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With sweeping tariffs set for August 1, global traders are reviewing past duties and preparing protests to secure potential refunds, especially for tariffs ruled illegal under IEEPA. Click to explore key deadlines, legal challenges, and what’s next for importers.

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IRS Promises Employer Transition Relief for Tips and Overtime Deductions

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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

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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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House Appropriators Propose Substantial Cut in IRS Funding

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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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