Personal Income Tax news
Personal income tax changes and guidance from around the world, including rates and allowances, residency rules, benefits in kind and the treatment of cross border workers, collected from tax authorities and specialist publishers.
902 articles in the archive, showing the latest 50.
Trump accounts expand to nearly 70M kids as stock proposal draws questions
The IRS has proposed rules to expand Trump accounts to nearly 70 million children, including a provision allowing donors to gift stock into these accounts. The proposal also requests comments on the strict minimum holding period requirements for beneficiaries.
New ITEP Analysis: Trump Policies Raise Taxes and Costs for All Income Groups but the Richest 1%
A new ITEP analysis finds that major tax and economic policies under President Trump's second term, including the 2025 tax law and health care tax changes, are increasing taxes and household costs for nearly all income groups except the wealthiest…
Pennsylvania Senate Democrats: Senator Kearney Introduces Constitutional Amendment to Repeal Uniformity Clause, Expand Options for Tax Fairness in Pennsylvania
Pennsylvania Senator Tim Kearney is introducing a constitutional amendment to repeal the state's Uniformity Clause, which currently requires a flat tax rate on all income. Removing the clause would allow Pennsylvania legislators to pursue graduated income tax structures and other…
You Be the Tax Judge: The Verdict on a Money-Losing Horse Business
The US Tax Court ruled on a money-losing horse-breeding business, clarifying that sustained losses do not automatically classify an activity as a hobby. The decision is relevant to taxpayers engaged in activities with ongoing losses, as hobby classification disallows business…
Credit for foreign tax: the curious case of Paul Bruyea
The US Court of Appeals, Federal Circuit ruled in Estate of Paul Bruyea v. United States (No. 25-1563) on August 31, 2026, addressing the foreign tax credit and double taxation. The case highlights an outcome that appears to run contrary…
Poll: Nearly Two-Thirds of New Yorkers Support Ending Income Tax
A poll commissioned by the Empire Center for Public Policy finds that nearly two-thirds of New York voters support eliminating the state income tax, with 67% saying they do not receive good value for the taxes they pay.
Badenoch’s inheritance tax cut could cost £11bn – almost twice the advertised price
The UK Conservative Party proposes exempting family homes from inheritance tax and raising the tax-free allowance to £500,000 per person, claiming a £6bn annual cost. Analysis from the Tax Policy Associates suggests the true cost is £7.7bn to £10.9bn, as…
Find out about the loan charge settlement scheme
HMRC has a settlement scheme for taxpayers with outstanding disguised remuneration loan charge liabilities, allowing them to resolve their position. The loan charge targets arrangements where employers paid workers via loans through third parties to avoid income tax and National…
Pay tax as a pension scheme administrator
Guidance for pension scheme administrators on how to pay tax charges arising from payments out of registered pension schemes, including payment methods and processing times for payments reaching HMRC.
Inheritance tax is now a three-way political fight. What do advisers tell clients?
UK inheritance tax has become a three-way political contest, with advisers navigating how to guide clients amid policy uncertainty. The article explores the advice practitioners are giving clients in this environment.
The 2026 Ballot Measures Shaping State Taxes
Roughly 40 tax measures are on the 2026 ballot across 17 US states. Proposals include higher taxes on top earners, constitutional amendments locking in low rates, and a Missouri measure to establish a fund that could eventually replace all state…
Ex-Tenn. County Commissioner Gets 2 Years For Tax Evasion
A former Tennessee county commissioner was sentenced to two years in prison for tax evasion after failing to report approximately $311,000 in income to the IRS over five years. The unreported income came from grants the commission awarded to nonprofit…
Survey of Tax Pros Shows Taxpayers Don’t Understand Extensions
A survey of tax professionals finds that misunderstandings about tax extensions are widespread, with 90% of respondents reporting that client confusion on the topic is very or somewhat common. The findings highlight a persistent gap between taxpayer understanding and actual…
FBR tells IMF only 1,016 retailers have filed returns under Aasan Tax Scheme
Pakistan's Federal Board of Revenue has informed the International Monetary Fund that only 1,016 retailers and shopkeepers have filed returns under the Aasan Tax Scheme.
FBR expands AI use to scrutinize individual tax returns before enforcement action
Pakistan's Federal Board of Revenue has begun expanding its use of artificial intelligence to scrutinise individual tax returns ahead of taking enforcement action.
How many times can you move to Monaco?
Dozens of news reports claim that property billionaire David Reuben, listed as number two on the UK Rich List, moved from London to Monaco this summer, reportedly pushed out by changes to UK tax rules.
