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

Discover how IRS Form 1065 helps partnerships report income and deductions. Learn how it’s crucial for completing partners’ tax returns with Schedule K-1 allocations.

Delhi High Court held that denial of benefit of Input Tax Credit [ITC] due to non-filing of TRAN-1 not justified since the ...

In this week's Ask the Editor Q&A, Joy Taylor answers questions on itemized deductions claimed on Schedule A of Form 1040 ...

Discover when dental insurance premiums are tax-deductible and understand exclusions. Learn about coverage types and how cosmetic procedures impact deductions.

On March 25, 2025, Executive Order 14247 was issued, requiring that all federal payments, including tax payments to the IRS, ...

Get ahead of the tax season crunch by collecting these tax documents throughout the year. Here's what you need to keep an eye out for.

The standard deduction for 2025 was raised to $15,750 for single filers, up from the $15,000 previously in place. For married couples filing jointly, it is increased to $31,500, up from $30,000. And ...

Report crypto income under Schedule VDA and holdings on foreign exchanges or wallets under Schedule FA, where ...

Starting in 2025, crypto exchanges will report your transactions to the IRS using the new Form 1099-DA, similar to how stock ...

Could half of the people who qualify for Trump Accounts lose out? What parents need to do to make sure they're on track to ...