IRS unit that audits billionaires has lost 38% of its employees since January

The IRS unit that audits billionaires has lost 38% of its employees since January, new data shows – ICIJ.org https://bit.ly/4ldnyPS

Florida May Abolish Property Taxes. Here’s What They Are in Every State

Florida May Abolish Property Taxes. Here’s What They Are in Every State. – Business Insider https://bit.ly/43PO9wf

Trump orders IRS to stop sending, taking checks. What Arizona taxpayers can expect – The Arizona Republic https://bit.ly/3FJ8BF3

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 […]

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 […]

Budget Reconciliation: Tracking the 2025 Trump Tax Cuts

Budget Reconciliation: Tracking the 2025 Trump Tax Cuts https://bit.ly/444euqe

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 […]

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 […]

Trump’s proposed Gold Card Initiative

Earlier this year, President Donald Trump proposed a “Gold Card” initiative. The plan offers foreigners U.S. permanent residency and a path to citizenship for $5 million. In a March 4 speech, Trump said the plan aims to attract top talent and “the most successful job-creating people” worldwide. Trump added, “These people will have to pay […]

Common refund myths

On its website, the IRS has posted a list of common refund myths (https://bit.ly/3FEnhoH). For example, if the online Where’s My Refund tool or automated hotline doesn’t specify when a refund will be approved, there’s no point in calling the IRS. The tax agency won’t have additional details yet. You’re advised to contact the IRS […]