India has entered a new phase in direct taxation. The Income-tax Act, 2025 replaces the Income-tax Act, 1961, bringing a new legislative framework for taxation in India. The new Act came into force on 1 April 2026 and applies to income relating to Tax Year 2026–27 onwards. At the same time, the earlier law continues
Income-tax Act, 2025: What Has Changed? Read More »
After understanding the basics of C Corporations and S Corporations and then exploring Schedule K-1, it is time to look at how a C Corporation reports and pays federal income tax. Unlike a partnership or S Corporation, a C Corporation is generally treated as a separate taxpayer for U.S. federal income-tax purposes. Andrew: Professor, does
C Corporation Taxation: Form 1120 Read More »
After understanding the basic differences between a C Corporation and an S Corporation, the next important concept in U.S. business taxation is Schedule K-1. For students, accountants, and professionals preparing for careers in U.S. tax, accounting, audit, or consulting, K-1 is an essential concept because it connects a pass-through entity with its owner’s tax reporting.
Schedule K-1: Partnership & S Corporation Read More »
Andrew came into the Professor’s office with his notebook. He had understood the basics of partnerships, but now he wanted to understand the Form 1065 Tax Return and how a partnership reports its income to the IRS. He opened it to the page where he had written: Andrew: Professor, I think I finally understand the
Form 1065 — The Partnership Tax Return Read More »
STUDENT: Professor, whenever I hear the words Australian Taxation, I feel there are too many terms to remember. Where should I start? PROFESSOR: Don’t start by memorising terms. Start by asking a simple question: Why does a government need taxes? STUDENT: To collect revenue? PROFESSOR Exactly. Governments need revenue to provide public services such as
Tax Powers & Business Identities in Australian Taxation Read More »
Fundamentals, Tax Impact and the Role of M-1 and M-3 Adjustments Student: Professor, I understand that corporations are separate legal entities, but I still get confused when interviewers ask me to distinguish between a C corporation and an S corporation. Where should I begin? Professor: Begin with one fundamental idea: both are incorporated business entities,
C Corporation vs S Corporation Read More »
Close Better · Report Smarter · Decide Faster Can management trust the numbers we are about to report? The answer depends on the quality of the month-end closing process. 01 What Is Month-End Closing? Month-end closing is the systematic process of completing and reviewing all accounting activities for a month before the financial statements are
MONTH-END CLOSING: From Transactions to Trusted Financial Statements Read More »
Understanding the Basics Andrew had just started working on a project involving US partnership taxation. He opened his notebook, looked at a list of forms, and frowned. Andrew: Professor, I have a question. Professor: Of course, Andrew. What is confusing you? Andrew: I keep seeing terms like partnership, flow-through entity, TIN, EIN, Form 8832, Form
US TAX PARTNERSHIPS Read More »
When we think about U.S. federal income tax returns, Form 1040 usually comes to mind. But what happens when the taxpayer is not an individual? A nonprofit organization, a deceased person’s estate, or a trust may have completely different federal filing obligations. Two important forms in this area are: Form 990 — Return of Organization
Trusts vs. Non-Profits – Decoding Form 1041 and Form 990 (With Case Study) Read More »
India to USA: A Practical Dual-Status Tax Case Study PART 3 OF 3 — PRACTICAL CASE STUDY In Part 1, we understood the difference between a dual-status taxpayer and a dual-resident taxpayer. In Part 2, we examined the important elections, IRS forms and filing formalities. Now let’s put those rules into practice. The following case
U.S. INDIVIDUAL FEDERAL TAX: Dual Residency in U.S. Tax Read More »
