Hidden in the Fine Print: Firearm Suppressor Tax Repealed

One provision of the One, Big, Beautiful Bill Act you probably haven’t heard much about is a repeal of the long-standing tax on firearm silencers or “suppressors.” For almost 100 years, suppressor buyers were required to purchase a federal tax stamp, currently for $200. The Senate Parliamentarian originally objected to Congressional Republicans’ attempts to use […]

Think Your Microcaptive Is Deductible? The Tax Court Disagrees

A microcaptive arrangement is a type of self-insurance that allows businesses to form their own small insurance companies to insure risks specific to the businesses. In a new case, the U.S. Tax Court ruled that a married couple wasn’t allowed to deduct insurance premiums paid to a microcaptive arrangement. The premiums were paid by an […]

How to Rein in the National Debt

How to Rein in the National Debt https://taxfoundation.org/research/all/federal/us-debt-deficits-federal-budget-spending-taxes/

Cigarette Taxes and Cigarette Smuggling by State

Cigarette Taxes and Cigarette Smuggling by State https://bit.ly/4lmJiHD

From $10M to $15M Tax-Free — Here’s What Changed

A tax break in the One, Big, Beautiful Bill Act is a boon for founders of successful startup businesses. Before the new law, the qualified small business stock exclusion generally enabled early investors (who acquired stock when a company was worth less than $50 million) to pay no tax on the first $10 million in […]

Separated or Divorced? Here’s What It Means for Your Taxes

If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using the IRS estimator. Certain alimony payments may be deductible by the payer and taxable to […]

New Law Makes Part of the Adoption Credit Refundable — Finally!

Adopting a child is expensive, but adoptive parents may qualify for a tax break to offset some of the costs. Under the One, Big, Beautiful Bill Act (OBBBA), the tax break got better for some parents. For 2025, the maximum adoption credit is $17,280 of qualified expenses, with phaseouts for higher-income parents. Under prior law, […]

They Didn’t Report $1.8M — Here’s What the Tax Court Said

Federal law generally defines gross income as income from all sources. This includes income from settlements unless excluded by law, such as those paid for personal injuries or personal sickness. One married couple received a $1,800,000 settlement from the wife’s former employer, but they didn’t report the amount on their tax return. The wife argued […]

New Legislation Seeks to Limit IRS Funding and Scope

Congressional Republicans have already clawed back more than $40 million in Inflation Reduction Act funding to the IRS. A newly approved U.S. House Appropriations Financial Services and General Services Subcommittee bill would further cut the IRS’s budget. For the fiscal year ending Sept. 30, 2026, the bill provides the Treasury Dept. with $11.29 billion, which […]

Big Brands Raise Prices as Tariff Policy Shifts—Here’s What’s Going On

President Trump has pushed back the effective date of most reciprocal foreign tariffs to Aug. 7, 2025. They’ve been delayed several times, most recently to Aug. 1. Trump says double-digit tariffs on most countries’ goods will restore trade balances and boost domestic growth. But critics of his trade policy argue these import taxes will, among […]