Sold Multiple Houses in the Same Year? ITAT Bangalore Rules Section 54 Exemption Is Available for Each House Separately
The ITAT Bangalore has ruled that the Section 54 capital gains exemption on reinvestment in residential property is available separately…
Wrong Income Tax Officer? Entire Reassessment Can Be Quashed – Why Your Returned Income Decides Your Jurisdiction
An Indian tax ruling clarifies that jurisdiction for income tax reassessment is determined by the taxpayer's returned income, not assessed…
Can You Claim Section 54 Exemption for Multiple Floors in One Redeveloped Building? ITAT Mumbai Gives a Big Relief
The Income Tax Appellate Tribunal (ITAT) Mumbai has ruled that a taxpayer can claim Section 54 capital gains exemption for…
Do You Make the Grade as a Real Estate Pro?
This article examines the IRS requirements for taxpayers to qualify as real estate professionals, a designation that allows them to…
CPAacademy: RACE, WEALTH, AND U.S. TAX POLICY: WHO BENEFITS FROM AND WHO BEARS TAX BURDENS?
A CPAacademy course examines the intersection of race, wealth, and U.S. tax policy, analyzing which demographic groups benefit from tax…
Author Trust Royalties Are Capital, Not Income, UK Court Says
A UK court has ruled that royalties received by an author's trust are capital in nature rather than income, a…
Tax Court of Canada says CRA Cannot Use ‘Fairness’ Reassessment to Immunize a Tax Increase from Appeal: A Canadian Tax Lawyer Analyzes Forrest v The King
The Tax Court of Canada ruled in Forrest v The King that the CRA cannot use a 'fairness' reassessment as…
Gig Economy Workers Beware How You Are Taxed in Canada: CRA Audit Risks, Creator Income, AI Income, and GST/HST Obligations
Canadian gig economy workers, including content creators and AI-assisted income earners, face significant tax obligations and CRA audit risks. The…
Owner Of Dissolved UK Biz Allowed To Fight Capital Gains Tax
A UK tribunal has permitted the owner of a dissolved UK business to contest a capital gains tax assessment, despite…
Can Income Tax Additions Be Made Solely on Third-Party Evidence? ITAT Mumbai Says No – A Landmark Judgment Every Taxpayer Must Know
The Income Tax Appellate Tribunal (ITAT) Mumbai has issued a significant ruling clarifying that tax additions cannot be made solely…
Partner’s Remuneration Under Section 44ADA: Delhi ITAT Opens the Door, But Is the Debate Really Over?
The Delhi Income Tax Appellate Tribunal has ruled on the deductibility of partner remuneration under Section 44ADA of India's Income…
Policy paper: Changes to reporting of benefits in kind from April 2027
HMRC has published a policy paper outlining changes to the reporting of benefits in kind (BIK) from April 2027. From…
Karachi consumers pay over Rs26bn income tax through electricity bills in FY26
Karachi electricity consumers have paid over Rs26 billion in income tax through their electricity bills during the first months of…
Seven Form 990 Red Flags CPAs Should Not Ignore
CPAs reviewing Form 990 filings for tax-exempt organizations should watch for seven key red flags that may signal compliance issues…
Feds Ask Wash. Judge To Back Canadian's $700K FBAR Fines
Federal prosecutors are urging a Washington court to uphold approximately $700,000 in FBAR (Foreign Bank Account Report) penalties against a…
Illinois Crypto Tax Unfairly Targets Traders, Suit Says
A lawsuit has been filed challenging Illinois's taxation of cryptocurrency traders, alleging the state's crypto tax rules unfairly discriminate against…
Kansas City Tax Preparer Sentenced to Prison for Two Financial Fraud Schemes
A Kansas City tax preparer has been sentenced to prison for two financial fraud schemes. The case involves fraudulent tax…
Suspicion Alone Cannot Justify Income Tax Additions: Supreme Court Upholds Deletion of ₹16.61 Crore Alleged Unaccounted Sales
India's Supreme Court upheld the deletion of a ₹16.61 crore income tax addition related to alleged unaccounted sales, ruling that…
Refund Cannot Be Denied for Mere Technical Lapse: ITAT Invokes Article 265 to Protect Taxpayer’s Rights
India's Income Tax Appellate Tribunal ruled that tax refunds cannot be denied solely due to technical lapses by the taxpayer,…
Americans Don’t Know Their Taxes: A Third Fear They’ve Missed Deductions or Credits
A survey reveals significant gaps in Americans' tax literacy, with approximately one-third of respondents fearing they have missed eligible deductions…
Arbitration Valid In Tax Privacy Suit, H&R Block Tells 9th Circ.
