Latest news with #taxregulations
Yahoo
6 days ago
- Business
- Yahoo
The IRS has had six leaders in 2025. What that means for taxpayers.
The IRS is on its seventh commissioner of the year, has lost one-quarter of its staff and is faced with implementing a raft of new regulations. Whether and how this turmoil could affect Americans remains to be seen. But the first impacts are likely to be lower tax collections and a harder time getting answers to tax-related questions, according to a former commissioner and a policy analyst. 'You can be fairly confident of the direction of the impact, that having this level of instability is not good for IRS' core functions and for taxpayer service," said Alex Muresianu, Senior Policy Analyst at the Tax Foundation, a tax policy think tank. 'This level of instability coinciding with the implementation of a new set of tax laws ‒ that is a dangerous mix." The IRS got its seventh leader of the year Aug. 8 when President Donald Trump tapped Treasury Secretary Scott Bessent as its temporary head, after removing Commissioner Billy Long. Trump ousted Long after 53 days on the job, giving him the shortest tenure of any Senate-approved IRS Commissioner. The IRS media office referred USA TODAY to the Treasury Department, which did not return a request for comment Aug. 12. Long, who said he will be nominated as ambassador to Iceland, was the fifth person picked by Trump to lead the agency since regaining the Oval office in 2025, but the only one approved by the Senate. Biden's IRS Commissioner Danny Werfel resigned his five-year position three years early in January, rather than be fired by Trump. New priorities with each new leader Each IRS commissioner sets priorities, moves resources and staff around and problem solves differently, Werfel told USA TODAY. Constant flux over the last 8 months has likely made it difficult for staff to function, he said. The IRS Commissioner's job is to make sure the agency runs well. Werfel compared it to keeping trains on time. "Every time you have a new leader these rules and processes can change," he said. "It just sows confusion." CNN and The Washington Post reported that Long was fired after the IRS clashed with the White House over using tax data to help locate suspected undocumented immigrants. Long, a former Republican Congressman and auctioneer, previously had to walk back plans to start tax season later and eliminate the IRS' free tax filing program. Fewer agents to process returns and answer taxpayer questions The Biden administration added nearly $80 billion in new IRS funding, largely to collect unpaid taxes from the wealthy. That money brought the agency to one of its highest staffing levels just before Trump took office. The new administration almost immediately began mass layoffs and offered early retirements for federal employees, in an effort to downsize the government. A quarter of the IRS staff had left the agency as of mid- July, according to the Treasury Inspector General for Tax Administration. Among the hardest hit positions are people responsible for reviewing and processing federal tax returns, and agents, who conduct individual and business audits. Other fired workers were involved in modernizing IRS technology or helping taxpayers by telephone. Werfel said the staffing cuts will impact customer service unless those people's jobs have been replaced by technology, and he said there is no indication they have been. Contact with the IRS is stressful for most taxpayers, Werfel said. Fewer employees means fewer people answering phones and responding to requests for help, fewer available inperson appointments and longer waits for audit results, he said. "The higher functioning IRS you have, the less stressful this is," he said. "If you're going to engage that bureacracy, you want it to at least work." Fewer audits means less revenue Conducting fewer audits means the country is collecting less revenue, which Werfel said should bother Americans worried about the national debt. "We should want our country to be fiscally responsible," he said. "The more money that we leave on the table that is actually owed to the country, the more that we have to put on the credit card at a high interest rate." For every dollar spent auditing America's highest earners, for example, the IRS reaps more than $4 in recovered tax dollars, research shows. Werfel said there is an estimated $700 billion in taxes that are owed each year but not paid, an amount he said could climb if the risk of an audit drops and there is less pressure to pay. "It creates an incentive for more people to break the rules and that means less revenue," he said. Implementing the GOP tax law The IRS and Treasury Department are rushing to stand up Republicans' new tax law. Lawmakers left it up to the agencies to fill in the details of the policy changes, many of which take effect this tax year, including sorting out specifics of how new breaks for overtime pay, tips and other provisions will work. Muresianu, the tax analyst, said taxpayers often need more clarification from the IRS when new tax laws take effect, and the call volume will likely be higher next year. 'If you have instability at the IRS, management problems at the IRS, and their ability to provide service declines, that is particularly bad if it's coming at a time where there a lot of people looking for clarity,' he said. This article originally appeared on USA TODAY: Trump fired the IRS commissioner. What it means for taxpayers.
