IRS Adds New Reporting Code for Charitable IRA Gifts

Learn about the IRS’s new Code Y for reporting Qualified Charitable Distributions (QCDs) from IRAs, effective in 2025.
Tax Guru

ITAT Condones 972-Day Delay Citing Bona Fide Belief & Age of 71-Year-Old Assessee

ITAT held that the delay in filing appeal was caused by genuine reasons, including the taxpayer’s age and misunderstanding of online procedures. The case was remanded to CIT(A) for fresh adjudication ...

‘Who’d pay it?’: NSW forks out for tobacco crackdown as ‘gigantic’ excise drives black market

NSW Premier Chris Minns says the public will “have to accept” resources are being deployed to combat illicit tobacco because ...
The News-Times

$1.41 Billion state revenue surplus, taxpayers to receive kicker credit in 2025 tax returns

The (OEA) has confirmed a more than $1.41 billion revenue surplus in the 2023-2025 biennium, triggering a tax surplus credit, or “kicker,” for the 2025 ...
Tax Guru

Missing E-Way Bill Not a Ground for Higher GST Penalty if Tax Invoice Available

The Allahabad High Court set aside the penalty order (GST MOV-09) against M.D. Traders, ruling that the penalty for a missing e-way bill, when a tax invoice is present, must be determined under ...