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New Mexico is once again positioning itself at the frontier of quantum technology. State officials are renewing a proposal for a $150 million quantum computing tax credit that aims to attract high-tech investment, research institutions, and advanced manufacturing to the region. With federal programs like the CHIPS and Science Act driving a new wave of innovation, New Mexico leaders see quantum technology as the next major economic catalyst. The initiative could help diversify

Over the past week, social media platforms have been filled with claims that the IRS is sending out new $1,390 or $2,000 stimulus checks to taxpayers as part of a 2025 “relief program.” The rumor spread quickly across TikTok, Facebook, and YouTube, gaining millions of views and sparking confusion among taxpayers and small business owners. According to an official IRS statement, there is no such program or payment in existence. The agency acted quickly to correct the misinform

The Internal Revenue Service has released new technical guidance on Form 1099-K reporting, affecting millions of small businesses, online sellers, and self-employed workers across the United States. This October 2025 update clarifies how third-party payment platforms such as PayPal, Venmo, Cash App, and e-commerce sites like Etsy and eBay must report transactions for the 2025 tax year . This is part of the IRS’s ongoing effort to modernize tax compliance in the digital econom

The IRS issued a clear reminder about how Social Security benefits are taxed. Despite claims circulating online that the 2025 Tax Act eliminated federal income tax on Social Security, the rules for taxing benefits have not changed. This clarification is especially important as misinformation spreads across financial media during the 2025 filing season . For CPAs, tax attorneys, and business owners, understanding the official position helps maintain compliance, avoid client co

As Washington navigates yet another government funding lapse, many taxpayers are asking a critical question: Do tax deadlines still apply during a government shutdown? The short answer is yes. Despite the closure of many federal operations, the Internal Revenue Service (IRS) has confirmed that all tax laws, deadlines, and payment obligations remain fully in effect. This clarification, issued by the IRS on October 21, 2025, serves as a timely reminder for individuals and bus

A new wave of financial pressure is hitting America’s top universities as the federal government moves forward with a significant increase in the endowment excise tax . Beginning in July 2026, the current 1.4% tax on investment income from large university endowments will rise to a tiered rate between 4% and 8% , marking one of the most aggressive changes in higher education tax policy in decades. This change is expected to affect elite institutions like Harvard, Yale, Stanf

As the 2026 tax filing season approaches, questions are mounting in Washington about whether the Internal Revenue Service will be ready to manage another high-volume filing cycle. Lawmakers have raised concerns about the agency’s staffing levels, budget uncertainty, and the aftereffects of ongoing shutdown disruptions. For CPAs, tax attorneys, and business owners, this discussion goes beyond politics. It signals that next year’s filing season could bring slower responses, de

Nevada residents could soon face higher health insurance premiums if key Obamacare premium tax credits expire at the end of 2025. These tax credits, established under the Affordable Care Act (ACA), have helped lower health coverage costs for millions of Americans, including thousands of Nevadans. At present, more than 100,000 Nevada residents receive these credits through Nevada Health Link, the state’s ACA marketplace. However, unless Congress acts to extend them, the credi

A federal judge in Washington, D.C., has dismissed a defamation lawsuit filed by two Internal Revenue Service (IRS) agents against Abbe Lowell, the attorney representing Hunter Biden. The decision concludes a politically charged case that questioned how far lawyers can go in publicly defending clients involved in federal tax investigations. The court ruled that Lowell’s statements were protected under the First Amendment, setting an important precedent for legal professional

Speaking at the annual International Monetary Fund and World Bank meetings in Washington, Treasury Secretary Scott Bessent  cautioned that the ongoing U.S. government shutdown  is starting to “cut into the muscle” of the American economy. His comments came amid growing concerns from investors, economists, and policymakers about the fiscal toll of prolonged federal closures and the potential ripple effects on tax administration and business confidence. What Happened Treasury S

As the U.S. government shutdown continues to disrupt federal operations, the Internal Revenue Service (IRS) has been forced to furlough nearly half of its workforce. This reduction has slowed tax processing, audits, and taxpayer communications across the country. Now, Certified Public Accountants (CPAs) and tax professionals are urging the IRS to grant administrative relief such as penalty waivers and filing extensions to ease the pressure on taxpayers and businesses affecte

The Michigan Department of Treasury has released its 2025 Earned Income Tax Credit (EITC) figures. This update is significant for tax professionals, payroll departments, and financial planners who advise low and moderate-income working families. The announcement highlights the current benefits available under both the state and federal EITC programs and provides insight as taxpayers and preparers begin early planning for the upcoming filing season. What Happened: Michigan Re

The United Kingdom is preparing for a period of tighter budgets and higher taxes as Chancellor Rachel Reeves  signals a significant shift in fiscal policy. According to recent reports, Reeves and the Treasury are designing a plan that will include selective tax increases  combined with controlled reductions in government spending . The goal is to rebuild the country’s fiscal buffer  after years of economic turbulence, pandemic recovery costs, and inflationary pressure. This

The Internal Revenue Service (IRS) has released the 2026 federal income tax brackets and standard deduction amounts  through Revenue...

The IRS today released Revenue Procedure 2025-32 , announcing the official inflation adjustments for tax year 2026 , the numbers...

The federal government shutdown has entered its second week, and one of its most significant effects has reached the Internal Revenue Service (IRS). Earlier this week, the IRS confirmed that nearly 34,000 employees, about 46 percent of its workforce, are being furloughed  until further notice. For taxpayers, CPAs, and business owners, this development means delays, disruption, and uncertainty at one of the busiest times of the year. With the October 15 filing deadline approa

As Congress struggles to reach a funding agreement, the federal government shutdown is beginning to ripple through the U.S. tax system ....

In a historic move, the U.S. Treasury has appointed Frank Bisignano , a seasoned leader in financial and technology operations, as the...

The 2025 federal tax overhaul is already reshaping itemized deductions, and for Californians, the biggest change is the long-awaited...

In 2025, more states are including laptops and tech accessories in their back-to-school sales tax holidays. This article breaks down which states qualify, the exemption thresholds, and how tax professionals and retailers can prepare for compliance challenges and audit risks.