Globe and Mail
07-08-2025
- Business
- Globe and Mail
US Payroll Services from IBN Technologies Support Growth
"US Payroll Services [USA]" This release explores how US payroll services are helping businesses navigate complex tax regulations, streamline payroll processing, and ensure accuracy across multistate operations. It covers how expert support simplifies wage calculations, tax filings, and compliance monitoring, empowering companies to stay focused Miami, Florida, 07 Aug 2025 U.S. enterprises operating across multiple states are facing heightened payroll challenges driven by evolving labor rules and fragmented reporting structures. In response, IBN Technologies has introduced an enhanced suite of US payroll services, designed to support compliance, accuracy, and coordination across geographically distributed teams. The upgraded framework offers businesses a structured payroll processing system that integrates seamlessly with HR platforms while addressing tax filing requirements and wage reporting obligations. By pairing technical infrastructure with remote payroll specialists, IBN Technologies helps reduce administrative pressure, prevent calculation errors, and maintain timely remittance. For companies managing diverse employee bases, the service provides operational clarity and consistent oversight throughout every payroll cycle. Need expert help managing payroll complexities? Payroll Challenges for Growing U.S. Businesses Navigating payroll in a multistate context presents multiple obstacles that can hinder operational flow and lead to financial penalties. These include: Keeping up with frequent tax code changes across states Accurate calculation of employee wages, benefits, and withholdings Delayed reporting and remittances to tax authorities Poor integration between payroll and HR systems Overburdened HR and finance departments Limited visibility into remote payroll accuracy IBN Technologies' Remote Payroll Framework Offers Tailored Relief IBN Technologies has developed a comprehensive payroll solution that bridges the gap between complex wage laws and business performance. Its US payroll services are structured to deliver scalable, compliant processing through a blend of professional oversight, integrated systems, and client-specific configurations. At the core of the service is a remote payroll specialist, assigned to each client to manage critical operations such as: ✅ Keeping pace with ongoing updates to federal, state, and local payroll regulations ✅ Ensuring accurate computation of employee taxes and benefits to minimize penalties ✅ Avoiding late wage disbursements and compliance risks due to payroll inaccuracies ✅ Managing prompt submission of tax forms and remittances to various agencies ✅ Enabling employees to securely access their pay slips and tax records ✅ Meeting rising administrative demands placed on HR and finance departments ✅ Sustaining uniform payroll practices across operations in multiple states This strategic, hands-on model ensures payroll functions are aligned with business priorities while minimizing disruption. With seamless integration into clients' HR payroll systems, the company's service helps reduce manual work, eliminate processing gaps, and improve accountability throughout the payroll cycle. By replacing outdated or fragmented systems with a unified payroll processing system, businesses gain enhanced accuracy and reliability, even during periods of workforce expansion or restructuring. Benefits of Outsourcing Payroll Services Outsourcing payroll brings measurable advantages to businesses seeking to improve efficiency and stay compliant: Reduces payroll errors and costly compliance risks Cuts payroll-related operational expenses by up to 20% Frees internal teams from repetitive administrative tasks Offers expert support for navigating regulatory complexities Ensures on-time and transparent payroll delivery for employees When paired with the expertise of a remote payroll specialist, organizations can maintain consistent payroll practices without overloading their internal teams. Looking Forward: Simplifying Payroll in a Complex Business Environment As U.S. companies evolve to support hybrid workforces, remote hires, and multistate compliance, there is a growing need for structured, reliable US payroll services. The traditional in-house model no longer fits the demands of today's decentralized teams. Businesses are turning toward specialists who can help them align financial accuracy with legal obligations and employee expectations. IBN Technologies has positioned its payroll services as a strategic resource rather than just a back-office function. By embedding a responsive payroll support team within each client engagement and integrating systems for improved visibility, the company empowers organizations to operate with clarity and confidence. The service is ideal for firms undergoing rapid growth, expanding into new states, or simply looking to reduce payroll-related errors and disruptions. With deep knowledge of U.S. tax codes and wage compliance standards, IBN Technologies' professionals help clients keep pace with evolving demands while focusing on core business growth. About IBN Technologies IBN Technologies LLC, an outsourcing specialist with 26 years of experience, serves clients across the United States, United Kingdom, Middle East, and India. Renowned for its expertise in RPA, Intelligent process automation includes AP Automation services like P2P, Q2C, and Record-to-Report. IBN Technologies provides solutions compliant with ISO 9001:2015, 27001:2022. The company has established itself as a leading provider of IT, KPO, and BPO outsourcing services in finance and accounting, including CPAs, hedge funds, alternative investments, banking, travel, human resources, and retail industries. It offers customized solutions that drive AR efficiency and growth.
