Taxes July 14, 2025
4 Texas Tax Preparers Sentenced for $8 Million Fraud
As part of his plea agreement, Adenisimi also admitted to fraudulently obtaining two Paycheck Protection Program (PPP) loans totaling $760,415.
Taxes July 14, 2025
Yale Prepares for Cost-Cutting Due to Trump Tax Bill
Yale University has frozen hiring as it begins to brace for an expected major funding gap that the school says is due to a hike in the federal endowment tax and other cuts by the Trump administration.
Special Section: Guide to 2025 Tax Changes July 11, 2025
New OBBBA Federal Tax Law Prompts Planning Surge, Complexity for CPAs
In the wake of the sweeping One Big Beautiful Bill Act (OBBBA), signed into law just one week prior, accounting professionals are scrambling to understand and apply a raft of new federal tax provisions.
Taxes July 11, 2025
IRS Provides Tax Relief to Kerr County After Deadly Texas Floods
Individuals and businesses in Kerr County, Texas, have until Feb. 2, 2026, to file various federal tax returns and make tax payments after flash floods hit the Texas Hill Country on the Fourth of July.
Taxes July 11, 2025
IRS Church Endorsement Change Puts ‘Enormous Pressure’ on Faith Leaders
The IRS said July 7 in a Texas court filing that churches and other religious nonprofits can make political endorsements to their congregations without endangering their tax-exempt status
Taxes July 11, 2025
Trump Escalates Canada Trade Fight with 35% Tariff Threat
President Donald Trump threatened a 35% tariff on some Canadian goods and raised the prospect of increasing levies on most other countries.
Taxes July 11, 2025
Gambling Tax Repeal Bill Blocked in Senate
Nevada Democratic Sen. Catherine Cortez Masto sought to reverse the cut in losses deduction that was included in the One Big Beautiful Bill Act, but she ran into objections from some Republicans.
Taxes July 10, 2025
IRS Eliminates 83 Pieces of Obsolete Guidance
The IRS has nixed 83 pieces of older guidance considered obsolete as part of the Trump administration's push to reduce regulations that are considered burdensome, outdated, expensive, or unnecessary.
Taxes July 10, 2025
The Tax Blotter – OBBBA – July 2025
The new tax law—known as the “One Big Beautiful Bill Act” (OBBBA)—generally extends the current rules for mortgage interest deductions, with certain modifications.
Taxes July 9, 2025
What is the Johnson Amendment, and Why is it at the Center of an IRS Court Filing?
A new court filing reinterprets a longstanding tax law, signaling that houses of worship may now be able to endorse political candidates without losing their tax-exempt status as nonprofit organizations.
Taxes July 9, 2025
Ohio Lawmaker Introduces Bill to Save IRS Direct File From Termination
U.S. Rep. Emilia Sykes (D-OH) introduced legislation on July 9 called the “Get Your Money Back Act" to secure the future of the Direct File tax filing program and require that all states make it available to their residents.
Taxes July 9, 2025
What CPAs Should Know About the Return of 100% Bonus Depreciation in 2025
Whether your clients are investing in commercial buildings, launching new ventures, or improving existing properties, this update creates fresh opportunities for accelerated deductions.