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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.

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.

Figma officially went public today, sending waves across the design and startup communities. But beneath the headlines about share price...

Federal tax reform doesn’t happen in a vacuum and for Colorado , the fiscal consequences of the One Big Beautiful Bill Act (OBBBA)  are already taking shape. According to new reporting from Axios Denver , Colorado’s Office of State Planning and Budgeting is forecasting a $1.2 billion revenue shortfall  for the fiscal year. The driving cause? Provisions in OBBBA that alter how state taxable income is derived from federal AGI , including: Expanded deductions for tips and overti

Starting September 1, 2025 , Illinois will roll out a first-of-its-kind state-level tax on individual sports wagers an aggressive new...

Tennessee’s annual Back-to-School Sales Tax Holiday is coming to a close today, Sunday, July 27 at 11:59 p.m. CT . Now in its 20th year, this event has become a vital seasonal planning tool for both consumers and businesses. Tennessee has no personal income tax and one of the highest average sales tax rates in the U.S. This weekend’s holiday gives residents a break from Tennessee’s combined 9.61% average sales tax . It provides relief just in time for school prep while add

Florida has rolled out major changes to its 2025 sales tax holiday program marking one of the most expansive and prolonged tax holiday...

On July 25, 2025, the IRS released IR‑2025‑77 , announcing new interim guidance that aims to shorten audit cycle times for large corporate and international taxpayers . The change comes from the Large Business & International (LB&I) Division , which oversees some of the most complex and resource-intensive examinations in the IRS system. For CPAs, tax counsel, and in-house finance teams, this shift signals a move toward more streamlined, collaborative, and time-bound audits w

On July 24, 2025, the IRS announced expanded disaster relief for taxpayers in multiple states affected by recent severe weather. The...

The IRS has officially announced that it will sunset the FIRE system  ( Filing Information Returns Electronically) after the 2026 tax...

On July 18, 2025, former U.S. Congressman Billy Long  was officially sworn in as the new Commissioner of the Internal Revenue Service ....

On July 20, 2025, House Republicans introduced a proposal to slash the IRS enforcement budget by $2.8 billion a reduction of over 20% from current levels. The move is part of a broader budget negotiation strategy but carries significant implications for tax compliance, audit risk, and operational enforcement priorities. With several senior IRS officials resigning and projected staffing drops of 25% by year-end, this proposal would accelerate a reshaping of the agency’s foot

Western Union, the global money transfer giant, has filed a legal challenge against the IRS, arguing that the agency improperly inflated...

On July 17, 2025, the IRS released Fact Sheet FS‑2025‑03 , outlining several new deductions created under the One Big Beautiful Bill Act...

The IRS has issued new guidance outlining how workers can claim the overtime pay deduction  introduced under the One Big Beautiful Bill (OBBBA) for tax year 2025. This provision—one of the more worker-focused components of the new law—offers a significant benefit to hourly employees  and certain retirees  with part-time income. For CPAs and tax advisors, this deduction introduces new planning opportunities—and payroll reporting complexities—for the year ahead. What Happened?

The California Franchise Tax Board (FTB) has announced the next phase of its targeted outreach campaign, sending “nudge letters” to...

Arizona lawmakers are confronting a major budget dilemma following passage of the federal One Big Beautiful Bill . At the heart of the...

As part of the recently passed federal tax package the so-called One Big Beautiful Bill millions of American workers are now eligible...

In a bold move to reshape how the European Union funds its operations, the European Commission has proposed a new corporate revenue-based tax  targeting the world’s largest businesses. As EU leaders work to close budget gaps and transition away from national contributions, this policy could significantly impact multinationals—especially U.S. firms with substantial European revenue streams. What’s in the Proposal? The proposal, released in early July 2025, introduces a tiered

Millions of American workers stand to benefit from new federal deductions for tips and overtime pay , enacted under the One Big Beautiful Bill , signed into law earlier this month. While these provisions aim to reduce the tax burden for service industry and hourly workers, many eligibility and implementation details remain pending Treasury clarification. What Are the New Deductions? Tip Income Deduction Workers earning qualified tips may deduct up to $25,000  from federal tax