Income Tax News

As 2024 winds down to its final days there are still a number of steps that can be taken prior to the end of the year that can help reduce your 2024 tax liability. However, for many of these you must act quickly as most of these require action prior to stroke of midnight on Dec. 31. Reducing or deferring income taxes is always a good strategy, and little planning can help make the April 15 tax filing deadline easier to deal with.

One of the strategies that I personally will be utilizing is making some additional charitable contributions by the end of the year. Whether the deduction is made through a monetary contribution or by a donation of items, as long as the recipient organization receives the donation prior to year-end you will be entitled to a charitable contribution for 2024. I use this time of year to go through my closet and other areas of my home to identify clothing and other items that are not in use. If these items are in good or better condition your donation will entitle you to a charitable contribution deduction equal to the fair market value of the donated item.

Likewise, as a family we identify charitable organizations that we support and make some year-end charitable contributions. Many of these charitable organizations have a website that allows you to make your donation online through your credit card. Involving our children allows them to be a part of the decision as to what we determine to be worthy charitable organizations and for them to learn the importance of giving.

In addition, to charitable contributions you might also want to consider funding an Ohio 529 plan for your children. Not only will you be entitled to a tax deduction from your State of Ohio income taxes, but you will also enjoy the benefits of tax-deferred growth for their college education. Keep in mind, however, that this needs to be funded by Dec. 31 and needs to be through the Ohio 529 plan and not another out-of-state plan.

The Ohio Angel Scholarship Fund is another newer opportunity whereby the donor gets a dollar-for-dollar tax credit off of their Ohio income tax obligation. The amount is limited to $750 per taxpayer or $1,500 for a married couple. You will be spending the money one way or the other so why not direct the funds to an approved Ohio educational institution rather than the general Ohio State treasury.

You may also want to consider making some other payments by year-end so that you will be able to take advantage of the deduction for 2024. If you are able to itemize your deductions, then making your January real estate tax payment, or making your January 2025 State of Ohio or Ohio local estimated tax payments will allow you to increase your itemized deductions for 2024. As long as you have written the check by the end of the year and made these payments, these would be an itemized deduction for 2024, even if the check does not clear until 2025.

For those who are educators, there is a deduction of up to $300 for certain expenses of elementary and secondary school teachers through the end of 2024. Certain educational books, supplies, computers and software purchased prior to year-end for educators would be entitled to this deduction.

Taking a little bit of time during these final days of 2024 to plan and strategize could reap significant benefits when tax-filing season approaches.  Although you may have until April 15 for certain items, other tax-saving strategies require you to act before the end of the calendar year. So, in these final few days take a few moments to review your tax position and if you can save yourself some money down the road it would be wise to act now before it is too late.

Paul Pahoresky is the owner of PRP & Associates. He can be reached at 440-974-1040 extension 214 or at paul@prpassoc.com. Consult your tax advisor about your specific situation for additional information and guidance on these topics.

Originally Appeared Here

Details

By Native News Online Staff

December 24, 2024

The Internal Revenue Service (IRS) has announced plans to issue automatic payments later this month to eligible individuals who did not claim the Recovery Rebate Credit on their 2021 tax returns. This initiative follows a review of internal data that identified many taxpayers who filed a return but overlooked claiming the credit.

The Recovery Rebate Credit is a refundable credit designed for individuals who did not receive one or more Economic Impact Payments (EIPs), commonly referred to as stimulus payments.

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Eligible taxpayers do not need to take any action to receive these payments. The IRS will automatically send the payments, which are expected to arrive via direct deposit or paper check by late January 2025. Recipients will also receive a separate letter confirming the payment.

“The IRS continues to work hard to support taxpayers,” said IRS Commissioner Danny Werfel. “By examining our internal data, we identified approximately one million taxpayers who were eligible for this credit but didn’t claim it. To simplify the process and ensure these individuals receive their payment, we are issuing the payments automatically, eliminating the need for them to file an amended return.”

Payment Details

The maximum payment amount is $1,400 per individual, with the total payments estimated to reach $2.4 billion. Payment amounts will vary based on several factors.

The IRS also reminds taxpayers who haven’t yet filed their 2021 tax returns that they may still be eligible for the credit, provided they file by April 15, 2025.

Most Taxpayers Have Already Claimed the Credit

The majority of taxpayers eligible for EIPs or the Recovery Rebate Credit have already received their payments. These upcoming December payments are specifically for those who filed a 2021 tax return but either left the Recovery Rebate Credit field blank or entered $0, despite being eligible for the credit.

