The act of withholding taxes dates back to the Founding Fathers.
From new deductions to disappearing credits, here’s what taxpayers should know before filing.
The agency lost more than 25% of its staff to cuts, and it’s also dealing with new provisions from the tax and spending law passed in 2025.
The U.S. tax code is filled loopholes — credits, write-offs, exceptions and exemptions. This complicated system is costly and time-consuming for taxpayers. And it’s pretty unique to the U.S.
Some Republicans are pushing to end the IRS free-filing program amid wider cuts to government spending.
The tax prep industry opposes the service.
The industry is trying to reverse the decline in college students studying accounting with incentives like scholarships and mentoring.
Tax preparation costs are sharply higher this year as the demand for preparers has risen. Software prices have also increased.
Due to a temporary change in the law, student loan forgiveness is not considered federally taxable income. State tax laws vary, though.
The idea has been thrown around for a while now, but new IRS funding may help it become a reality.
