Pope Leo XIV during an audience with the media on May 12. (Photo by Edgar Beltrán, The Pillar/Wikipedia Commons) On May 8, history was made by the Catholic church. Chicago native Cardinal Robert Prevost was elected to succeed the late Pope Francis. Pope Leo XIV, the name Prevost chose as the new Bishop of Rome and leader of Catholics worldwide, is the first American to be pope. There’s been much pride in and curiosity about the man who now is the supreme pontiff. But I must admit that one of my favorite comments about the election of Pope Leo XIV... Read more →
Taxes
Much attention on federal agencies this year has been on ways to prevent fraud and save Uncle Sam money, with mixed results. But such efforts have always have been a focus of the Internal Revenue Service Criminal Investigation (IRS-CI). This week, IRS-CI and the Department of Justice (DoJ) announced the judicial payoff from one case that cost the U.S. Treasury more than $3 million. Fake claims on false tax returns: Diandre Mentor of Miami pleaded guilty before a Florida magistrate to conspiring to defraud the United States by filing false tax returns for clients. According to court documents and statements... Read more →
Sure, income taxes are infuriating, but if you ask homeowners what tax they hate most, it’s a good bet that their annual property tax bill tops the list. These real estate taxes are issued by county or parish officials across the United States. And the recipients of property taxes are found in all political parties. That's why a group of Republicans whose congressional districts are full of frustrated suburban homeowners are, right now, standing up against their party's leaders when it comes to the one big beautiful budget and tax bill sought by the White House. They say they won't... Read more →
Photo by Andy Quezada/Unsplash May typically is the end of high school for millions of students across the United States. After a summer break, a lot of these new graduates will be heading off to college. In addition to the new classroom challenges, these students and their families will face the daunting task of paying for college. Uncle Sam can help a bit. Be they freshmen or returning to university studies, the Internal Revenue Code has a couple of tax breaks, the American Opportunity and Lifetime Learning tax credits, that could help cover some of students’ common college costs. Here’s... Read more →
Photo by Los Muertos Crew This week in Austin is hot, and I'm not talking about one of the state capital's many music or technology or film or other festivals. It's going to be weather hot. Like sunny and 105 degrees hot tomorrow, according to forecasters. If that happens, it will break by a degree the record for May heat. I know, lots of places deal with extreme heat. Those residents also tend to face utility issues, like brown- or blackouts, when the temperatures put pressure on the electric grids. That’s why many across the nation have opted for their... Read more →
Photo by Nataliya Vaitkevich The House Ways and Means Committee this afternoon released its second run at the tax portion of the one, big, beautiful reconciliation bill demanded by the White House. This latest collection of tax provisions, released in advance of the proposal’s committee markup tomorrow (Tuesday, May 13), fills in a lot of the tax holes that were apparent in the tax-writing panel’s first version, presented on May 9. Political tax promises: Today’s measure includes many of the Trump administration’s populist policy priorities. That includes campaign promises to exempt gratuities and overtime pay from taxation. The bill also... Read more →
Every state has felt the job losses, which came via terminations or Internal Revenue Service workers who left under deferred resignation terms. Photo by Ron Lach When 2025 began, around 103,000 people worked at the Internal Revenue Service nationwide. Then the Trump administration and Elon Musk’s Department of Government Efficiency (DOGE) arrived. Now, according to a new report by the Treasury Inspector General for Tax Administration (TIGTA), the IRS ranks have been reduced by more than 11,400 workers. That’s an 11 percent cut in the tax agency’s workforce. The job losses, which TIGTA collectively refers to as separations, come from... Read more →
A recent Ways and Means Committee hearing. (W&M Republicans YouTube channel screen capture) The Republican-led House Ways and Means Committee had a late Friday surprise for the tax community. It released the tax portion of Donald J. Trump’s mandated "one big, beautiful bill," which also is slated to deal with immigration and energy. The first thing everyone noticed is that the 61-page document leaves out some of the tax provisions that the GOP has had trouble convincing all of its slim House majority to support. There’s no mention of at least increasing the state and local taxes (SALT) federal tax... Read more →
Mother’s Day is Sunday, May 11. Have you bought your mom a present yet? Don't panic. You still have time. And don't stress over finding the perfect gift. In most cases, it’s true that all Mom wants is just to see her children. But if you do want to take some token of thanks for all that your mother has done and sacrificed for you, chances are it will be flowers. Billions spent on Mom: The National Retail Federation’s (NRF’s) annual Mother’s Day survey, conducted in conjunction with Prosper Insights & Analytics, found that, once again, the most popular gift... Read more →
Any small business owner, including this self-employed mechanic, could be a tax scam target. All need to stay alert this Small Business Week and beyond. (Photo by Andrea Piacquadio) Scams are the focus of the Internal Revenue Service on this fourth day of National Small Business Week. The topic, unfortunately, is not new, and isn’t limited to special times of the year. Yes, the IRS has made progress in educating taxpayers about scams, as well as improving the agency’s ability to spot, stop, and in some cases helping prosecute criminal charges against the bad actors. But con artists and scammers... Read more →