How Automatic Payments Will Be Issued

For taxpayers who qualify, payments will be issued to the bank account provided on their 2023 tax return or sent to the address on file. If a taxpayer’s bank account has been closed, the payment will be returned to the IRS and reissued as a check to their address of record. Recipients will also receive a letter detailing the payment.

Additional Information and Filing Deadline

Taxpayers with questions about eligibility or payment calculations can visit the IRS’s 2021 Recovery Rebate Credit Questions and Answers page.

For those who did not file a 2021 tax return, the IRS encourages them to file by April 15, 2025, to claim the credit and any other potential refunds.

This effort reflects the IRS’s commitment to making the process easier for taxpayers and ensuring that eligible individuals receive the benefits they are entitled to without additional administrative burdens.

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Originally Appeared Here

The IRS has exciting news for taxpayers who may have missed out on a recovery rebate credit. This month, the agency will automatically send payments to about one million eligible individuals who didn’t claim this credit on their tax returns.

These payments are expected to total around $2.4 billion, with each eligible taxpayer receiving up to $1,400.

This initiative comes after the tax agency found that many taxpayers who filed their 2021 returns overlooked this tax relief. The recovery rebate credit was designed for those who didn’t receive one or more Economic Impact Payments, often called “stimulus checks.”

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So, will you be receiving a check or direct deposit soon? Here’s more of what you need to know, beginning with key points about the recovery rebate credit and how it worked.

Recovery rebate credit: What is it?

The recovery rebate credit was part of the U.S. government’s financial response to the COVID-19 pandemic. It was a refundable tax credit linked to federal stimulus checks many people received during that time.

Here’s how it worked: Eligible individuals who didn’t get the full amount of their pandemic stimulus payments or whose circumstances changed could claim the recovery rebate credit on their 2021 tax returns.

• The credit’s value depended on factors including income, filing status, and number of dependents.
• It was designed to ensure that people received the full financial support they were entitled to, even if they initially missed out on stimulus payments.
• For more information, see Kiplinger’s report: What is the Recovery Rebate Credit?

However, many people didn’t receive their recovery rebate credit due to a lack of awareness about eligibility, misunderstandings regarding the credit’s complexities, changes in financial circumstances, and issues related to filing tax returns.

Additionally, processing errors and confusion surrounding dependent claims contributed to missed payments, leaving some eligible individuals without the funds they were entitled to.

So, now, the IRS has decided to issue the payments automatically so recipients won’t have to file amended returns to get the money they’re owed.

IRS sending up to $1,400 ‘stimulus’ checks soon

The agency says eligible taxpayers can expect their payments to be processed by late January 2025, either through direct deposit or by paper check, depending on what they provided in their 2023 tax returns.

• If you closed your bank account since filing your 2023 tax return, the IRS says your bank will return the payment to the IRS and the agency will reissue the refund to the address of record.
• Additionally, the IRS will send letters to inform recipients about their payments and how the amounts were calculated.

IRS Commissioner Danny Werfel emphasized the agency’s commitment to helping taxpayers, saying, “These payments are an example of our commitment to go the extra mile for taxpayers.”

In a release, he pointed out that many people qualified for this credit but didn’t claim it when filing their returns. “Looking at our internal data, we realized that one million taxpayers overlooked claiming this complex credit when they were actually eligible.”

Didn’t file 2021 taxes? What you can do

The IRS is also reminding anyone who hasn’t yet filed their 2021 tax return that they might still be eligible for an up to $1,400 credit if they file by April 15, 2025.

“Eligible taxpayers who did not file must file a tax return to claim a recovery rebate credit, even if their income from a job, business or other source was minimal or non-existent,” the agency says on its website.

As tax season approaches, the IRS says it wants to help individuals understand and claim available credits and deductions —especially those related to COVID-19 relief. If you’re uncertain about your 2021 tax return, you may want to consult a trusted tax professional who can help.

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Originally Appeared Here

The Internal Revenue Service (“IRS”) and the Treasury Department on October 21, 2024, issued final regulations under Sections 3405(a) and 3405(b) of the Internal Revenue Code of 1986, as amended (“Code”). (The IRS had issued previous guidance with respect thereto in Notice 87-7 and the IRS and Treasury had proposed regulations in May 2019.). Code Sections 3405(a) and 3405(b) generally require the payor of any distribution from an employer deferred compensation plan, both tax-qualified and non-qualified, an individual retirement plan (“IRA”) or a commercial annuity to withhold income taxes from the distribution unless the payee elects not to have taxes withheld.

