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On May 8, the IRS published proposed regulations that provide guidance regarding the information reporting of transactions with foreign trusts, the receipt of large foreign gifts and...
Income tax return: The tax department has released a circular which outlines the criterias and procedure to be followed if a particular income tax return (ITR) is to be selected for scrutiny. These guidelines also includes the procedure and criteria to be followed for section 142 (1) income tax notice.
AS we swiftly approach the year-end, with just over a month remaining, accountants are deeply engaged in readying their books of accounts and essential documentation for financial and tax reporting. As a manager overseeing these intricate accounting tasks during this period, allow me to share some guidelines, reminders and critical deadlines. These are designed to ensure the timely completion of our year-end accounting and tax checklist, mitigating the risk of potential penalties with the Bureau of Internal Revenue (BIR).
Trusts are vehicles that can assist in the preservation of wealth and property for future generations, protect assets, or carry out a charitable purpose. A trust is an entity created...
Taxpayers struggle to obtain critical answers when the government forces issues to litigation and then surrenders prematurely.