News

OBBBA Revises Existing GILTI Tax Rules For U.S. Shareholders Of CFCs
The One Big Beautiful Bill Act, or OBBBA, makes notable changes to the existing GILTI inclusion rules applicable to U.S. shareholders in a controlled foreign corporation.
ITR and foreign income: What the Income Tax Department knows about your assets abroad
The Income Tax Department has access to global financial data through international frameworks like the Common Reporting ...
'Japanese First' party emerges as election force with tough immigration talk
The fringe far-right Sanseito party emerged as one of the biggest winners in Japan's upper house election, gaining support ...
JD Supra22h
FCC Expands National Security Reporting Requirements and Restrictions
On May 27, the Federal Communications Commission (FCC) opened two rulemaking proceedings aimed at foreign involvement in U.S. communications ...
National Law Review22h
IRS Clarifies that Failure to Cash Checks Does Not Affect Withholding or Reporting
Revenue Ruling 2025‑15 (available here) provides guidance on withholding and reporting obligations when a plan participant or beneficiary fails to cash a distribution check and a replacement check is ...