A new study from the Tax Foundation estimates that the One Big Beautiful Bill Act will reduce federal taxes on average for individual taxpayers in every state, but the impact will differ in various states. Taxpayers in Wyoming ($5,375), Washington ($5,372) and Massachusetts ($5,139) are expected to see the largest
Ninety percent of tax leaders say they are invited to weigh in on business decisions before they are made, and their recommendations carry significant weight, according to a new survey. The 2025 BDO Tax Strategist Survey polled 300 senior tax leaders at companies with $250 million to $3 billion in
President Donald Trump displays the signed One Big Beautiful Bill Act.Kent Nishimura/Bloomberg President Donald Trump’s tax and spending law will deal a financial blow to the poorest Americans while boosting the income of wealthier households, according to a new analysis from the Congressional Budget Office. The poorest 10% of households
President Trump has removed Billy Long as commissioner of the Internal Revenue Service in the latest sign of turmoil at the embattled agency. Long was confirmed as IRS commissioner in June after a series of acting commissioners temporarily filled the job following the departure of Danny Werfel in January on
President Donald Trump removed former congressman Billy Long as Internal Revenue Service commissioner after less than two months on the job, throwing the leadership of the tax agency once again into turmoil. Treasury Secretary Scott Bessent will serve as acting commissioner until a permanent replacement is named, a White House
The One Big Beautiful Bill Act is sparking questions from employees and payroll departments about how to handle the various tax breaks, including on overtime pay. The Internal Revenue Service’s announcement Thursday saying it would not be making any changes for the rest of tax year 2025 to withholding tables
The American Institute of CPAs has sent a letter to officials at the Treasury Department and the Internal Revenue Service asking for immediate guidance on a provision of the One Big Beautiful Bill Act allowing companies to fully deduct their domestic research costs this year. The guidance would allow eligible
Earmarking and the deficit; next season’s outlook; court shows and the IRS; and other highlights from our favorite tax bloggers. Sure seems that way Tax Vox (https://www.taxpolicycenter.org/taxvox): With many programs out of bounds amid a tax cut extravaganza, could earmarking taxes help reduce the federal deficit? Eide Bailly (https://www.eidebailly.com/taxblog): President
Wipfli’s offices in Wausau, WisconsinCourtesy of Wipfli LLP Wipfli’s infusion of private equity funding from New Mountain Capital promises to help the firm expand, while still retaining the partners’ control over the firm. On Friday, the firm announced the new funding, in which New Mountain is getting a 40% stake
By now, anyone reading this column has heard enough about the historic set of challenges confronting tax and accounting firms. Talent shortages, fast-moving regulatory and tax policy changes, and the growing influence of private equity in accounting are just a handful of the major disruptions that have been fundamentally reshaping