KPMG Week in Tax—published weekly to provide an overview of tax developments as reported in TaxNewsFlash—includes summaries of select tax-related news followed by a full list of reports (more information can be found at the links provided).
- United States: The U.S. Tax Court held that taxpayers, despite being designated as limited partners under state law, were actively involved in the management and operations of the firm and thus did not qualify for the limited partner exception under section 1402(a)(13) for federal self-employment tax purposes. Consequently, their shares of the firm's ordinary business income were subject to self-employment. Read TaxNewsFlash
- United States: The U.S. Court of Appeals for the Federal Circuit has temporarily halted the enforcement of the U.S. Court of International Trade's decision that invalidated tariffs imposed by the president under the International Emergency Economic Powers Act (IEEPA). The Court of International Trade had ruled that the president lacked the authority to impose these tariffs without clear guidelines from Congress. As a result of the stay, the tariffs under IEEPA will remain in effect for now. Read TradeNewsFlash
- India: The Central Board of Direct Taxes (CBDT) has extended the deadline for filing income tax returns for the assessment year 2025–2026 from July 31, 2025, to September 15, 2025, to accommodate recent changes in tax return forms and allow time for system updates and testing. Read TaxNewsFlash