Taxes May 12, 2025
IRS: No Change to Tax Interest Rates for Q3 of 2025
For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, the IRS said on May 12.
Taxes May 12, 2025
IRS: No Change to Tax Interest Rates for Q3 of 2025
For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily, the IRS said on May 12.
Taxes May 12, 2025
House Tax Bill Draft Calls for $30,000 SALT Cap, Leaves Out Millionaire Tax
The House Ways and Means Committee release of the tax measures, ahead of planned debate on the panel Tuesday, is a sign the Republican-controlled chamber is moving toward a floor vote this month on the legislation.
Taxes May 12, 2025
IRS Opens 2026 Low-Income Taxpayer Clinic Grant Application Period
Under Internal Revenue Code Section 7526, the IRS awards matching grants to qualifying organizations to develop, expand, or maintain an LITC. Eligible organizations may request up to $200,000 for the 2026 grant year.
Small Business May 12, 2025
U.S., China to Slash Tariffs During 90-day Reprieve for Talks
The combined 145% U.S. levies on most Chinese imports will be reduced to 30% including the rate tied to fentanyl by May 14, while the 125% Chinese duties on U.S. goods will drop to 10%.
Taxes May 9, 2025
House Tax Panel Releases Partial Version of Trump Bill
The House Ways and Means Committee on Friday night released a partial version of President Donald Trump’s tax proposal that calls for increasing the maximum child tax credit to $2,500 and raising the estate tax exemption to $15 million.
Taxes May 9, 2025
Malliotakis, Other House Republicans At Odds Over Higher SALT Cap
Rep. Nicole Malliotakis (R-NY) suggested she backs the GOP leadership proposal to increase the SALT cap to $30,000 from the current $10,000, even as other Republican lawmakers trashed it as a non-starter.
Taxes May 9, 2025
IRS Issues New Warning For Taxpayers to Avoid Losing Money, Personal Data
Even if you filed your tax return for the year, the IRS warned this week that taxpayers should remain on alert for some common scams to avoid losing money and personal data.
Taxes May 9, 2025
Trump Seeks Tax Hike on Wealthy Earning $2.5 Million or More
The president’s proposal calls for creating a new 39.6% tax bracket for individuals earning at least $2.5 million, or couples making $5 million.
Taxes May 9, 2025
Poll: Trump Says Harvard Shouldn’t be Tax-Exempt, But Do Voters Agree?
According to a new Economist/YouGov poll of 1,850 U.S. adults, Americans are divided over whether Harvard’s tax-exempt status should be changed.
IRS May 9, 2025
Man Who Made False Gun Threat at Kansas City IRS Campus Gets Prison Sentence
Anthony Alford, 46, of Kansas City, who was accused of making a false gun threat that set off an active shooter lockdown at the Kansas City IRS campus last year, has been sentenced to three years in prison.
Accounting May 9, 2025
Ranking the Best Accounting and Tax Tech for 2025: Professionals Vote for Their Favorites in the Readers’ Choice Awards
Now in their 21st year, the awards allow tax and accounting professionals from various specialties to identify the technologies they have found to be essential to their practice, including performing client service functions, staff management, collaboration, resource management, payroll, communications, or other tasks.
Taxes May 7, 2025
IRS and Federal Government Will Stop Accepting Paper Checks as Payments
In addition to halting issuing of paper checks, the government will no longer accept paper checks as payment.