Why Using a 529 Plan for Non-Qualified Expenses Can Lead to Tax Penalties
529 withdrawals are tax-free only when used correctly. Nonqualified expenses, overlapping education credits, or poor timing can create…
FBR Reports 16 Tax Officials with Dual Nationality to Senate Committee
FBR has identified 16 senior tax officials with dual nationality or foreign residency and reported them to the…
18,000 Schools Face Tax-Exempt Risk Under IRS Rules Targeting Diversity Initiatives
The IRS proposal could strip tax-exempt status from up to 18,000 private schools that use race-based preferences in…
Congress Approves $11.2B IRS Budget in Continuing Resolution to Dec. 11, 2026
Congress approved a temporary funding bill that preserves the IRS’s $11.2 billion budget through December 11, 2026, and…
IRS Proposes Section 1.501(c)(3)-2 to Tighten Racial Nondiscrimination Rules for Private Schools
Treasury and the IRS proposed a rule that could strip tax-exempt status from private schools using race-based policies.…
Form 1 for Undisclosed Foreign Assets Now Live: CBDT Opens FAST-DS 2026
FAST-DS 2026 is now live on the Income Tax Department’s portal through Form 1. Taxpayers can disclose undisclosed…
Colorado Voters Face Dueling Tax Questions as Bell Policy Center Weighs in on Initiatives 232 and 195
Colorado’s November 3, 2026 ballot will pit a 4.4% tax cap against a six-bracket graduated income-tax plan. If…
NRIs Inject $65.4B Into RBI’s FCNR(B) Scheme, Boosting Forex Reserves to Record $729B
NRIs deposited $65.397 billion in FCNR(B) accounts by August 21, 2026, helping India’s reserves reach a record $729.328…
German Cabinet Approves €10B Income-Tax Reform, Boosts Child Benefit, Says Minister Klingbeil
Germany approved a €10 billion income-tax reform that boosts child benefit and tax-free allowances while raising taxes on…
Income Tax Portal Now Lets Taxpayers Report Official Corruption and Harassment
The Income Tax portal has introduced a complaint route for corruption and harassment allegations against tax officials. Registered…
Capital Gains Advance Tax: Can You Wait Till March 31 Under New Act Without Interest?
India’s Income-tax Act, 2025 keeps advance tax rules in place but raises a key question: can capital gains…
IRS Audit Revenue Drops 35 Percent to $6.5bn Amid Staffing Cuts: TIGTA Report
IRS audit collections dropped sharply in fiscal 2025 to $6.5 billion, partly after audit staffing fell by about…
7.8 Crore Income Tax Returns Filed for AY 2026-27 by August 31 Deadline
Income Tax India reported a record 7.8 crore Income Tax Returns for Assessment Year 2026-27 by August 31,…
China Ends Dividend Tax Exemption for Foreign Individuals; 20% Rate Applies
China ended its dividend tax exemption for foreign individuals on September 1, 2026. Dividends and bonuses from foreign-invested…