Author: Editor

A pair of Senate bills would coordinate Pell Grants with the American Opportunity Tax Credit, and provide a tax deduction for overtime wages.Senate Finance Committee members Chuck Grassley, R-Iowa, and Sheldon Whitehouse, D-Rhode Island, introduced bipartisan legislation Tuesday that would coordinate Pell Grants with the AOTC, and fully exclude Pell Grants from taxable income, while Sen. Tommy Tuberville, R-Alabama, and Roger Marshall, R-Kansas, separately introduced a bill related to President Trump’s campaign promise on exempting overtime pay from taxes.The first bill, known as the Tax-Free Pell Grant Act, aims to iron out the current Tax Code to enable qualifying students…

Igor Golovniov | Lightrocket | Getty ImagesThe Philadelphia home of the NBA’s 76ers and NHL’s Flyers is getting a new name.Beginning in September the sports and entertainment venue in South Philadelphia will be named the Xfinity Mobile Arena, rebranding from the current Wells Fargo Center. The new name will remain through the 2030-2031 season. Financial terms of the deal weren’t disclosed.The change was announced on Tuesday by Comcast Spectacor — the division of cable giant Comcast that owns the Flyers and their home arena, among other assets — as well as Harris Blitzer Sports & Entertainment, or HBSE, Josh Harris…

The Internal Revenue Service lost 31% of its auditors from buyouts and layoffs tied to Elon Musk’s Department of Government Efficiency, departures that are likely to hamper the agency’s ability to go after tax cheats.More than 3,600 revenue agents — responsible for collecting tax payments — have left the IRS, according to an IRS watchdog report.In addition, 18% of revenue officers, who oversee challenging tax cases, and 10% of tax examiners — front-line employees who review returns — have also left the agency, the Treasury Inspector General for Tax Administration said in a recent report.The IRS downsizing is due to…

Natasa Adzic/stock.adobe.com The 2025 filing season has been completed quietly, despite trepidation regarding the Internal Revenue Service’s ability to function effectively in the face of cuts in funding and staff. “It’s been pretty smooth,” according to Roger Harris, president of Padgett Business Services. “A very typical season. Of course, the last four or five days are always a challenge when all the procrastinators come in. There’s always a hiccup during the last week.”One of the reasons it was smooth was a concerted effort to focus all IRS resources to make it smooth, according to Harris — an important lesson for the…

UBS Group AG agreed to pay $511 million to settle a U.S. investigation into how Credit Suisse Group, the Swiss bank it bought, helped rich Americans evade taxes even after pledging to stop the practice a decade ago. A Credit Suisse unit pleaded guilty to conspiring to help its customers hide more than $4 billion from the Internal Revenue Service in at least 475 offshore accounts, the Justice Department said. The U.S. also filed a criminal charge related to U.S. accounts booked at Credit Suisse AG Singapore, which it will drop if the bank cooperates sufficiently. The resolution ends a long-running scandal…