The Sun
03-06-2025
- Automotive
- The Sun
Major fuel change for petrol, diesel and electric drivers kicks in – are YOU impacted?
A NEW fuel rate update from HMRC has come into effect today – and while it may help some companies cut costs, it could mean less money back in drivers' pockets for business mileage. The updated Advisory Fuel Rates (AFRs) apply across the UK and affect those using company cars, including employees who claim back mileage for work journeys or reimburse their employer for personal use. 2 AFRs are reviewed and set quarterly by HM Revenue and Customs to reflect average fuel prices and typical consumption levels. They're intended to keep reimbursements fair and in line with tax regulations If employers pay no more than the official rate, there's no taxable benefit for the employee. However, anything above the AFR is treated as income and may be taxed. In this latest update, reimbursement rates for many petrol and diesel vehicles have been reduced. Petrol car drivers with engines between 1.4 litres and 2 litres will now receive 14p per mile, down from 15p. For petrol engines over 2 litres, the rate drops from 23p to 22p per mile. Diesel drivers with engines up to 1.6 litres will now receive 11p per mile instead of 12p. Other diesel rates remain unchanged. While these reductions may seem minor, they can have a noticeable impact over time. For example, a driver covering 10,000 business miles a year in a petrol car that now qualifies for 14p per mile will be reimbursed £100 less than under the previous rate. In that sense, the new rates may feel more like a cut in income than a cost saving. Electric car drivers won't see any change this time around. The reimbursement rate for electric vehicles remains at 7p per mile, which reflects their generally lower running costs. Though the rate may appear low compared to petrol and diesel, it aligns with current energy price trends and may encourage more businesses to consider switching to electric fleets as a long-term cost-saving strategy. These rates are based on data from the Department for Energy Security and Net Zero, the Office for National Statistics, and the Department for Transport. The aim is to ensure that reimbursement remains fair and realistic, keeping both businesses and employees from being left out of pocket or facing unexpected tax consequences. The RAC has reminded drivers and employers that staying aligned with AFRs is essential not just for fairness but for staying compliant with tax regulations. With the potential for even small changes to add up significantly over time, especially for high-mileage drivers, it's crucial to use the correct rates. HMRC will review these rates again in September, taking into account future shifts in fuel prices and electricity costs. Until then, businesses and drivers are being encouraged to double-check their current mileage claims and reimbursement practices to avoid financial shortfalls or tax issues. Advisory fuel rates from June 1, 2025 For petrol vehicles, those with engines up to 1.4 litres can now claim 12p per mile. Vehicles with engine sizes between 1.401 and 1.6 litres, as well as those between 1.601 and 2 litres, are both eligible for 14p per mile. For larger petrol engines over 2 litres, the rate is set at 22p per mile. When it comes to diesel vehicles, drivers with engines up to 1.6 litres can now claim 11p per mile. Those driving diesel cars between 1.601 and 2 litres will receive 13p per mile, while vehicles with engines over 2 litres are now reimbursed at 17p per mile. These rates apply from 1 June 2025 and are intended to cover fuel costs only, not wear and tear or other expenses. 2
Arabian Business
02-06-2025
- Business
- Arabian Business
Saudi Arabia tax fine waiver to end this month
Saudi Arabia has given taxpayers until the end of this month to make use of a waiver on tax fines. The Zakat, Tax and Customs Authority (ZATCA) has called on all taxpayers subject to tax regulations to take advantage of the cancellation of fines and exemption from financial penalties initiative, which ends on June 30, 2025. ZATCA clarified that the initiative includes exemptions from fines related to late registration across all tax systems, late payments, and the late filing of returns. Saudi tax fine waiver It also covers fines for correcting value-added tax (VAT) returns, violations identified during field inspections related to electronic invoicing, and other general provisions under the VAT system. To benefit from the initiative, ZATCA states taxpayers must be registered in the tax system, submit all required returns, and pay the full principal amount of the tax due. Taxpayers may also request to pay the due tax in instalments, provided the request is submitted during the initiative's validity period and all instalments are paid on time according to a payment plan approved by the authority. The initiative does not cover fines related to tax evasion or fines paid before the effective date of the initiative. ZATCA encourages taxpayers to consult the simplified guide available on its official website, which offers a detailed explanation of the initiative, including the types of fines covered, exemption conditions, instalment payment steps, and examples of applicable field violations. The authority urges all eligible taxpayers in Saudi Arabia to take advantage of the initiative before its deadline at the end of June and to reach out with inquiries via:
