Taxes May 15, 2025
The Tax Counseling for the Elderly and Volunteer Income Tax Assistance grants allow eligible organizations to apply for annual funding to provide free federal tax return preparation assistance for up to three years.
Taxes May 14, 2025
Although damages paid due to physical injuries are tax-exempt, other payments for non-physical injuries are generally subject to tax. In this case, a man who claimed he was injured while he was incarcerated walked away with a split decision.
Taxes May 12, 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
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
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.
Taxes May 9, 2025
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
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
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
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.
Accounting May 9, 2025
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
In addition to halting issuing of paper checks, the government will no longer accept paper checks as payment.
Taxes May 7, 2025
A recent agreement between the IRS and U.S. Immigration and Customs Enforcement to share immigrants’ tax information has raised growing concern about how data tied to ITINs and their holders might be used.