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The Latest Breaking News from Federal Taxes

Are Tips Taxable in 2025? Understanding the IRS Rules

With all the recent talk about ending federal taxes on tips, some wonder whether tips are taxable income.

Kiplinger

Voters in Seven Swing States Love Ending Taxes On Tipped Income: Poll

They were lukewarm about Harris' proposal to provide $25,000 for housing purchase assistance

International Business Times

Kamala Harris Pledges To Eliminate Taxes On Tips For Workers

Vice President Kamala Harris pledges to eliminate federal taxes on tips for service workers, sparking debate and drawing criticism from former President Trump.

Top News

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Ohio Woman Wins $15M Lottery But Only Receives $5.4 Million - Are Cash Payouts Worth It?

Jeanne opted for the $7.5 million cashout option and paid 28% in state and federal taxes to take home $5.4 million. She also had the option to receive $600,000 annually for 25 years.

International Business Times UK

Trump plan to eliminate tip tax garners Capitol Hill interest - Roll Call

Former President Donald Trump again trotted out his desire to eliminate federal taxes on income from tips.

Roll Call

The Real Tax Gap

Wealthier Americans pay a record share of federal taxes, but voters (and President Joe Biden) believe they're freeloading.

Reason

We break down federal income taxes and give you step-by-step tips on how to do them

We break down the process of paying federal taxes and provide you with the most up-to-date information to make filing your 2023 and 2024 tax returns as painless as possible.

The Street

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Up First briefing: Hunter Biden's second indictment; college presidents under fire

Hunter Biden faces new criminal charges related to his failure to pay federal taxes. The presidents of three elite colleges are under scrutiny for their testimony at hearing on campus antisemitism.

WEKU

Economist Peter Schiff Suggests Suspending Taxes During Government Shutdown

Noted economist Peter Schiff proposes suspending federal taxes if government services are halted

Zenger

Effort to fix payroll error for state National Guard troops falls short in Texas Senate

The mistake meant about 7,400 soldiers sent to the Texas-Mexico border under Operation Lone Star were hit with higher-than-expected federal income taxes.

The Texas Tribune

Puerto Rico is becoming the new Florida for the ultrawealthy and remote workers

Puerto Rico offers the same warmth, sunshine, and affordability Florida does—but without the federal taxes.

Fortune

Commentary: The IRS is becoming a model of efficiency. Really

Paying taxes is like paying a visit to the dentist: We might not like doing it, but deep down we know we need to. Among other things, our federal taxes fund national defense, health care for veterans, loans to small businesses, critical repairs for crumbling road and rail bridges, and…

Tribune News Service

How to file your taxes and get your refund for free in 2023

Historically, April is tax time. (We will hold briefly for boos.) But there is a silver lining. Two, actually: Most people don’t need to pay for special software to file them. And if you’re fortunate enough to be a Californian, your state and federal taxes probably aren’t due until October.

Los Angeles Times

Brazil govt to resume fuel taxes -ministry

The Brazilian government is set to resume the collection of federal taxes on fuels this week, the Finance Ministry said on Monday.

Reuters

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The Independent UK

IRS won't tax most relief payments made by states last year

The IRS says most relief checks issued by states last year won't be subject to federal taxes, providing late guidance as taxpayers have begun filing returns

WEKU

The IRS now says most state relief checks last year are not subject to federal taxes

A week after telling payment recipients to delay filing returns, the agency won't challenge the taxability of payments related to general welfare and disaster.

Tribune News Service

Karl Smith: Republican tax proposals aren’t as bonkers as they sound

Among the many concessions Kevin McCarthy agreed to in order to become speaker of the House is one that would give the so-called Fair Tax Act a full hearing on Capitol Hill. To describe the bill as radical would be an understatement. Not only would it abolish the Internal Revenue…

Reuters

Brazil's Lula decrees extension for tax exemption on fuels

Brazil's newly sworn-in President Luiz Inacio Lula da Silva signed a decree on Sunday extending for 60 days an exemption for fuels from federal taxes, a measure passed by his predecessor aimed at lowering their cost.

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The Street

You're More Likely to Owe Federal Taxes This Year

Many temporary changes made to the tax code are going away.

Chicago Sun-Times

Pritzkers release tax returns: Last year’s $18.5 million in taxable income more than triple previous year

Gov. J.B. Pritzker’s campaign released partial 2021 state and federal tax returns, which also show the Pritzkers paid $4,733,028 in federal taxes and $883,780 in state taxes.

The Texas Tribune

Operation Lone Star troops could owe feds tax money thanks to state’s payroll error

On Thursday, officials with the Texas Military Department acknowledged that the payroll system they used for the mission has withheld too little in federal taxes from service members’ paychecks.

Reuters

Brazil's Lula to continue tax reform but replace income tax bill if elected, says aide

Brazil's former President Luiz Inacio Lula da Silva, if elected in October, will back a tax reform bill currently in the Senate that would unify federal taxes on consumption into one valued-added tax, a close aide told Reuters on Thursday.

Tribune News Service

US tax bill costs corporations nearly $300 billion more, while middle class pays less

Corporations will pay nearly $296 billion more in U.S. federal taxes over the next decade, and middle-income households will see some tax cuts, under the tax-and-climate bill that is likely to become law in the coming days.

The Street

Five Tips for Taxpayers Who Requested an Extension to File Federal Taxes

Are you among the estimated 16 million or so taxpayers who requested an extension to file their federal taxes after April 18, 2022? If so, there’s plenty of dos and don’ts you should know as you rush to send your 2021 tax return to the IRS before the Oct. 15,…

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