The Trump administration’s so-called reciprocal tariffs on countries around the world announced April 2 will raise government revenue in 2025 by $290 billion, or o.95% of GDP, constituting the biggest tax hike since 1982. This is according to calculations by the Tax Foundation. While the U.S. government has claimed that tariffs are a tax on foreign entities, a tariff is paid by the importer, which could in the case of the new tariffs most likely be an American company. Tariffs are then expected to be passed on to that company’s clients and ultimately consumers to offset the importer’s higher cost.…

A severe drop in the stock markets has resulted from the first two days after Trump’s Liberation Day announcement, which imposes significant tariffs on companies bringing goods into the U.S. from other countries. The VIX Index is nearing 5-year highs. These increased costs and volatility are casting a shadow over U.S. stock markets. At 4:00 PM on Apr. 2, President Trump made his Liberation Day announcement, introducing a sweeping set of international tariffs on goods brought into the U.S. While 4:00 PM may seem like an odd time to announce such a large-scale change to foreign economic policy, an alternative…

This week, football (soccer) drama is playing out in Spain both on and off the pitch—one for a chance at glory and another as a top manager defends himself against charges of tax evasion. On the pitch, players have suited up for the Campeonato de España–Copa de Su Majestad el Rey, more commonly known as Copa del Rey. The Copa is the oldest Spanish football tournament played at a national level—and it comes with a significant bonus: the winners qualify for the following season’s Union of European Football Associations (UEFA) Europa League. Off the pitch, Real Madrid manager Carlo Ancelotti…

Lauren Crane is one of the founders of Bender & Crane, a five woman law firm that focuses on divorce. She made it a point to let me know that even though the team is all women, they represent both women and men. We were discussing tax returns and divorce and some of the ways accountants interact with divorce attorneys. Ms. Crane focuses on high income/net worth clients. Her clients live in the State of New York portion of the metro New York City area, mostly in Manhattan. Speaking with her I learned some things that I would never learn…

U.S. tax filers seem to be filing their respective tax forms later this year. Since the IRS started accepting returns in January, the volume has been lower every week compared to the prior year. For those of us who have not yet filed our federal and state tax returns — but are looking for ways to legally keep more of our funds — prospective tax filers might want to consider the “ChatGPT option.” While AI is not a replacement for a tax specialist or accountant, it can help identify documents to wrangle, proper forms to fill out as well as…

One of the signature accomplishments of the first Trump administration was the passage of the 2017 Tax Cuts and Jobs Act (TCJA), a pro-growth reform that helped fuel economic expansion. But as key provisions of the law begin to expire this year, Congress faces a major test––will it preserve the competitive edge TCJA helped create or undo that progress through backdoor tax increases? Lawmakers are considering a wide range of proposals to offset the projected $4.5 trillion cost of extending the 2017 tax cuts, including a proposal to cap or eliminate the corporate state and local tax deduction—commonly known as…

We may not have a tax bill for next year yet, but that doesn’t mean that Congress hasn’t been working on tax-related bills. A flurry of tax-related bills passed the House this week, though admittedly, they are more focused on tax administration than tax policy. Here’s what to know about them. Disaster-Related Extension of Deadlines Act The Disaster-Related Extension of Deadlines Act was introduced in the House by Rep. Gregory F. Murphy (R-N.C.) and is intended to aid taxpayers in federally-declared disaster areas. (Murphy represents the Tarheel State’s third congressional district, which includes the Outer Banks and the counties adjacent…

One of the signature accomplishments of the first Trump administration was the passage of the 2017 Tax Cuts and Jobs Act (TCJA), a pro-growth reform that helped fuel economic expansion. But as key provisions of the law begin to expire this year, Congress faces a major test––will it preserve the competitive edge TCJA helped create or undo that progress through backdoor tax increases? Lawmakers are considering a wide range of proposals to offset the projected $4.5 trillion cost of extending the 2017 tax cuts, including a proposal to cap or eliminate the corporate state and local tax deduction—commonly known as…

Tax Day is just around the corner. The deadline to file your 2024 taxes is April 15, 2025. If you cannot complete your taxes by the deadline, you can request an automatic six-month extension to file your taxes. The deadline to apply for a tax extension also falls on April 15. With all the turmoil at the IRS these days, I’d rather see you take the time (on extension) to file your taxes properly rather than rushing and having to amend your taxes later. Doing so could lead to delays in processing any refunds owed, among other things. There is…

In this episode of Tax Notes Talk, Kimie Eacobacci of the National Council on Disability details how a 60-year-old revenue ruling can exclude workers with disabilities from standard employment benefits and protections. Tax Notes Talk is a podcast produced by Tax Notes. This transcript has been edited for clarity. David D. Stewart: Welcome to the podcast. I’m David Stewart, editor in chief of Tax Notes Today International. This week: tax and disability. Federal law prohibits employers from discriminating against disabled workers, but some workplaces may be using a half-century-old IRS ruling to do just that. A recent study conducted by…