What Evidence Should Taxpayers Keep When Requesting IRS Penalty Relief for Reasonable Cause
Learn how to secure IRS penalty relief in 2026 by proving reasonable cause with medical records, disaster proof,…
Mumbai Income Tax Appellate Tribunal Allows Section 80G Deduction Despite Section 37 Restriction
Mumbai Tribunal clarifies that CSR donations may qualify for Section 80G tax deductions even if they are barred…
Missed FBAR for Indian Bank Accounts? File Now and Review Form 8938 to Avoid Penalties
Essential guide for U.S. taxpayers to correct missed FBAR filings for Indian bank accounts, covering NRE/NRO reporting, Form…
IRS Direct Pay Warns: Separate Payments After Tax Extension to Avoid Balance Notices
Learn why IRS balance notices occur after tax extensions and how to resolve common payment errors involving incorrect…
U.S. Taxpayers with Indian NRE Bank Interest Must Use Form 1040-X to Amend Returns
Learn how to correct missed Indian bank interest on U.S. tax returns, including NRE/NRO accounts, FBAR rules, and…
Visa Holders and Nris Face IRS Refund Delays as Form 1040-NR, ITIN, Treaty Claims Stall
IRS warns Form 1040-NR refunds can take 6 months. Delays for visa holders and NRIs are tied to…
H-1B Workers Risk Filing Wrong U.S. Tax Return as Form 1040-NR Meets Substantial Presence Test
H-1B workers should not assume visa status determines tax filing. The substantial presence test, foreign income, and transition…
Failure-To-File Penalty Hits Harder Than Failure-To-Pay After April 15 Tax Deadline
The IRS failure-to-file penalty is 10x higher than late-payment fees. File by the 2026 deadline to save money,…
PM Modi Urges Indians to Halt Gold Buying for a Year to Protect Foreign Exchange
NRIs and Indian families are reassessing gold, bonds, and stocks in 2026 to prioritize liquidity and tax compliance…
India Taxes Gains on Unlisted Bonds as Short-Term Under Section 50AA from July 23
New India tax rules treat unlisted bond gains as short-term capital gains from 2024, favoring listed debt for…
Missed April 15, 2026 Tax Deadline? File Now and Use IRS Payment Plans to Cut Penalties
Missed the April 15, 2026 tax deadline? File now, pay what you can, and check whether you filed…
Australia Tightens Negative Gearing, Replaces 50% Capital Gains Tax Discount from 2027
Australia proposes 2027 reforms to negative gearing and capital gains tax, favoring new builds over existing homes to…
Salaried Taxpayers Face July 31 ITR Deadline for AY 2026–27 Under Income-Tax Act, 1961
India sets 31 July 2026 for salaried tax filing and 31 August for non-audit business taxpayers. Proper form…
LLC Members and Foreign Investors Must Track Outside Basis with Recourse and Nonrecourse Debt
Outside basis determines if partnership losses are deductible and if distributions are taxable, fluctuating based on income, contributions,…