Code Section 3405 provides a number of exceptions to that general rule in the international context. First, the tax withholding rules under Code Section 3405 do not apply to any payment or distribution that relates to the taxation of nonresident aliens under the rules of Code Sections 1441 through 1445 (or that would be subject to federal income taxation under those Code Sections, but for a tax treaty). For example, federal income tax withholding under Code Section 3405 would not apply to a U.S.-sourced distribution. In such a case, the withholding rules of Code Section 1441 that apply to nonresident aliens would apply to the distribution.

Under a second exception to the general rule, in the case of any periodic or nonperiodic distribution that is “to be delivered outside of the United States and any possession of the United States,” a payee may not elect that no withholding be made from the distribution . This second exception does not apply if the payee certifies to the payor that he or she is a nonresident alien.

The final regulations provide that:

• An Army Post Office, a Fleet Post Office and a Diplomatic Post Office are treated as addresses within the United States.
• Even if the payee’s residence address is located in the United States, an election of no withholding in connection with a distribution subject to income tax withholding under Code Section 3405 is invalid if the payee provides any of the following instructions:
  • Send the distribution to a financial institution or other person located outside the United States.
  • Send the distribution to a financial institution or other person located within the United States with further instructions (such as “for further credit to” instructions) directing the funds to be forwarded to a financial institution or other person located outside the United States.
  • Send the distribution to a financial institution or other person pursuant to payment instructions (including addenda information) that referto an International Automated Clearing House Transaction, International Bank Account Number, Society for Worldwide Interbank Financial Telecommunication (SWIFT), Business Identifier Code or similar identifier linked to a financial institution or other person located outside the United States.

• Except for distributions to certain nonresident aliens, if a payee’s residence address is located outside the United States, the payor of the distribution is required to withhold without regard to any delivery instructions or elections not to withhold.
• If the payee of a distribution has not provided the payor with the payee’s residence address, the payor must withhold from the distribution. For purposes of this Code requirement, a payee who has provided the payor with an address for the payee’s nominee, trustee or agent, without also providing the payee’s residence address, is treated as not having provided a residence address to the payor.

The final regulations apply with respect to distributions and payments made on or after January 1, 2026. However, taxpayers may apply the guidance under the final regulations to earlier distributions and payments.

Originally Appeared Here

In the fall of 2023, the Internal Revenue Service announced a pilot program that would allow some Americans to file their taxes directly to the agency — for free. The Direct File service managed to go against at least a half-dozen federal government stereotypes: it was new and novel in a system that loathes change; it allowed people to be more efficient with their time; and the people who used it this past tax season had plenty of good things to say about their experience. In May, the IRS said the program would be expanded and made permanent.

But of course, there are Republicans who would like nothing more than to strangle a popular government initiative in its cradle. In a letter to President-elect Donald Trump, more than two dozen House GOP members called on him to end the program through executive order once he takes office. If he heeds their request, they’ll have succeeded in ending a successful program before Americans get used to the idea that tax season need not be such a headache.

The letter effort was spearheaded by Reps. Adrian Smith of Nebraska and Chuck Edwards of North Carolina. “Under the guise of offering a convenient “free-to-file” alternative preparation service, the IRS asserts itself as the tax assessor, collector, preparer, and enforcer — all in one — when the program is used,” they fret before hinting that the IRS might actively cheat taxpayers out of their money:

“This is deeply concerning and a clear conflict of interest. The IRS has little incentive to ensure hardworking Americans do not pay more than they owe in taxes and may instead benefit from families and small businesses paying greater amounts than they are required by law. Furthermore, it is highly inappropriate for the IRS to serve as a tax preparer for taxpayers while also being the final enforcer of tax violations.”

This isn’t the first time that these two lawmakers have taken direct fire at Direct File. They introduced a similar bill earlier this year and have joined their colleagues in denouncing the Biden administration’s investment in the IRS despite it being a net savings for taxpayers. It’s also worth noting that the letter writers cc’ed billionaire budget bros Elon Musk and Vivek Ramaswamy, in hopes of putting Direct File in the crosshairs of their cockamamie cost-cutting commission.

