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News
Current Developments in Taxation of Individuals: Part 1
5+ mon, 1+ week ago (883+ words) This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025....
$35B in tariff refunds cleared for importers so far
4+ mon, 1+ day ago (377+ words) The Trump administration is in the process of issuing more than $35.5 billion to importers who successfully filed for tariff refunds after the U.S. Supreme Court found the president's signature economic policy unlawful, according to a new court filing. The payments are…...
US sees smaller April budget surplus on lower tax receipts
4+ mon, 1+ day ago (499+ words) The U.S. saw a smaller budget surplus in April — a key month for federal revenues — as individual and corporate tax receipts dropped in the wake of President Donald Trump's signature tax cut legislation. Spending, meantime, went up in April, thanks especially…...
Trump's latest 10% tariffs found unlawful by US trade court
4+ mon, 5+ day ago (1164+ words) President Donald Trump's 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration's economic agenda, just months after the U.S. Supreme Court vacated earlier levies he'd imposed. A divided three-judge panel at the U.S. Court…...
IRS offers guidance on recovering dyed fuel excise taxes
4+ mon, 1+ week ago (288+ words) The Internal Revenue Service and the Treasury Department posted temporary regulations and a notice of proposed rulemaking Thursday outlining a new way to recover federal excise taxes paid on dyed fuel under the One Big Beautiful Bill Act. The temporary…...
US opens portal for tariff refund claims
4+ mon, 3+ week ago (361+ words) The Trump administration has opened an online portal where businesses can file their claims for refunds on the tariffs they paid under the emergency powers that the Supreme Court has since ruled unconstitutional. Importers of record and customs brokers can…...
Managing MNE subsidiaries during tariff shocks
9+ mon, 1+ week ago (772+ words) The TNMM requires a detailed FAR analysis of both transacting parties. The entity with the simpler FAR profile — typically, performing routine functions, assuming limited risks, and using minimal intangible assets — is selected as the tested party. Its profit margin serves…...
Treasury gives DHS employees an extra month for their taxes
5+ mon, 1+ week ago (406+ words) Department of Homeland Security employees will have until May 15 to file and pay their income tax returns with the Internal Revenue Service, a move reserved for taxpayers who are facing crises. The Treasury Department on Wednesday announced the one-month tax…...
Clients hope to get refunds from tariffs
5+ mon, 3+ week ago (438+ words) In the meantime, taxpayers are unsure of exactly where and how they will be able to claim refunds of the tariffs they have paid, even as thousands of companies have reportedly filed claims with the U.S. Court of International Trade seeking…...
New ITR Deadlines, STT Hike, Revised Return Window Extended: Know Key Income Tax Changes From April 1
5+ mon, 4+ week ago (998+ words) Income Tax Changes From April 1, 2026: Several key changes in India’s direct tax framework will come into effect from April 1, 2026, with the Income-tax Act, 2025, replacing the six-decade-old Income-tax Act, 1961. The new law introduces simplified language and the proposals announced in the…...