Taxes December 12, 2025
IRS Says Financial Crimes Surged Nearly 16% in 2025—Up to $10.6B
Of the $10.59 billion, $4.5 billion resulted from tax fraud, marking an increase of 111.8% from FY24, the agency said this week.
Taxes December 12, 2025
Las Vegas Casino Heavyweights Implore Congress to Restore Gambling Loss Tax Deduction
The casino executives—Derek Stevens of Circa, Tom Reeg of Caesars Entertainment, and Craig Billings of Wynn Resorts—are pressing lawmakers for the restoration of the 100% deduction for gambling losses, which was reduced to 90% under the One Big Beautiful Bill Act.
Taxes December 11, 2025
Senate Blocks Plan to Extend Expiring Obamacare Tax Credits Past This Month
The Senate on Thursday rejected plans from Republicans and Democrats to ease soaring health care costs, making it more likely many people face health insurance premiums that could double shortly.
Taxes December 11, 2025
Treasury Secretary Labels 3 Democratic Governors as ‘Grinches’ Over Their State’s Taxes
Scott Bessent targeted New York Gov. Kathy Hochul, Colorado Gov. Jared Polis, and Illinois Gov. JB Pritzker over their state's taxes amid the ongoing holiday season.
Taxes December 11, 2025
IRS Issues Guidance on New HSA Tax Benefits Under OBBBA
The Treasury Department and the IRS provided guidance in Notice 2026-05 on Dec. 9 on new tax benefits for health savings account participants under this summer's One Big Beautiful Bill Act.
Taxes December 11, 2025
Moderate House Republicans Look to Force Vote on ACA Tax Credits
Rep. Brian Fitzpatrick, R-Pa., on Wednesday filed a discharge petition to force a vote on a two-year extension of the enhanced Affordable Care Act tax credits, as House GOP leadership eyes a health care vote next week that won’t include such a measure.
Taxes December 11, 2025
Boston Homeowners to See 13% Tax Increase
Boston Mayor Michelle Wu has said the new tax rates will result in a 13%, or $780 increase, in property taxes for the average single-family homeowner next year.
Taxes December 9, 2025
Chicago Mayor Tweaks Head Tax Plan to Target Bigger Companies
Mayor Brandon Johnson proposed a new version of his head tax Tuesday, now pushing a $33-per-employee monthly tax on companies with over 500 Chicago employees.
Taxes December 9, 2025
Boston Mayor’s Tax Battle Heats Up Ahead of Vote to Set Residential Tax Hike at 13%
The Boston City Council is expected to vote Wednesday to set the residential tax rate at $12.40 per thousand dollars of assessed value and commercial tax rate at $26.96 per thousand dollars of assessed value.
Taxes December 9, 2025
Massachusetts Governor Urges Congress to Extend ACA Tax Credits Before Costs ‘Skyrocket’
Gov. Maura Healey on Tuesday called on Congress to approve an extension of Affordable Care Act tax credits, warning that health care costs for millions of Americans would skyrocket if lawmakers fail to act.
Taxes December 9, 2025
Michigan Judge Allows State’s New 24% Marijuana Tax to Stand for Now
A Michigan judge ruled against marijuana businesses in the state Dec. 8, rejecting their arguments that a new 24% wholesale tax on their products, imposed by the Legislature as part of a road-funding deal, should be immediately blocked.
Taxes December 8, 2025
Senate Republicans Introduce Bill to Extend ACA Tax Credits with Income Cap and Minimum Premium
Republican U.S. Sens. Bernie Moreno of Ohio and Susan Collins of Maine are introducing legislation to extend the tax credits for two years while imposing new restrictions on eligibility.