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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

July 23, 2025
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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

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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New Tax Law Will Have Significant Impact on Tax-Exempt Organizations

July 23, 2025
Article

New Tax Law Will Have Significant Impact on Tax-Exempt Organizations

July 23, 2025

President Trump signed the “One Big Beautiful Bill Act” on July 4, 2025, bringing major tax changes for businesses and tax-exempt organizations—including expanded excise taxes on high compensation.

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