It should be said that the program that these Republicans are railing against provides just the bare minimum of service from the IRS. Direct File can only handle filings from people with the most straightforward returns, like taxpayers who only have a single source of income from a W-2 and take the standard deduction. The system can’t process filings from gig economy workers, who companies consider to be self-employed contractors, let alone those in the kind of complex financial situation that would require multiple accountants.

Moreover, even the Direct File system is still wildly inefficient compared to European countries that do much more of the work for their taxpayers than the IRS does for Americans. Though the IRS already has data to show how much you should owe each year, the agency leaves it to you to figure it out if the math lines up. The consequences for getting it wrong are dire, which makes for exactly the kind of system a reasonable person would expect Musk and Ramaswamy’s pro-government efficiency to want to improve.

But despite all that, the Direct File system is a step in the right direction given the amount of dread people feel over filing their taxes each year. A 2013 Pew Research study found that over half of Americans dislike — or downright hate — doing their taxes each year. Small wonder when the IRS’ own data shows that the average American spends roughly 13 hours preparing their 1040 form each year. Add in the money that many people pay to file both their federal and state taxes together online and you can see how anything that will streamline the process reduce that burden is a major boon for taxpayers.

It feels likely then that Smith and Edwards are trying to ingratiate themselves with wealthier Americans who would stand to benefit more from a less popular IRS. The more friction in the system, the more visible of a target the IRS becomes for average Americans; the more people who are frustrated with the IRS, the better their case for cutting even more taxes for the wealthy. It also doesn’t hurt to be in the good graces of massive tax preparation companies like Intuit, which have spent years and millions of dollars to ensure that filing taxes is as painful a process as possible. Among the reforms they blocked was a plan to go further than Direct File, letting many taxpayers file pre-populated forms for free.

The net effect is that there’s no upside to murdering Direct File ahead of tax season beyond making the federal government less responsive and useful in the eyes of Americans. Republicans can falsely claim that they’re trying to save taxpayers’ money from the clutches of the IRS. It’s clear what they’re really trying to claw back is a massive refund of Americans’ time and energy in the name of making everything a little bit worse.

This article was originally published on MSNBC.com

Originally Appeared Here

Lahaina property on Lokia Street. File PC: Lahaina Community Land Trust

The Internal Revenue Service today announced new penalty relief for Maui wildfire victims impacted by the historic 2023 wildfires, which caused a reported $5.5 billion in damages.

The IRS will be providing failure to pay penalty relief to nearly 600 Maui taxpayers, which equates to about $300,000 in relief – an average of about $500 per taxpayer. This is separate from disaster relief previously announced in August 2023, that postponed various tax-filing and tax-payment deadlines for individuals and businesses in Maui and Hawaiʻi counties until Aug. 7, 2024. 

Due to the widespread damage and closure of postal facilities, the IRS did not mail the initial notice, typically the CP14 notice, to taxpayers who filed a balance due return in Maui and Hawaii counties, between Aug. 17, 2023, and Jan. 30, 2024. As a result, the IRS is removing any failure to pay penalties added to balance due tax periods from the date the IRS would have normally mailed the notice until the date the penalties were fully paid or through Dec. 30, 2024, whichever is earlier.

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Qualifying taxpayers with an impacted disaster address on the day the notice would normally have been issued are eligible, regardless of if their address has changed since then. 

This penalty relief is automatic. Maui wildfire disaster taxpayers don’t need to take any action to get it. Eligible taxpayers who already fully paid these penalties will benefit from the relief, too. If the penalties have been paid, the IRS will issue a refund or credit the payment toward another outstanding tax liability. 

Receive the latest notices from the IRS

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The IRS understands that some Maui residents may still be displaced. Affected taxpayers are urged to contact the IRS to update their address as soon as possible to ensure they receive future correspondence. The IRS advises wildfire victims in Maui and Hawaii counties to update their current address with the IRS by calling the IRS Disaster Hotline at 866-562-5227, or by filing Form 8822, Change of Address. The IRS also recommends that taxpayers notify the post office serving the old address, if their address has changed.

The IRS will mail impacted taxpayers a notice in the next couple of weeks informing them why their penalties were removed and any refund amounts or balances due remaining on the affected tax years.   

Improving taxpayer service and help for Maui taxpayers still needing assistance

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The IRS has taxpayer services available in person, over the phone and online. The IRS reminds taxpayers with unpaid tax debts that there are a number of payments options and online tools available to help.   

