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IRS Promises Employer Transition Relief for Tips and Overtime Deductions

July 23, 2025
Article

IRS Promises Employer Transition Relief for Tips and Overtime Deductions

July 23, 2025

On July 14, the IRS released initial explanations (FS-2025-03) of the new deductions for tips, overtime, and auto loan interest, while pledging to quickly release more substantial guidance.

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Lawmakers Discuss Year-end Tax Priorities

July 23, 2025
Article

Lawmakers Discuss Year-end Tax Priorities

July 23, 2025

Several lawmakers have floated ideas for tax priorities for the rest of 2025, but the contentious political climate and lack of any obvious legislation vehicles will make enactment of a second tax package difficult.

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Article

House Appropriators Propose Substantial Cut in IRS Funding

July 23, 2025
Article

House Appropriators Propose Substantial Cut in IRS Funding

July 23, 2025

The House subcommittee responsible for IRS funding approved a bill on July 21 that would cut the IRS budget from $12.3 billion in fiscal year 2025 to just $9.5 billion 2026.

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Article

Texas Announces Tax Relief Following Hill Country Flooding

July 22, 2025
Article

Texas Announces Tax Relief Following Hill Country Flooding

July 22, 2025

After July 2025 flooding, Texas declared disaster areas and announced tax relief, including deadline extensions and property tax exemptions for affected counties. See if you qualify and how to apply before the October 18, 2025 deadline.

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