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Income Tax Refund Delay 2025: Reasons, Release Date, How To Check Status, User Manual, All You Need To Know
11+ hour, 19+ min ago (494+ words) Income Tax Refund Delay 2025: Many taxpayers are still waiting for their income tax refunds, even as the payouts this year have been delayed longer than usual for some people. Though a large number of taxpayers have already received it, some refunds are pending due to claims that were identified as "red flags" by the income tax department"s system. A total of 6.97 crore ITRs were filed by taxpayers in the assessment year 2025-26. Why the Delay In Some Refunds This Year? CBDT Chairman Ravi Agrawal has said the income tax department is reviewing cases involving questionable deduction claims, which has slowed down the release of some refunds. He noted that legitimate refunds are expected to be cleared by December. According to Agrawal, certain refund applications were flagged as "high-value" or "red-flagged" by the system because of the nature of deductions claimed....
Grant Thornton adds GT firm in Puerto Rico
22+ hour, 49+ min ago (325+ words) Grant Thornton Advisors has expanded its rapidly growing multinational platform by merging in another firm in the network, Kevane Grant Thornton in Puerto Rico. The move will mark the 17th firm added to the platform since the Chicago-based Top 10 Firm received a private equity investment from New Mountain Capital last year, and split the firm into Grant Thornton Advisors on the non-attest side and Grant Thornton LLP on the attest side when it completed a merger deal with GT Ireland in January." Another private equity firm, Cinven, acquired a 60% stake in Grant Thornton U.K. in April, and in September acquired a stake in Grant Thornton Germany."Both New Mountain Capital and Cinven, are reportedly looking at either buying a stake in Grant Thornton India or merging them into their platforms. Financial terms of the deal with Kevane Grant Thornton Puerto Rico were…...
AICPA weighs in on state partnership income sourcing rules
23+ hour, 45+ min ago (194+ words) The American Institute of CPAs has sent a letter to the Multistate Tax Commission and a related work group recommending changes in their proposed approach to state tax sourcing of partnership income. "We understand the complexity of partnership structures, special allocations, and related-party transactions and their effect on the ability of states to tax partnership income and the determination of how partnership income is sourced," said the AICPA letter." The American Institute of CPAs has sent a letter to the Multistate Tax Commission recommending changes in a proposed approach to sourcing of partnership income. The American Accounting Association is calling on the Department of Education to reverse course after proposing to remove accounting from its definition of "professional degree" programs. A recently released book explains a framework for improving a company's profitability. The IRS and the Treasury are asking for…...