The IRS also encourages taxpayers unable to fully pay their tax balance to sign into and create an IRS Online Account where they can learn about payment plan options and apply for a new payment plan. This account allows taxpayer to view:

• The amount they owe.
• Payment history and any scheduled or pending payments.
• Payment plan details and revise details of an existing payment plan.
• Digital copies of select notices from the IRS.
• Most recently filed tax return, including adjusted gross income, and access transcripts or tax compliance reports.

Eligible business taxpayers also now have the option to sign in and create a Business Tax Account to view and submit balance due payments. Additionally, the Tax Pro Online Account has more self-service options for tax professionals, including easier navigation to secure two-way messaging where authorized tax professionals can digitally communicate with the IRS on behalf of their clients.

What taxpayers should know about interest

The IRS is required by law to charge interest when a tax balance is not paid on time. Interest cannot be reduced due to reasonable cause. Interest is based on the amount of tax owed for each day it’s not paid in full. The interest is compounded daily, so it’s assessed on the previous day’s balance plus the interest. Interest rates are determined every three months and can vary based on type of tax; for example, individual or business tax liabilities. More information is available on the interest page of IRS.gov.

Originally Appeared Here

State Rep. Jay Steagall, R-Yukon, has become the second lawmaker in recent weeks to file legislation that would gradually lead to the full elimination of Oklahoma’s personal income tax.

“Recent polls show that Oklahomans overwhelmingly support the elimination of the state income tax, an effort for which I have filed legislation in the past two years and (am) filing once again for the 60th Legislature,” Steagall said. “The state income tax is a clear violation of our own state constitution and I will continue to pursue righting this wrong in the upcoming session.”

Steagall pointed to Article 2, Section 2 of the Oklahoma Constitution, which declares that “all persons have the inherent right to life, liberty, the pursuit of happiness, and the enjoyment of the gains of their own industry.” He said income taxes go against the foundation of the state constitution and encroach on Oklahomans’ liberties.

House Bill 1009, by Steagall, would reduce the personal income tax rate and corporate income tax rate by equal amounts every year for 10 years, at which point the two taxes would be eliminated.

Steagall indicated the legislation would completely phase out Oklahoma’s personal and corporate income taxes by 2035.

Steagall’s bill is the second such measure publicly announced since the Nov. 5 general election.

Under Senate Bill 1, by state Sen. Micheal Bergstrom, R-Adair, the state’s personal income-tax rate would be cut from its current rate of 4.75 percent to 4.5 percent in the 2025 tax year. The bill provides for additional, automatic income-tax reductions of another quarter-point every year that the Oklahoma Legislature has at least $400 million in growth revenue available.

SB 1 would not cut the tax rate during state revenue failures or shortfalls.

Members of the Oklahoma House of Representatives passed a similar measure to gradually eliminate the personal income tax during the 2024 legislative session but that bill was never granted a hearing in the Senate. Lawmakers ultimately adjourned the 2024 legislative session without passing any income-tax cuts.

However, Senate lawmakers are reportedly more receptive to addressing tax issues during the 2025 session.

Oklahoma’s current top income-tax rate of 4.75 percent is higher than several neighboring states, including Texas (which has no personal income tax), Arkansas (where the rate is 3.9 percent), and Colorado (4.4 percent). Missouri’s top rate of 4.8 percent is almost the same as Oklahoma’s rate. Among bordering states, only Kansas and New Mexico have significantly higher personal income-tax rates than Oklahoma.

While Oklahoma has experienced positive net migration since 2019 as more people move into the state than leave it, Internal Revenue Service data show that states with no personal income tax are still outpacing Oklahoma, particularly when it comes to attracting higher-income individuals.

The Business Leaders Poll, a collaborative project of The State Chamber, the Oklahoma Business Roundtable, and The State Chamber Research Foundation, surveyed 325 business owners and executives in Oklahoma in early summer 2024.

The poll found that 78 percent of business leaders favored reducing or eliminating the state income tax, with half saying the state should use growth revenue to reduce the tax over time and 28 percent supporting “outright elimination of the income tax so Oklahoma can compete with other high-growth states.”

The tax bills can be considered by lawmakers after the next legislative session begins on Feb. 3, 2025.

Originally Appeared Here

Over 120 officials of the Income Tax Department are conducting searches at multiple locations in Andaman and Nicobar Islands, a senior official said on Saturday.

