Government taxation and revenue
IRS will lay off thousands of probationary workers in the middle of tax season
Nametags with the IRS logo in a conference room at the Internal Revenue Service (IRS) campus in Austin, Texas, US, on Friday, Sept. 6, 2024. Jordan Vonderhaar | Bloomberg | Getty Images The IRS will lay off thousands of probationary workers in the middle of tax season, according to two sources familiar with the agency’s […]
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Watch out for this unexpected tax hit from your municipal bonds
As tax season revs up, investors might be on the hook for reporting – and paying – obligations on their tax-free municipal bonds. Investors are likely gathering the documents they need to file their 2024 tax returns, which are due on April 15. It was a big year for income-generating investments , even as the […]
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One of tax return filing season’s biggest financial risks isn’t an IRS audit
Tax season has officially started, so you should prepare to file your 2024 tax return, and prepare for the scammers who are already prowling. Don’t get baited and hooked. Many people are lax about protecting their personal information online, and there’s more reason than ever to be wary given widespread hacks such as the massive […]
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Trump’s tax cuts are ‘stuck in the mud’ as Republicans split over spending
U.S. House Speaker Mike Johnson (R-LA) reacts following the passage of a spending legislation to avert a government shutdown, on Capitol Hill in Washington, U.S., December 20, 2024. Nathan Howard | Reuters President Donald Trump’s agenda is hitting speed bumps on Capitol Hill, as Republican infighting over spending levels threatens to halt a massive package […]
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Here’s how tariffs on Canada, China and Mexico may impact U.S. consumers
Key Points President Donald Trump is imposing a 25% tariff on Canada and Mexico and a 10% tariff on China starting on Saturday, the White House said. Tariffs will likely result in higher prices for U.S. consumers, both directly and indirectly, economists say. Tariffs are a tax on foreign imports that are paid by the […]
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House Republicans divided over how to pay for Trump’s tax cuts
U.S. House Speaker Mike Johnson (R-LA) listens to remarks during a House Republican leaders press conference at the U.S. Capitol House in Washington, U.S., November 12, 2024. Nathan Howard | Reuters Republicans who control the U.S. House of Representatives are trying to overcome internal differences on how to pay for President Donald Trump’s sweeping tax […]
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Trump’s stop in Las Vegas will focus on how he wants to eliminate taxes on tips
U.S. President Donald Trump disembarks Air Force One at Harry Reid International Airport, in Las Vegas, Nevada, on Jan. 24, 2025. Leah Millis | Reuters President Donald Trump is using a stop Saturday in Las Vegas to offer details on how he can begin excluding tips from federal taxes, betting that a city built on […]
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Vanguard’s $106 million target-date fund settlement offers a key lesson about taxes
Key Points Vanguard Group settled with the SEC on Friday over allegations tied to its target-date funds and investor taxes. There’s a lesson about “asset location” for investors. This strategy pairs tax-inefficient assets like many bonds and actively managed mutual funds with tax-advantaged account types like 401(k) plans and individual retirement accounts. Source
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Top Supreme Court lawyer charged with tax evasion related to poker winnings
Tom Goldstein, who writes SCOTUSblog.com, poses for a photograph in front of the Supreme Court, Thursday, Oct. 31, 2013, in Washington. Alex Brandon | AP A top Supreme Court lawyer who co-founded a popular blog about the high court was indicted Thursday in Maryland on federal tax evasion charges that allege he failed to declare […]
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These Republicans are ready to derail Trump’s tax cuts over the SALT cap
WASHINGTON — An influential group of five House Republicans from high-tax states is threatening to hold up a major tax package that is a top priority for President-elect Donald Trump unless they get a significant boost to the amount that their constituents can deduct from federal income taxes to reflect state and local taxes already […]
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