Tag Archives: personal-finance

IRS Layoffs Stall Implementation of Republican-Backed Tax Simplification
Regulation

IRS Layoffs Stall Implementation of Republican-Backed Tax Simplification

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EXECUTIVE SUMMARY• The Trump administration furloughed almost half of Internal Revenue Services (IRS) employees and issued 1,300 layoffs during the October 2025 shutdown.• The cuts have delayed implementation of the One Big Beautiful Bill (OBBB), making Republicans’ tax-simplification effort appear inefficient and disorganized.• Businesses and individuals now face higher costs as they rely more on … Continue reading →

Treasury Outlines OBBB Tax Implementation as Compliance Costs Remain Elevated
Regulation

Treasury Outlines OBBB Tax Implementation as Compliance Costs Remain Elevated

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EXECUTIVE SUMMARY• Department of the Treasury briefed House of Representatives lawmakers on the schedule for rolling out tax provisions of the One, Big, Beautiful Bill (OBBB).• Internal Revenue Service (IRS) paperwork data show that core returns and schedules tied to these provisions require 3.5 billion hours and over $139 billion annually in compliance costs.• Compliance … Continue reading →