The searches started on December 4 over suspected irregularities in filing returns by some businessmen in the archipelago, and are underway, the I-T official said.

“An I-T team from Kolkata is conducting raids in several offices in Church Road, Phoenix Bay, Marine Hills, Aberdeen Bazaar and Dilanipur areas of Port Blair. Search operations are also underway in Babu Lane and Junglighat areas,” the official said.

Similar raids are underway in offices on MG Road and Gurdwara Lane, he said.

“It is a well-coordinated operation and we will reveal the findings soon. We suspect irregularities in filing returns and GST-related issues,” the official said.

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A team of over 120 I-T officials from Kolkata landed at Veer Savarkar International Airport here on December 4, and they also alerted the airport officials to prevent the businessmen whose offices are being searched from boarding flights to leave Port Blair, another source in the department said.
Originally Appeared Here

WASHINGTON — Former White House adviser Peter Navarro, who served prison time related to the Jan. 6 attack on the U.S. Capitol, will return to serve in Donald Trump’s second administration, the president-elect announced Wednesday.

Navarro, a trade adviser during Trump’s first term, will be a senior counselor for trade and manufacturing, Trump said on Truth Social. The position, Trump wrote, “leverages Peter’s broad range of White House experience, while harnessing his extensive Policy analytic and Media skills.”

The appointment was only the first in a flurry of announcements that Trump made on Wednesday as his presidential transition faced controversy over Pete Hegseth, Trump’s choice for Pentagon chief. Hegseth faces allegations of sexual misconduct, excessive drinking and financial mismanagement, and Trump has considered replacing him with another potential nominee.

As he works to fill out his team, Trump said he wanted Paul Atkins, a financial industry veteran and an advocate for cryptocurrency, to serve as the next chairman of the Securities and Exchange Commission. He wrote on Truth Social that Atkins “recognizes that digital assets & other innovations are crucial to Making America Greater than Ever Before.”

Trump also said he was changing course on his choice for White House counsel. He said his original pick, William McGinley, will work with the Department of Government Efficiency, which will be run by Elon Musk and Vivek Ramaswamy with the goal of cutting federal spending. Now David Warrington, who has worked as Trump’s personal lawyer and a lawyer for his campaign, will serve as White House counsel.

In addition, Trump announced the selections of former Rep. Billy Long of Missouri as IRS commissioner; Daniel Driscoll, an Army veteran who was a senior adviser to Vice President-elect JD Vance, as Army secretary; Jared Isaacman, a tech billionaire who conducted the first private spacewalk on Elon Musk’s SpaceX rocket, as NASA administrator; and Adam Boehler, a lead negotiator on the Abraham Accords team, as special presidential envoy for hostage affairs.

Navarro was held in contempt of Congress for defying a subpoena from the House committee that investigated Jan. 6. Sentenced to four months in prison, he described his conviction as the “partisan weaponization of the judicial system.”

Hours after his release in July, Navarro spoke on stage at the Republican National Convention, where he told the crowd that “I went to prison so you won’t have to.”

Navarro, 75, has been a longtime critic of trade arrangements with China. After earning an economics doctorate from Harvard University, he worked as an economics and public policy professor at the University of California, Irvine. He ran for mayor of San Diego in 1992 and lost, only to launch other unsuccessful campaign efforts, including a 1996 race for Congress as a Democrat.

During Trump’s initial term, Navarro pushed aggressively for tariffs while playing down the risks of triggering a broader trade war. He also focused on counterfeited imports and even helped assemble an infrastructure plan for Trump that never came to fruition.

Navarro often used fiery language that upset U.S. allies. In 2018, after a dispute between Trump and Canadian Prime Minister Justin Trudeau, Navarro said “there’s a special place in hell for any foreign leader that engages in bad faith diplomacy with President Donald J. Trump and then tries to stab him in the back on the way out the door.”

Canadians were outraged, and Navarro later apologized.

Issacman has reserved two more flights with SpaceX, including as the commander of the first crew that will ride SpaceX’s mega rocket Starship, still in test flights out of Texas. He said he was honored to be nominated.

“Having been fortunate to see our amazing planet from space, I am passionate about America leading the most incredible adventure in human history,” he said via X.

Trump kept rolling out positions on Wednesday afternoon. He announced Gail Slater as assistant attorney general for the Justice Department’s antitrust division. Trump wrote on Truth Social that “Big Tech has run wild for years, stifling competition in our most innovative sector.”

