Budget calls for spending cuts to rein in “waste, fraud and abuse”

The U.S. House’s 2025 budget resolution calls for legislators to identify possible spending cuts to offset the cost of extending most Tax Cuts and Jobs Act provisions and fund other tax proposals. This includes possible cuts to Medicaid. Medicaid is overseen by the House Committee on Energy and Commerce, which has been tasked with slashing […]

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ABLE accounts are savings accounts that don’t affect eligibility for government assistance

Eligible individuals with disabilities and their family members can use Achieving a Better Life Experience (ABLE) accounts to pay for qualified expenses. These are savings accounts that don’t affect eligibility for government assistance programs. The 2025 contribution limit is $19,000. Qualified expenses include housing, education, transportation and basic living expenses. ABLE account beneficiaries may be […]

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IRS pauses technology modernization

Senior U.S. Dept. of the Treasury officials recently said the IRS will pause its technology modernization efforts, which began under the Biden administration. This comes after it was reported that the tax agency could cut about 20% of its workforce. With additional funding from the 2022 Inflation Reduction Act, the IRS has implemented several technology […]

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Tax fraud case may lead to prison

While most taxpayers strive to file honest tax returns, some try to defraud the government. In one case, a Miami man pleaded guilty to hiding more than $20 million in Swiss bank accounts for decades. In the complex case, the IRS uncovered many false statements and claims the taxpayer made to evade detection. Upon learning […]

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Beneficial ownership information reporting requirements suspended for domestic reporting companies

The twisty journey of the Corporate Transparency Act’s (CTA’s) beneficial ownership information (BOI) reporting requirements has taken yet another turn. Following a February 18, 2025, ruling by a federal district court (Smith v. U.S. Department of the Treasury), the requirements are technically back in effect for covered companies. But a short time later, the U.S. Department […]

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