About our US Tax news
Latest news on tax in the US, providing comprehensive coverage of IRS updates, federal and state tax laws, deadlines, reforms, and policy changes for taxpayers.
The United States tax system, overseen by the Internal Revenue Service (IRS), is a complex network of federal, state, and local tax regulations affecting over 330 million Americans. Each year, the IRS processes more than 240 million tax returns and collects approximately $4.9 trillion in gross taxes, making it one of the world's largest tax administration systems.
Recent developments in US taxation include major IRS modernisation efforts, with $80 billion in funding from the Inflation Reduction Act being deployed to enhance digital services, reduce processing times, and improve taxpayer support. The IRS has also intensified efforts to close the tax gap, estimated at $688 billion annually, through increased enforcement and compliance measures targeting high-income individuals and large corporations.
For everyday Americans, navigating the tax system remains a significant annual undertaking. Local tax preparation services, community organisations, and the IRS's Volunteer Income Tax Assistance (VITA) programme provide free support to millions of low-income taxpayers, elderly persons, and individuals with disabilities. The annual tax filing season, culminating in the traditional deadline of 15 April, has become a prominent feature of American cultural and financial life.
The American tax system's roots trace back to the Revenue Act of 1862, which established the nation's first income tax to fund the Civil War. The modern federal income tax system emerged with the ratification of the 16th Amendment in 1913, fundamentally reshaping the relationship between citizens and government. Since then, numerous reforms have shaped the tax code, including the landmark Tax Reform Act of 1986 and the Tax Cuts and Jobs Act of 2017.
Our NewsNow feed aggregates the latest US tax news from trusted sources, including IRS announcements, legislative updates, and expert analysis. Whether you're a taxpayer, tax professional, or business owner, staying informed about changes in tax policy, rates, deductions, and compliance requirements is crucial for effective financial planning and decision-making.