The Republican-led Congress insists it is making progress on Donald J. Trump's "one big beautiful bill." But party leaders are facing challenges. In addition to including expiring Tax Cuts and Jobs Act provisions into a combined budget reconciliation package, they must find a way to shoehorn in Trump’s campaign trail promises of no taxes on tips, overtime pay, and Social Security benefits. A House Ways and Means Committee member believes she has a solution to the federal retiree taxation payment issue. Rep. Nicole Malliotakis (R-New York) has introduced H.R. 1129, also known as the Tax Relief Unleashed for Seniors by... Read more →
Thank you teachers! It’s something students and their families should say every day, but today especially. The first full week of May is Teacher Appreciation Week, and Tuesday of that week is designated National Teacher Day. That’s today, May 6, this year. The National Education Association (NEA) says that the whole week, but notably today’s special designation is a time for honoring teachers and recognizing the lasting contributions they make to our lives. Adequate funding for schools and better wages for teachers are among the issues championed by the NEA and other education advocacy groups. While those fiscal decisions generally... Read more →
FX/FXX TV's spy-turned-private detective Sterling Archer offers his margarita recipe. If, however, you're looking for a drink that's a bit more elaborate that the basic one preferred by the animated (in so, so many ways!) and self-absorbed bon vivant, check out the Food Network's myriad margarita recipes. Happy Cinco de Mayo! Or as we here in Texas know it, an official reason to enjoy a margarita, the state's unofficial mixed drink. No, today is not Mexican Independence Day. That's Sept. 16, a national holiday in Mexico celebrating the country’s independence from Spain. So mark your calendar for another special celebración... Read more →
Photo by Igor Omilaev on Unsplash Donald J. Trump released his first budget request of his second term on Friday, May 2. While he’s reshaped the Republican party as far as political style, his fiscal year 2026 wish list is very much traditional GOP. The $1.7 trillion budget proposal would dramatically cut many federal agencies’ spending, but would boost national security dollars. Overall, the Defense Department would see a funding increase of 13 percent, or to more than $1 trillion. But non-defense domestic program spending would be cut by nearly 23 percent, officially 22.6 percent below current year spending, according... Read more →
The Small Business Administration’s annual National Small Business Week kicks off on Sunday, May 4, and runs through Saturday, May 10, 2025. As is tradition, the Internal Revenue Service participates in the annual celebration of entrepreneurs and small business owners. That’s why this weekend’s Saturday Shout Outs go to the official plans for the week dedicated to those employers who are lauded as examples of the American business spirit. SBA support for smaller firms: Let’s start with Uncle Sam’s official host, the Small Business Administration (SBA). For more than 60 years, the U.S. Small Business Administration has sponsored National Small... Read more →
A health savings account, or HSA, helps high deductible health plan, or HDHP, enrollees cover their larger out-of-pocket medical costs. HDHP plan limits and HSA contribution amounts are adjusted annually for inflation. Here are the 2026 numbers. Sometimes just searching for health insurance can send your blood pressure sky high. (Photo by Thirdman) Health care is a major concern for most Americans. Not only do they want solid coverage for themselves and families, they want it at the most affordable price. For many, the best option is a high deductible health plan, or HDHP. HDHP, HSA costs and savings: A... Read more →
Texas' drought has made for a sparser than usual 2025 wildflower season. But the bees and I thank goodness this May for hardy lantana. (Photo by Kay Bell's hubby) Pardon the interruption of your May merry making, but now that the main tax season is over, you need to think about making some tax moves. I know. You thought you were done when you got your 1040 to the Internal Revenue Service on April 15. Or you thought you didn’t have to think about taxes for six more months when you instead filed for an extension. Sorry, but this brand... Read more →
Electric vehicle charging in a suburban Austin, Texas, garage. Texas in 2023 joined the growing ranks of states that collect a special registration fee from EV drivers. (Photo by Kay Bell) A federal fee of $250 a year for electric vehicle owners is part of the transportation component of the Republican budget reconciliation bill. The new revenue would supplement the Highway Trust Fund, which currently is primarily funded by traditional fuel excise taxes which are added to pump prices. The financial requirement would ensure that electric vehicles (EVs) “begin paying for their use of the highway system just like other... Read more →
Even after targeted tax hikes in Massachusetts and Washington State took effect, the number of rich residents in those states increased. Republican tax policy over the years has, for the most part, rewarded wealthier Americans. The party’s trickle-down argument is that when the wealthy face lower taxes, they help create jobs and raise overall living standards. Despite reports that some in the GOP are considering letting the 2017 tax reform law’s top tax rate go from 37 percent to the previous 39.6 percent for the highest earners, most Capitol Hill watchers think that’s unlikely. That’s also the typical state tax... Read more →
At the 100-day mark, the road looks a bit rough for the second Trump administration. (Photo by shy sol) April 29 marks the first 100 days of Donald Trump’s second presidential term. It has not been smooth for him or taxpayers. The Republican led House and Senate have been working on the Tax Cuts and Jobs Act, the party’s massive 2017 tax code overhaul bill that has a Dec. 31, 2025, end date for most individual tax provisions. But there’s been no action to date on what will happen to the law. Still, there’s been a lot going on that... Read more →