53 Million Use Trump Tax Exemptions on Tax Day, Treasury Reports
Treasury reports 53 million filers used 2025 tax law breaks in 2026, with average refunds rising to $3,462…
Tax Refunds Surge as Over 27 Million Claim New Deductions on Schedule 1-A
The 2026 tax season shows average refunds hitting $3,462 as taxpayers claim new deductions for overtime and senior…
Virginia Governor Ends Tax Exemptions for United Daughters of the Confederacy
Governor Spanberger signs HB 167, ending long-standing tax exemptions for Confederate-linked groups like the United Daughters of the…
U.S. Corporations Face 80% Taxable Income Limit on Nols, While Capital Losses Offset Only Gains
IRS rules in 2026 separate corporate capital losses from NOLs, restricting offsets and applying different carryforward limits to…
IRS Lists Occupations with Tip Tax Exemption Under One Big Beautiful Bill Act
IRS finalizes 'No Tax on Tips' rules for 71 jobs in 2026. Eligible workers can deduct $25k, but…
Connecticut Sees Bigger Tax Refunds Under One Big Beautiful Bill Act
Connecticut federal tax refunds average $3,521 in 2026, up 11% due to the One Big Beautiful Bill Act,…
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…