taxes
The US Treasury Wants More States to Embrace Trump’s Tax Cuts. So Far, Only a Few Have Done So
In states that don't conform to the federal tax changes, workers who receive tips or overtime — for example — will pay no federal tax on those earnings but could still owe state taxes on them. read more >
by Associated Press -
What to Know – and What Isn’t Known Yet – About US Tax Deductions for Tips and Overtime Pay
Millions of U.S. workers who earn tips and overtime pay may be eligible for a federal tax break when they file their 2025 income taxes next year. read more >
by Associated Press -
Trump’s Tax Bill Could Raise Taxes on Foreign Companies, Hurting Investment From Abroad
A new analysis by the Global Business Alliance, a trade group representing international companies such as Toyota and Nestlé, estimates that the provision would cost the U.S. 360,000 jobs and $55 billion annually over 10 years in lost gross domestic product. read more >
by Associated Press -
Getting the IRS on the Phone is More Difficult This Tax Filing Season
The problem is only expected to get worse after thousands of probationary workers were laid off earlier this year. read more >
by Associated Press -
Boozman and Cotton Talk Labor Shortages, Regulatory Challenges and More in Little Rock
Boozman sees “a lot of opportunity” to expand visa programs to help fill the labor gap, while Cotton would prefer a "bottom up" approach that encourages businesses and schools to train local workers. read more >
by Chloe McGehee -
IRS Collects Milestone $1B in Back Taxes From High-Wealth Taxpayers
The collection campaign is focused on taxpayers with more than $1 million in income and more than $250,000 in recognized tax debt. read more >
by Associated Press -
The IRS Wants to End Another Major Tax Loophole for The Wealthy
The guidance and ruling being announced Monday includes plans to essentially stop “partnership basis shifting" — a process by which a business or person can move assets among a series of related parties to avoid paying taxes. read more >
by Associated Press -
Tax Changes Small Business Owners Should Be Aware Of as Tax Deadline Looms
Unlike individuals, small businesses can have varying deadlines depending on the type of company, the state the taxes are filed in, and other factors. read more >
by Associated Press -
State Tax Revenue Falls 20% in February
Individual withholding tax revenue decreased by $19.2 million from a year ago due to income tax cuts taking effect. read more >
What Small Businesses Need to Know About New Regulations Going Into 2024
NEW YORK (AP) — Regulations are a double-edged sword. They’re created to improve business dealings, discourage unfair or illegal business activity, and protect workers. But, for small business owners, they […] read more >
by Associated Press -
Sanders Signs $124M Tax Cut Into Law
The measure cuts the top individual income tax rate to 4.7% from 4.9%. read more >
by -
IRS Pledges More Audits of Wealthy, Better Customer Service
Some improvements have been long expected, such as bringing more paper-based systems online and answering taxpayers' phone calls promptly. Others are more ambitious: continuing to explore ways to create a government-operated electronic free-file tax return system, for example. read more >
by Associated Press -
US: Credit Suisse Violated Deal on Rich Clients’ Tax Evasion
The U.S. Senate Finance Committee pointed to an ongoing, possibly criminal conspiracy tied to nearly $100 million in accounts. read more >
by Associated Press -
Hot Springs Business Owner Pleads Guilty to Tax Evasion
Jerry Wade admitted he dodged $507,000 in taxes by using cash for business transactions and asking customers to write multiple checks in amounts of less than $10,000. read more >
by Mark Friedman -
Joe Biden Plans New Taxes on the Rich to Help Save Medicare
Biden wants to increase the Medicare tax rate from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains. read more >
by Associated Press -
Watchdog Sees ‘Light at The End of The Tunnel’ for The IRS
One reason for the optimism is the infusion of billions from the Democratic-powered legislation signed into law this summer. read more >
by Associated Press -
IRS Ups Standard Deductions, Tax Brackets Due to Inflation
Some items that were indexed for inflation in the past will remain unchanged, such as the personal exemption, which remains at zero. read more >
by Associated Press -
Airbnb Hosts Are Sick of Airbnb, Too
The early days of short-term vacation rentals offered hosts a simple proposition: Rent your home and earn some extra money. Yet as the industry has matured, it's been met with regulation efforts from local governments. read more >
by Associated Press -
Rod’s Pizza Responds to Uncle Sam
The famed Hot Springs restaurant is being sued by the IRS for more than $586,000 in back taxes. read more >
Famed Hot Springs Pizza Joint Needs More Dough
The government said in a lawsuit filed last week that the restaurant owes more than a half-million dollars in taxes. read more >
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