Brief Overview of Special Tax Regimes in Europe – UK, Ireland, Gilbraltar, Portugal, Spain, Italy, Switzerland, Greece, Cyprus, Malta
This presentation gives a high-level overview of special tax regimes in selected European and other jurisdictions, including the UK, Ireland, Gibraltar, Portugal, Spain, Italy, Switzerland, Greece, Cyprus and Malta. It is aimed at internationally mobile high-net-worth individuals.
China’s New Offshore Trust Tax Rules
China has introduced new tax rules closing a longstanding gap in its treatment of offshore trusts. Previously, a Chinese resident could fund an offshore trust without triggering a response from tax authorities, but Beijing has now addressed this.
Non – Americans (Non-Residents Non-Citizens or NRNCs) Should Be Careful With US Structures
Non-Americans, including non-residents and non-citizens, are warned to exercise caution when considering US structures promoted by various service providers. Concerns have previously been raised about whether US asset protection structures are appropriate for this group.
Irish Investment Account Technical Group Forum – information for applicants
The Irish Government has announced the development of a new Irish Investment Account, to be legislated for in the Finance (No. 2) Bill 2026. The Tánaiste and Minister for Finance, Simon Harris, has established a Technical Group Forum to inform…
Buying Property from an NRI Gets Easier: New PAN-Based TDS Compliance from 1 October 2026
From 1 October 2026, a new PAN-based TDS compliance system will simplify the process of buying property from a non-resident Indian seller. Historically, such transactions have involved significantly more paperwork than purchases from resident sellers.
Delhi ITAT Quashes Rs 1.13 Cr Additions Over Married Daughters’ Gold Jewellery Kept at Parents’ Home
The Delhi Bench of the Income Tax Appellate Tribunal has quashed additions of Rs 1.13 crore relating to jewellery and cash found during a National Investigation Agency search. The tribunal ruled that married daughters are entitled to keep their jewellery…
Allahabad ITAT Deletes Rs. 80.60 Lakh Addition Over One-Digit Error in ITR Sales Entry
The Allahabad Bench of the Income Tax Appellate Tribunal has deleted an addition of Rs 80.60 lakh that arose from a one-digit error in a sales entry on a tax return. The tribunal found the correct sales figure had already…
Why are the Tories talking about inheritance tax?
The UK Conservative Party has renewed focus on inheritance tax, likely as a political positioning strategy ahead of future elections. The discussion centres on whether inheritance tax rates, thresholds, or exemptions should be reformed, reflecting broader debates about wealth transfer,…
New York City’s Pied-a-Terre Tax: New Annual Surcharge on High-Value Non-Primary Residences Effective July 1, 2026 | | Andersen
New York City is introducing a pied-a-terre tax, an annual surcharge on high-value non-primary residences, effective July 1, 2026. The tax targets properties not used as a primary residence, adding a new layer of property-related taxation for owners of luxury…
You Be The Tax Judge: They Loved Horses. They Lost Money. Was It Still A Business?
An Idaho couple continued to run a horse ranch over several years despite repeated financial losses. The IRS classified the operation as a hobby rather than a business, a distinction with significant tax implications. Readers are invited to decide who…
Senate Dems Call on IRS to Drop Citizenship Question From 1040 Form
A group of nearly a dozen Senate Democrats has written to IRS chief Frank Bisignano calling for the removal of a proposed citizenship and work authorisation checkbox from the 2026 Form 1040 before it is finalised.
Taxing Entrepreneurial Wealth: Evidence from Norway
A new working paper published through NBER examines whether higher taxes on business owners harm business activity by restricting investment or causing wealthy individuals to relocate, drawing on evidence from Norway.
Maryland amends local property tax credit authorized for dwelling houses of disabled veterans
Maryland's governor has signed legislation amending the eligibility criteria for a property tax credit applied against local property tax on the homes of disabled veterans.
ITEP Comment on Tax Credit Restrictions for Immigrants
A proposal would prevent certain immigrant tax filers from receiving the refunded portion of several tax credits, including the Earned Income Tax Credit, Additional Child Tax Credit, American Opportunity Tax Credit, and Adoption Tax Credit.
New State Taxes on the Wealthy Raise Revenue and Rebalance Tax Codes, Advancing Racial Justice
Raising taxes on wealthy individuals generates revenue for public services and makes tax codes fairer. Advocates argue that such policies also serve as an effective tool for advancing racial equity, though this aspect of the debate receives less attention than…
Mumbai ITAT Quashes Rs. 1.23 Crore Penalty, Says Tax Claim Rejection Alone Doesn’t Prove Concealment
The Income Tax Appellate Tribunal in Mumbai has ruled that rejecting a taxpayer's claim is not sufficient grounds to conclude that facts were concealed or a false explanation provided. The tribunal quashed a penalty imposed on Cyqurex Systems Pvt. Ltd.…
Presumed Reasonable: How Nonprofits Earn the Benefit of the Doubt on Executive Pay
Nonprofits can protect themselves from scrutiny over executive pay by following a strong compensation-setting process. A robust procedure can support fair pay practices and provide organisations with a degree of legal and regulatory protection.