Slater worked for Trump’s National Economic Council during his first term, and she’s been an adviser to Vance.

Trump also said Michael Faulkender would serve as deputy treasury secretary. A professor at the University of Maryland’s Smith School of Business, Faulkender was the Treasury Department’s assistant secretary for economic policy during Trump’s initial term. He has also been the chief economist at the America First Policy Institute, a think tank formed to further the Trump movement’s policy agenda.

Outside the White House, Trump said that he had asked Michael Whatley to remain on as chair of the Republican National Committee. Whatley ran the committee during the election along with Lara Trump, the wife of Trump’s son Eric.

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Originally Appeared Here

The Central Board of Direct Taxes (CBDT) has announced that the income tax return filing deadline has been extended for taxpayers who have international transactions and are required to furnish reports under Section 92E. The ITR filing deadline extension will mostly be applicable to entities taking part in international or specified domestic transactions. The ITR filing deadline for these taxpayers has been extended by 15 days from November 30, 2024, to December 15, 2024, for FY 2023-24 (AY 2024-25).

According to the press release: The due date for furnishing the return of income u/s 139 (1) of the Income-tax Act, 1961 (the Act) in the case of assessee who is required to furnish a report referred in Section 92E is the 30th day of November of the assessment year i.e. 30.11.2024 for the AY 2024-25. The due date, originally set as 30th November 2024, for assesses covered under clause (aa) of the Explanation 2 to sub-section (1) of Section 139, has now been extended to 15th December 2024 by CBDT circular no 18/2024.

— IncomeTaxIndia (@IncomeTaxIndia)
The CBDT issued the press release on November 30, 2024.

Harsh Bhuta, Partner, Bhuta Shah & Co says, “The due date for furnishing the return of income in case of Assessees that are subject to Transfer Pricing (TP) audit in respect of its international transactions under Section 92E of the Income-tax Act, 1961 and are required to file the report in Form 3CEB is ideally 30 November of the Assessment Year (AY). The Central Board of Direct Taxes (CBDT) has extended the due date of furnishing return of income for the AY 2024-25 [Financial Year – 2023-24] in case of above mentioned Assessees from the erstwhile 30 November 2024 to 15 December 2024 vide Circular No. 18/2024 dated 30 November 2024. This extension will be a sigh of relief for those l Assesses subject to TP audit who may be facing issues while complying with process of filing return, will save the interest cost on belated filing and enable the Assessees to carry forward its losses if the return is filed on or before 15 December 2024.”

Mihir Tanna, Associate Director – Direct Tax S K Patodia & Associates LLP says, “Person involved in international or specified domestic transactions is required to get a report from a CA in Form 3CEB. Due date to file ITR is extended to 15th December for said persons for whom due date was 30th Nov 2024 for AY 2024-25. It appears that one of the reasons for extending the due date is to give the impact of safe harbour rules. CBDT extended safe harbour rules for AY 2024-2025 vide notification dated 29th Nov 2024. However, form 3CEFA (application for opting safe harbour) is still not enabled at income tax portal for filing it online. Vide notification No. 01/2024 Dated: 26.02.2024, income tax has notified Form 3CEFA to be furnished electronically. We can expect that in the next few days, said forms will be enabled at the income tax portal and eligible persons will be able to file it before filing income tax return as required by Rule 10TE. Further, Sec 92CB was amended by Finance Act 2020 to provide certainty with respect to the attribution of income in case of a non-resident person to the PE to be clearly covered under the provisions of the safe harbour rules. However, provisions of income tax rules have not yet been amended to provide for such determination.”

Who is required to file report under Section 92E?

Entities involved in specified domestic and/or international transactions in any financial year are required to obtain a report from a chartered accountant. This report has to be submitted to the income tax department by October 31 via Form 3CEB.

Section 92E will be applicable on the transactions which meet certain specified criteria.

For instance transactions such as buying, selling or leasing tangible or intangible property, business transactions leading to income, profits, losses or gains, lending or borrowing of money etc.

The aggregate of such transactions done by the assessee must not exceed Rs 20 crore. If the threshold limit is crossed, then transfer pricing rules must be complied with by the taxpayers.

Penalty for not filing report under Section 92E

According to income tax laws, a penalty of Rs 1 lakh is levied on the entities who fail to file the report of the chartered accountant by the October 31 due date.
Originally Appeared Here