The impending budget reconciliation bill in Congress might be the vehicle for the repeal or revision of the Inflation Reduction Act’s clean vehicle credits, and even as Treasury and the IRS work to finalize its implementing regs, the commercial clean vehicle credit in section 45W may be particularly vulnerable. The commercial clean vehicle credit could be in more danger than the section 30D clean vehicle credit because of its larger size. The current revenue estimate for the section 45W credit is $14.4 billion between 2024 and 2028, while the clean vehicle credit weighs in at $5.6 billion over the same…

It’s not just Harvard that will pay. As Republicans hunt for revenues, the tax on private college endowments could be raised and broadened. We found 127 schools that might be vulnerable. Aspart of his battle with Harvard University, President Donald Trump has suggested that the Internal Revenue Service could yank the school’s tax exemption—a dramatic move that lawyers say likely won’t hold up in court. But the broader, more immediate tax threat to America’s wealthy private universities comes from Congressional Republicans eager to meld their dislike for “woke” colleges and the way they’ve handled antisemitism and diversity issues, with their…

For many years the best action to take with a 401(k) account when leaving an employer was to roll over the account to an IRA. The rollover has been the most frequent IRA transaction, and rollover contributions exceed regular contributions by a significant amount. But the situation has been changing. An IRA rollover is the best action less often, and people seem to realize that. A recent study from J.P. Morgan found that three years after retirement about 42% of participants still had their money in the employer plans, about double the number 10 years ago. T. Rowe Price found…

Tax-exempt bond funds offer handsome yields these days. This survey takes you quickly to the 40 Best Buys. Good news for savers in fairly high tax brackets: Yields on municipal bonds are good, comfortably ahead of what you can clear from Treasury bonds. Bad news: This is a treacherous field. It is easy to be gouged buying either individual bonds or high-fee funds. Municipal bonds are worth considering for any fixed-income money you have in taxable accounts. For tax-sheltered accounts like IRAs, munis are inappropriate; there, use this survey of taxable bonds and bond funds. For taxable accounts, munis are…

Congressional Republicans Struggle To Pass Tax Cuts Amid Growing Economic Uncertainty President Donald Trump and Congressional Republicans have spent much of 2025 trying to create a plan to extend the Tax Cuts and Jobs Act and to implement other income tax cuts. Progress has been slow. Deadlines have been pushed back, and the process has mostly stalled. This is the sixth article I’ve written on the topic — and Congress still hasn’t made meaningful headway. The stakes are getting higher. Tariffs, rising economic worries, and a growing fear of recession — now estimated at a 30% to 40% chance —…

Tax Day may have come and gone, but tax news hasn’t slowed down. Even as taxpayers and tax professionals were winding down from tax season, there was chaos at the IRS. President Donald Trump replaced IRS Acting Commissioner Gary Shapley, who was backed by Elon Musk, after Treasury Secretary Scott Bessent complained to Trump that Shapley was picked without his permission. Trump replaced Shapley with Deputy Treasury Secretary Michael Faulkender. Faulkender is the fifth IRS Commissioner or Acting Commissioner since January. (If you’re keeping count, the others are, in order, Werfel, O’Donnell, Krause, and Shapley.) Rule changes were afoot, too.…

The IRS can be tough on collecting income taxes, and even tougher where payroll taxes are concerned. The money is withheld from employee wages, and is supposed to be paid over to the IRS, promptly. If the IRS doesn’t get it, the losses can mount quickly. This is trust fund money that belongs to the government, and no matter how good a reason the employer has for using the money for something else, the IRS is strict. The IRS can target the owners of the business, plus check signers and other responsible persons who had a role–or could have had…

In a few weeks, the conclave will gather in the Vatican’s Sistine Chapel to cast a series of votes to choose the next pope. One of the questions that will surely be top of mind for those tasked with the choice is whether the next pope will carry on the legacy of Pope Francis. Francis was elected in 2013 after Pope Benedict XVI retired. He is the first Latin American pope in history and the first pope to be a member of the Society of Jesus, more commonly known as the Jesuits. The Jesuits are one of the most prominent…

Earlier this year, the IRS Office of Chief Counsel released a memo (Memorandum Number 202511015) providing clarification on the deductibility of theft losses for scam victims. The memo made clear that relief is limited for taxpayers—those who can claim the deduction must meet a narrow set of criteria. The result is that many taxpayers impacted by popular scams like romance scams may not deduct the losses on their tax returns. Scams are increasingly becoming more sophisticated and widespread. The FBI’s Internet Crime Complaint Center (IC3) received 859,532 complaints in 2024, totaling $16.6 billion, a 33% increase from 2023—the lion’s share…

The April 15 tax deadline has now come and gone, and most small business owners have no plans to think about taxes again until this same time next year. Those taxpayers contribute to the hard truth that 93% of small businesses overpay in taxes. This statistic was reported nearly a decade ago by a Forbes analyst who supported small business owners. Serving in that same capacity, I’m disappointed to report that the statistic remains true today. The fact is, the IRS and state tax authorities are bill collectors. They are actively working to collect the maximum amount of tax revenue.…