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Scams, Layoffs, and Exemptions | Tax Policy Center

IRS warns of new scams targeting tax professionals. The IRS and the Security Summit are urging tax professionals to be wary of scams aimed at stealing business and taxpayer information. Identity thieves have new and evolving approaches to stealing sensitive information from tax professionals. That includes posing as new clients, using phishing emails, and using elaborate phone call and text tactics. The IRS reminded tax professionals to use caution when receiving email attachments or links to websites that the sender claims contain their tax information. These attachments and sites can collect information from the tax professional and load malware onto the tax professional’s computer.

Intuit plans to lay off 10 percent of its workforce under an AI-focused reorganization plan. The tax prep and financial software company that owns TurboTax and QuickBooks will lay off 1,800 employees. Intuit expects to hire at least that many in fiscal 2025 while it incorporates artificial intelligence into its products and services.

Tennessee’s largest companies have lots of tax exemptions. Tennessee does not impose a state income tax and has low property and business taxes. It also offers quite a few “major tax exemptions,” the Tennessee Lookout reports, for items ranging from jet fuel to industrial water usage. They will cost the state government an estimated $5.5 billion in fiscal year 2025 and local governments an additional $1.5 billion, the report says. 

California lawmakers drop the tax piece of a November ballot initative. The measure proposed to lower the required voter approval threshold from two-thirds to 55 percent for certain local special tax and bond measures, but lawmakers removed the language, TaxNotes reports (paywall).

 

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