H&R Block is arguing before the Ninth Circuit that an arbitration clause is valid in a tax privacy lawsuit. The…
IRS Lacks Expert Testimony In Easement Fight, Donor Says
A taxpayer involved in a conservation easement dispute is challenging the IRS in Tax Court, arguing that the government lacks…
How CRA’s Expanded Section 160 and Budget 2025 Supplementary Rule Closes Asset Transfer Loopholes
Canada's Budget 2025 introduces a supplementary rule expanding Section 160 of the Income Tax Act, which holds transferees jointly liable…
Gambling Loss Limitations Condemned at IRS Hearing
At an IRS public hearing, taxpayers and advocates strongly criticized proposed regulations that would limit the deductibility of gambling losses.…
Arbitrage Betting and Surebetting in Canada: How the CRA Taxes ‘Guaranteed-Profit’ Sports Wagering Strategies
This article examines how the Canada Revenue Agency (CRA) treats profits from arbitrage betting and surebetting strategies, where bettors exploit…
South Carolina enacts “Heirs’ Property Tax Relief Act”
South Carolina has enacted the Heirs' Property Tax Relief Act, providing tax relief for property owners who hold land through…
Say ‘I do’ to getting your side hustle tax right
HMRC is targeting individuals with side hustles to ensure they correctly report and pay tax on additional income. The campaign…
Rethinking the RMD: The Giving Strategy Hidden Inside Your Client’s IRA
This article explores the tax planning strategy of Qualified Charitable Distributions (QCDs) from IRAs as an alternative to standard Required…
Section 87A Rebate Litigation: Is the ITAT Appeal Fee Always ₹10,000? A Fresh Perspective
An analysis of whether the appeal fee before India's Income Tax Appellate Tribunal (ITAT) is always ₹10,000 in Section 87A…
Alstadsæter, Johannesen, Le Guern Herry & Zucman on Transparency and Offshore Wealth
Researchers Alstadsæter, Johannesen, Le Guern Herry, and Zucman examine the impact of financial transparency measures on offshore wealth concealment. The…
John Healey should cut National Insurance, not raise the personal allowance
This article argues that reducing National Insurance contributions would be a more effective and economically beneficial policy choice than raising…
UK tax changes under Andy Burnham and John Healey: what businesses and individuals need to know
This article from Saffery examines UK tax changes introduced under Andy Burnham and John Healey, outlining implications for both businesses…
Burnham Removes Tax On Electric Bills To Ease Living Costs
Andy Burnham, Mayor of Greater Manchester, has announced the removal of tax on electric bills as a measure to ease…
Allahabad HC Seeks Centre, CBDT’s Response on Judge’s Plea Against Tax Exemption Denial Under New Tax Regime
The Allahabad High Court has sought responses from the Central Government and the Central Board of Direct Taxes (CBDT) following…
Mike Lindell Had Wages Garnished, IRS Lien on Texas House in 2024
MyPillow CEO Mike Lindell faced significant IRS enforcement actions in 2024, including wage garnishment and a federal tax lien placed…
IRS Introduces Automatic Penalty Relief for Eligible Taxpayers
The IRS has introduced an automatic penalty relief program for eligible taxpayers who failed to meet certain tax obligations, removing…
Limited Partner Self-Employment Tax Exception Faces Critical Appellate Test
The limited partner self-employment tax exception under IRC Section 1402(a)(13) is facing a critical appellate court test that could significantly…
Moving abroad for work: the UK tax questions everyone should ask
A Saffery podcast addressing key UK tax considerations for individuals relocating abroad for work. Topics likely cover UK tax residency…
SC rejects FBR bid to impose 35pc tax on dividend income
Pakistan's Supreme Court has rejected the Federal Board of Revenue's attempt to impose a 35% tax on dividend income. The…
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