Taxes August 19, 2025
Exploring the Role of Partnerships in Qualified Small Business Stock (QSBS) Planning
A key requirement of Section 1202 is that the issuer of qualified small business stock (QSBS) must be a domestic (US) C corporation.
Taxes August 14, 2025
IRS Scraps Kiosks at Taxpayer Assistance Centers After Many Were Found to Be Broken
The IRS is shutting down its self-service kiosk program at Taxpayer Assistance Centers after the Treasury Inspector General for Tax Administration expressed concerns to the agency that several of the computer terminals were unusable.
Taxes August 14, 2025
Taxpayer Advocate: IRS to Share Appeals Case Memos with Taxpayers Upon Request
The IRS Independent Office of Appeals recently reminded staff that they should share a copy of the Appeals case memorandum with taxpayers who make an informal request for the document.
Taxes August 14, 2025
Mayo Clinic ‘Schools’ IRS in $11.5 Million Court Victory
After nine years, a court of appeals ruling in July officially confirmed Mayo Clinic’s final victory over the IRS in a $11.5 million legal dispute over its tax-exempt status.
Taxes August 13, 2025
Key Filing Deadline for Heavy Highway Vehicle Use Tax is Around the Corner, IRS Says
Taxpayers who operate large trucks and buses have until Aug. 31 to file Form 2290 for vehicles first used on a public highway in July 2025, the IRS said on Tuesday.
Taxes August 13, 2025
Sticker Shock: Hospitals Say Tax Credit That Keeps People Healthy is Now at Risk
The price of coverage under the Affordable Care Act will jump between 30% and 50% if Congress does not act to extend the enhanced premium tax credits that helped keep down insurance costs during the pandemic, a hospital CEO says.
Taxes August 13, 2025
Nevada Dems Seek Clarification from Treasury Department on ‘No Tax on Tips’ Policy
In a letter, Democratic members of Nevada’s federal delegation urged the Treasury Department to address possible shortfalls of the One Big Beautiful Bill Act's "no tax on tips" provision as it’s implemented.
Taxes August 13, 2025
July Tariff Revenue Jump Fails to Halt Wider Budget Gap
U.S. tariff revenue reached a fresh monthly record in July, though the increase wasn’t enough to prevent a widening in the monthly budget deficit—pointing to the federal government’s continuing fiscal challenges.
Taxes August 13, 2025
GOP’s Gambling Tax Change Seen as Threat to States’ Revenues, Legitimate Casinos
Gaming experts assembled by Rep. Dina Titus, D-Nev., for a town hall bemoaned a tax change included in the One Big Beautiful Bill Act, saying it would benefit gaming markets not contributing to states' revenues.
IRS August 12, 2025
IRS Doled Out $123.5 Million to Whistleblowers in FY 2024
The total dollar amount of awards paid increased substantially from $88.8 million in fiscal year 2023. The total number of awards in FY 2024, however, decreased from 121 in FY 2023 to 105 in FY 2024.
Taxes August 12, 2025
IRS Gives Tax Filing Deadline Extension to Victims of June West Virginia Flash Floods
The IRS has extended the filing deadline to Feb. 2, 2026, for individuals and businesses in two West Virginia counties that were devastated by flash flooding from torrential rains in mid-June that left at least six people dead.
Taxes August 12, 2025
Trump Extends China Truce for 90 Days, Averting Tariff Hike
President Donald Trump extended a pause of sky-high tariffs on Chinese goods for another 90 days into early November, stabilizing trade ties between the world’s two largest economies.