Taxpayers getting bigger standard deductions in 2025, but with smaller boosts than recent years
The Internal Revenue Service detailed the increases in its annual inflation adjustments announced Tuesday.
Income taxes
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IRS throws chill into collectives paying college athletes while claiming not-for-profit status
The rapidly expanding landscape of not-for-profit, donor-backed collectives paying college athletes to promote charities has been hit with a potentially seismic disruption.
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Bill making tech parks eligible for more tax revenue heads to governor
A bill that would allow Indiana tech parks to capture a larger share of tax revenue is poised to become law after the Senate voted unanimously Monday to advance the legislation to the governor’s office.
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Should the state ax its individual income tax?
A powerful Senate Republican plans to introduce legislation next year to create a commission to consider changes to Indiana’s tax structure, including phasing out the state income tax.
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Indiana lawmakers near deal on multiyear income tax cut
The tax cut package was a major remaining issue as the Republican-dominated Legislature looked to possibly finish this year’s session on Tuesday.
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Articles
Noblesville, Westfield lead the effort for sports district changes
The cities are set to ask state lawmakers to change the rules that govern how and when cities can benefit from taxes generated by sports-related projects.
IRS has 940,000 unclaimed tax refunds from 2020 that are about to expire
The IRS is warning taxpayers that they might be leaving more than $1 billion in unclaimed refunds on the table.
Replacing income tax with sales tax hike would cost poor Hoosiers more, experts say
Analyst Neva Butkus with the Institute on Taxation and Economic Policy called the state’s tax system “deeply regressive,” meaning that lower-income residents contribute larger shares of their income toward government services.
Budget experts recommend caution before Indiana considers tax overhaul
Key Indiana Republicans at a task force meeting heard tepid support on Friday for their hopes to cut or scrap the state’s individual income tax.
Income tax revenue replacement ‘remains to be seen,’ state budget director says
The comments from Indiana State Budget Director Zac Jackson came during a virtual panel discussion on the impacts an economic recession would have on state budgets.
Dems accuse tax-prep firms of undermining IRS effort on free-file returns
The IRS in May announced that it would launch a pilot program for the 2024 filing season to allow taxpayers to file directly to the agency for free.
Where the GOP gubernatorial candidates stand on axing income taxes
Indiana collected almost $8.2 billion in individual income taxes in fiscal 2022, accounting for roughly one-third of the state’s overall tax revenue.
TurboTax customers to receive checks for $141M settlement
Millions of Americans who qualified for free tax services—but were instead deceived into paying TurboTax for their returns—will soon get settlement checks in the mail.
Average income tax refund smaller than last year’s
The filing deadline for most taxpayers is Tuesday, though it has been extended for parts of Indiana, California, Alabama, Georgia, New York, Tennessee, Arkansas and Mississippi that were hard hit by severe weather.
IRS looking into free electronic tax-filing system for all
Big tax preparation companies have millions of dollars to lose if the program comes to fruition. Last year, more than 60 million taxpayers were serviced by Intuit, the parent company of TurboTax, and H&R Block.
IRS overhaul aims for tenfold increase in audits of the wealthy
IRS and Treasury Department officials said Thursday that they will use part of the $80 billion in new funding for the tax service to claw back unpaid balances from high-income earners and complex businesses.
New IRS leader promises faster, easier tax filing process
Commissioner Danny Werfel delivered a tax-season pledge Tuesday that the agency will use an $80 billion infusion of cash to become faster, more tech-savvy and provide “real-world improvements” to taxpayers.
Bill seeking to study elimination of state income tax moves forward
The proposal would form the State and Local Tax Review Commission to study the feasibility of ending Indiana’s income tax and reforming property taxes for Hoosiers.
IRS won’t tax most relief payments made by states last year
The IRS announced Friday that most relief checks issued last year by states, including Indiana, aren’t subject to federal taxes, providing 11th hour guidance as tax returns start to pour in.
Tech parks could capture larger share of tax dollars
A bill that would divert some $6 million in state and local tax revenue annually to state-certified technology parks has passed the Senate and is headed to the House, where similar legislation died two years ago.
Trump tax audits required by IRS were delayed, panel says
A report released by the Democratic majority on the House Ways and Means Committee indicated the Trump administration may have disregarded an IRS requirement dating back to 1977 that mandates audits of a president’s tax filings.
IRS increases standard deductions, tax brackets due to inflation
Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation.
Indiana auditor says all automatic refund checks have been mailed out
The auditor said that while most eligible Hoosiers have received their refunds, “we are aware that many need further assistance to claim it.”
IRS to look into setting up free electronic tax filing system
The IRS has lacked the funding—or the clout to outmaneuver private lobbyists—to seriously consider its own e-filing platform, current and former officials say, forcing taxpayers instead to deal with a consortium of private providers.