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Current Tax News
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The IRS lost 11% of its staff in the first three months of 2025, with revenue agents who conduct audits accounting for the largest percentage of those who left, the Treasury Inspector General for Tax Administration said in a report. [...]
In a letter to the IRS, the AICPA recommended that the agency provide further guidance in two areas of new instructions for Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent. [...]
Rev. Proc. 2025-19 also includes the revised maximum amount that may be made newly available for excepted-benefit health reimbursement arrangements. [...]
The comments are in response to Notice 2025-04, which announced plans for the simplified and streamlined approach as a new transfer-pricing method under Sec. 482 regulations for pricing of baseline marketing and distribution activities. [...]
Treasury Secretary Scott Bessent said Michael Faulkender, who was confirmed as deputy Treasury secretary at the end of March, will step in to lead the IRS temporarily. [...]
The Trump administration advocates an “energy dominance” agenda to boost US energy production and lower costs. Its tariff agenda runs directly counter to it. [...]
What happens when the country’s most important retirement program runs out of money? Social Security faces a funding crisis by 2035. We unpack how the system works, why it’s in trouble, and what fixes could keep it afloat. [...]
Catastrophic rhetoric about US manufacturing is not justified. The tariffs are extremely counterproductive. Still, all is not well in the US manufacturing sector. What should we do? [...]
The economic literature overwhelmingly suggests that an income tax increase of this magnitude would negatively affect economic growth and opportunity in Rhode Island. [...]
As Congress debates expensing and other policies impacting business investment, lawmakers should consider the importance of business investment in research and development (R&D) as a driver for economic growth. Recent studies suggest that the economic benefits of R&D spending are even greater than previously understood. [...]
If you didn’t quite e-file your tax return by the April 15 tax filing deadline on Tax Day, filing for […] The post What to Do After Filing a Tax Extension appeared first on . [...]
If you’re a parent or caregiver, you’ve probably heard about the Child Tax Credit (CTC). It’s one of the biggest […] The post What is the Child Tax Credit (CTC)? appeared first on . [...]
As a parent or guardian filing taxes, you’ve likely claimed the Child Tax Credit (CTC). But what happens if the […] The post What is the Additional Child Tax Credit (ACTC)? appeared first on . [...]
The Child Care Tax Credit and the Additional Child Care Tax Credit are different, but you can take advantage of both if you qualify. The post Child Tax Credit vs. Additional Child Tax Credit: What’s the Difference? appeared first on . [...]
There’s no need to pretend — we know tax planning wasn’t exactly at the top of your summer to-do list. […] The post How Your Summer Plans Could Impact Next Year’s Tax Return appeared first on . [...]