Starting next year, millions of Americans — from restaurant servers to retirees — could receive lower tax bills under President Trump's recently signed tax legislation. Why it matters: The sweeping law locks in Trump-era tax cuts and rolls out a fresh set of deductions,

The Internal Revenue Service's plan under the Biden administration to audit high-income taxpayers appears less likely after staffing and budget cuts.

Independence Day legislation includes permanent full expensing for new and used aircraft used in business operations

After a tied vote in the Senate and another close vote in the House of Representatives, President Donald Trump’s “Big Beautiful Bill” is now on its way to the President’s desk to be signed into law.

The IRS's progress in improving tax compliance in recent years has been threatened by cuts in funding and hiring, according to a new report.

The House's "One Big, Beautiful Bill," expected before July 4, could create new complexities for the IRS, the report added. Key provisions retroactively apply to the 2025 tax year, such as ...