News

IRS PLR: Proposed Trust Merger Won’t Affect GST Tax Exemption (IRC §2601)

The IRS has published a private letter ruling on IRC §2601 stating that the proposed merger of the taxpayer’s exempt trust into his spouse exempt trust will not affect the ...

IRS PLR: Retroactive QEF Election Consent Granted (IRC §1295)

The IRS has published a private letter ruling on IRC §1295 and Treas. Reg. §1.1295-3(f), granting the taxpayer consent to make a retroactive qualified electing fund (QEF) election with respect ...
JD Supra1d

Key International Tax Provisions Under the One Big Beautiful Bill Act

On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was signed into law. It is a landmark piece of legislation that introduces several ...
JD Supra2d

OBB-BA-Di, Ob-La-Da, Life Goes On, Brah? Life – and Tax Policy – Goes On

President Donald Trump signed into law P.L. 119-21, the “One Big Beautiful Bill Act” (OBBBA), enacting significant changes to the US ...

Date For ITR Filing Extended To September 15, 2025; Taxpayers With Overseas Assets & Foreign Income Cautious

Originally due on July 31, 2025, the date for filing the income tax return has been extended to September 15, 2025. According ...

ITR 2025: Income tax department urges taxpayers to disclose foreign assets, income in their return

Schedule FA (Foreign Assets) in the ITR form is primarily meant for reporting foreign assets, and Schedule FSI (Foreign ...