Taxpayers must disclose foreign assets and income in revised ITR by December 31. Failure to report can lead to penalties.

Today's global workers and their employers are at risk of triggering US tax and compliance obligations. The stakes are high for CPAs serving global ...

NUDGE-2.0 is an initiative aimed at ensuring compliance with the Schedule of Foreign Assets and Foreign Source Income (FA & FSI) in the Income Tax Return (ITR) for the Assessment Year (AY) 2025-26.

CBDT has advised all eligible taxpayers to utilise this opportunity to ensure complete compliance with statutory reporting ...

The foreign tax credit can help mitigate the impact of the alternative minimum tax (AMT) for taxpayers with income taxed abroad. While the AMT limits certain deductions and credits, it does allow a ...

Failure by an ROR to disclose, or incorrect disclosure of, foreign income and/or assets may attract these tax and penalty ...

The Income Tax Department is alerting taxpayers about foreign assets and income. Income earned from abroad requires reporting ...

Forbes contributors publish independent expert analyses and insights. Admitted NY Bar and US Tax Court, covers US international tax law. A recently leaked memorandum discussed by JD Supra has revealed ...

Forbes contributors publish independent expert analyses and insights. Carrie Brandon Elliot analyzes international tax issues. Reg. section 1.861-19(a) describes the scope of the regs as providing ...

Foreign companies are taxable in the Philippines on their income derived from sources within the country, regardless of their ...