Budget deficit tops $1 trillion

The Congressional Budget Office (CBO) reports that the fiscal year 2025 federal budget deficit has topped the $1 trillion mark. The CBO estimates in its Monthly Budget Review for February that the deficit is $1.1 trillion. That amount is $319 billion more than the deficit recorded during the same period last fiscal year. Revenues were […]

Clean energy tax credits have an uncertain future

The fate of the Inflation Reduction Act’s (IRA’s) clean energy tax credits and projects is uncertain as Republican lawmakers continue work on President Trump’s tax agenda. While many Republican lawmakers favor rescinding the credits, a group of them are asking that some remain intact. In a letter to the chairman of the House Ways and […]

2021 refund window is closing

Did you or someone you know miss filing a 2021 tax return? If so, and if you were expecting a refund, time’s running out. The deadline to file and claim a 2021 tax year refund is April 15, 2025. The IRS estimates that refunds worth more than $1 billion are still unclaimed by taxpayers who […]

Did you report your digital assets?

Taxpayers must report all digital-asset-related income on their federal income tax returns. Digital assets include non-fungible tokens, stablecoins, cryptocurrency and other forms of virtual currency. Such assets are taxed as property rather than currency. That means taxpayers must report taxable gains or losses every time they exchange a digital asset for goods, services, U.S. dollars […]

Financial relief for families: The benefits of the Child Tax Credit

The Child Tax Credit (CTC) has long been a valuable tax break for families with qualifying children. Whether you’re new to claiming the credit or you’ve benefited from it for years, it’s crucial to stay current on its rules and potential changes. As we approach the expiration of certain provisions within the Tax Cuts and […]

Inherited IRA may require RMDs or distributions within 10 years

If you inherited a traditional IRA account after 2019 from someone other than a spouse, you may need to start taking required minimum distributions (RMDs), even if you’re nowhere near age 73. Some IRA inheritors, such as minor children and the chronically ill, may have other options. But most people in this situation are considered […]

The foreign earned income exclusion

U.S. taxpayers working in foreign countries generally can claim the foreign earned income exclusion (or deduct housing costs) on their tax returns. However, war and civil unrest can disrupt local business and prevent some taxpayers from meeting the IRS’s requirements to claim the exclusion. In Rev. Proc. 2025-17, the IRS announced an eligibility waiver for […]

Do you have an excess business loss?

If an individual taxpayer has substantial business losses, unfavorable federal income tax rules can potentially come into play. Here’s what you need to know as you assess your 2024 tax situation. Disallowance rule The tax rules can get complicated if your business or rental activity throws off a tax loss — and many do during […]

Tax forms are available in seven languages

Did you know that the IRS has information and tax forms translated into seven languages other than English on its website? Taxpayers can select their preferred language at the top of this page: https://bit.ly/3ICUO0V. The seven languages include Spanish, Vietnamese, Russian, Korean, Haitian Creole, Traditional Chinese and Simplified Chinese. In addition, the tax agency has […]

Trump administration cuts IRS workforce

The Trump administration fired nearly 7,000 probationary IRS workers in February and closed nearly 100 Taxpayer Assistance Centers. It’s also reportedly planning to halve the entire IRS workforce. In a recent letter, 18 Senate Democrats requested the Treasury Inspector General for Tax Administration (TIGTA) conduct an evaluation of the recent and planned IRS staffing reductions. […]