USPS Postmark Rule Reinforces “timely Mailed Is Timely Filed” Under IRC § 7502
New USPS rules mean mail is postmarked at sorting facilities, not mailboxes. This risks late IRS penalties for…
Export Duty Refund Allowed as Fresh Claim Under Section 54 of CGST Act
Exporters can refile GST refund claims after a rejection if they remain within the 2-year limit under Section…
U.S. Tax System Layers Federal Income Tax, State Tax, and Social Security Withholding
A guide to the multi-layered U.S. tax system, explaining federal and state income taxes, payroll deductions, and tax…
Small Businesses Must Disclose Investments on ITR-4 Under Presumptive Taxation for AY 2026-27
India's CBDT updates ITR-4 for 2026-27, adding a mandatory investment disclosure field for taxpayers using the simplified presumptive…
Average Tax Refund Reaches $2,290, IRS Data Reveals
IRS data confirms an 11% rise in average refunds to $2,290 for 2026, while a 24% political comparison…
Treasury, IRS Issue Final Regulations Allowing Above-The-Line Deduction for Qualified Tips
IRS issues final rules for the $25,000 tip deduction in 2026. Only voluntary gratuities qualify; payroll taxes still…
Income Tax Department Rolls Out TDS TRACES 2.0, Enhances Form 26AS for Taxpayers
India launches TRACES 2.0, a unified TDS portal streamlining Form 26AS access and certificate downloads for taxpayers and…
Saskatchewan Promises More Tax Relief in 2026-27 Budget, Expands Low-Income Tax Credit
Saskatchewan’s 2026-27 budget boosts personal tax credits by $500, saves families thousands, and doubles volunteer credits while projecting…
2026 Residency Rules: Foreign Salary in Indian Banks Taxable for NRIs
Foreign salary remitted to Indian banks is taxable for residents/RNORs; tax status depends on stay duration and income…
Bipartisan Bill Seeks to Restore Health Coverage Tax Credit for Delphi Retirees
Bipartisan bill introduced to restore the Health Coverage Tax Credit for Delphi retirees, covering up to 80% of…
Washington’s 9.9% Income Tax Faces Lawsuit Over Uniformity Rule in Culliton V. Chase
A lawsuit led by Rob McKenna challenges Washington's 2026 income tax, arguing the 9.9% rate violates constitutional property…
Australia Tightens Foreign Resident Capital Gains Withholding to 15% on $750,000
Australia tightens property tax rules in 2026: 15% withholding rate now applies to all foreign resident real estate…
Indonesia Targets Late Article 21 Tax Returns with PMK-111 and SP2DK Notices
Indonesia’s PMK-111 of 2025 introduces risk-based supervision for Article 21/26 tax returns, standardizing SP2DK timelines and impacting 2026…
IRS Warns Corporations: Capital Losses Can’t Offset Income, Nols Still Capped at 80%
Corporate tax rules in 2026 strictly separate capital losses from NOLs, imposing different carryover limits and an 80%…