Author: Dawn Delia

In April 2025, President Donald Trump announced sweeping new tariffs on foreign imports, marking a major shift in U.S. trade policy. A 10% universal tariff on all imported goods began on April 5, with additional “reciprocal tariffs” targeting specific countries, starting April 9. These tariffs are aimed at countering what Trump described as decades of

If you’ve been selling goods or services online, the IRS may have its eyes on your earnings. A new reporting threshold means that millions more taxpayers will receive Form 1099-K this year, and failure to report income could result in penalties. New 1099-K Thresholds: What You Need to Know In 2024, anyone earning over $5,000 from online platforms

The Internal Revenue Service (IRS) has expanded its Direct File system for the 2024 tax season, making it available to millions more taxpayers. Initially launched as a pilot in 12 states last year, the free online filing tool is now open to eligible filers in 25 states. The program, however, faces uncertainty beyond this year

IRS Hiring Freeze Leads to Rescinded Job Offers The IRS has begun implementing a federal hiring freeze following an executive order by President Trump, resulting in revoked job offers and the removal of job postings. While the freeze is meant to be temporary for most agencies, the IRS faces an indefinite pause until the Treasury

The Social Security Administration (SSA) has announced that individual taxable earnings up to $176,100 annually will be subject to Social Security tax in 2025. This marks an increase from the $168,600 wage base in 2024. The wage base limit applies to earnings subject to the 6.2% OASDI tax (Old Age, Survivors, and Disability Insurance). At

IRS Announces 2025 Retirement Plan Dollar Limits and Thresholds The IRS has released the 2025 retirement plan dollar limits and thresholds, reflecting cost-of-living adjustments. These updates impact various retirement savings options, including 401(k) plans, SIMPLE IRAs, and more. Below is a breakdown of the most significant changes. Key 2025 Limits and Adjustments Annual Additions LimitThe

The Internal Revenue Service (IRS) has released the inflation-adjusted federal income tax brackets and standard deductions for the 2025 tax year, applicable to returns filed in 2026. 2025 Federal Income Tax Brackets The tax rates remain unchanged; however, the income thresholds have been adjusted for inflation by approximately 2.8%. 10%:Single filers: Income up to $11,925Married

The Internal Revenue Service (IRS) has announced that approximately 1 million taxpayers who did not claim the Recovery Rebate Credit on their 2021 tax returns will receive automatic payments later this month. These payments, which are part of the IRS’s ongoing efforts to assist taxpayers, are expected to arrive via direct deposit or paper check