Capital gains tax reform was right. Now it’s dead.
The UK has missed an opportunity to reform capital gains tax. Pre-budget speculation about potential changes undermined the revenue that reform could have raised, and the moment for action has now passed.
Section 54F Not Claimed in the Return? ITAT Says a Fresh Claim Can Still Be Considered
India's Income Tax Appellate Tribunal has ruled that a taxpayer who did not claim relief under Section 54F in their original return can still raise that claim at the appellate stage. The case arose where a taxpayer had disputed the…
Why are the Tories obsessed with inheritance tax?
The article examines the UK Conservative Party's persistent focus on inheritance tax, exploring the political and ideological motivations behind their repeated calls for reform or abolition of the tax. It considers whether inheritance tax policy reflects genuine public concern or…
Before you scale your team: what promises can you afford to keep? | Grant Thornton
Article advises founders and growing businesses on how equity incentives and EMI schemes can be used when hiring senior talent, with a focus on avoiding costly tax mistakes during team scaling. EMI (Enterprise Management Incentive) schemes are a UK tax-advantaged…
Zelinsky: Why New York’s Pied-à-Terre Tax Is Unconstitutional
A law professor argues that New York City's pied-à-terre property tax surcharge on expensive second homes is unconstitutional. Although judicial review of tax laws under the equal protection clause of the US Constitution is limited, the article contends the surcharge…
IRS Loses Bid For Tax Withholdings In Ch. 11 Camp Sales
A New Jersey bankruptcy judge has ruled that buyers of seven summer camps owned by Simad Holdings Ltd are not required to withhold taxes under rules governing the sale of US property by foreign owners, rejecting an objection from the…
7th Circ. Rejects Ex-Club Prez's Claim Of Fake Canceled Debt
The Seventh Circuit has upheld the dismissal of a former country club president's claim that the club filed a fraudulent information return reporting a cancelled debt. The court found he had not made a sufficient case for overturning precedent that…
Federal Education Tax Credit Rules Are Finally Here. What We Know So Far
The Treasury Department has published regulations governing a large new injection of education funding across the United States, ahead of a January launch of the federal education tax credit scheme.
Minn. Court Wrong To OK Childcare Tax Break, County Says
Minnesota's largest county has asked the state Supreme Court to reverse a tax court ruling that allowed a childcare centre a property tax break. The county argues the centre missed a statutory filing deadline and should therefore not be entitled…
Wilbur Ross, Steve Wynn Sue Over New York Pied-a-Terre Tax
Former US Commerce Secretary Wilbur Ross and casino tycoon Steve Wynn have filed a lawsuit challenging New York's pied-à-terre tax. They argue the tax is unconstitutional because it targets only people who live outside the city.
ITEP Comment on Proposal to Restrict Tax Credits for Immigrants
The Institute on Taxation and Economic Policy (ITEP) has submitted formal comments opposing a proposal to restrict tax credits for immigrants in the United States. The proposal would limit immigrant access to key tax credits, potentially affecting the Child Tax…
Farm diversification tax: APR and BPR considerations
Farmers looking to diversify their income should be aware of the potential tax consequences. Diversification can affect eligibility for Agricultural Property Relief and Business Property Relief, as well as broader succession planning.
Tax Prep CEO Cops To Fraud After Feds Charge $25M IRS Con
The chief executive of a New York City tax preparation firm has pleaded guilty to defrauding the tax authority after federal prosecutors charged him and two associates with submitting fraudulent deductions worth $25 million, while telling clients that the tax…
Delhi HC Raises Concern Over No Time Limit for Duplicate PAN Cancellation
The Delhi High Court has raised concerns that the lack of a time limit for processing applications to cancel duplicate Permanent Account Numbers creates problems for taxpayers, particularly those filing income tax returns or accessing PAN-linked services. The case was…
Bearer-Friend Presents “The AI Equity Tax: Past, Present, and Future” Today at Boston University
A George Washington University academic is presenting a talk titled 'The AI Equity Tax: Past, Present, and Future' at Boston University as part of its Graduate Tax Program's Tax Policy Guest Speaker series. The session runs from 1 to 2pm…
Sole traders and landlords earning more than £30,000 urged to act now
Sole traders and landlords earning more than £30,000 are being urged by HMRC to prepare for Making Tax Digital.
ITAT Grants Relief to Senior Citizen Who Mistakenly Paid Rs. 9.91 Lakh Tax on Tax-Free Bond Interest
A senior citizen mistakenly paid tax on interest from tax-free bonds. The Income Tax Appellate Tribunal has since granted relief, directing the relevant tax authorities to issue a refund.