This week on Tax Breaks, Forbes Senior Editor Kelly Phillips Erb is talking about job losses at IRS, taxpayer privacy, the House and Senate making progress on the budget, changing your name, taxes on tips, and more.
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https://www.forbes.com/sites/kellyphillipserb/2025/02/22/tax-breaks-the-tax-view-from-the-top-of-the-world-edition/
00:00 Introduction
00:38 Updates on IRS layoffs, BOI reporting, and federal budget updates
09:36 Taxpayer Question
11:08 Can DOGE Access IRS Taxpayer Information?
14:39 Tax Quiz
16:03 A Deep Dive Into Taxes On Tips
18:49 Tax Industry Updates
20:29 Outro
SNOW NOTES:
BOI reporting:
https://www.forbes.com/sites/kellyphillipserb/2025/02/19/fincen-offers-extra-time-to-file-after-court-reinstates-beneficial-ownership-information-boi-reporting-requirements/
Steve Forbes article:
https://www.forbes.com/sites/steveforbes/2025/02/20/2025s-tax-time-bomb-gops-last-chance-to-prevent-economic-shock/
SALT deductions:
https://www.forbes.com/sites/brucebrumberg/2025/02/19/trump-the-irs-and-tax-policy-advisors-make-early-predictions/
March shutdown:
https://www.forbes.com/sites/richardmcgahey/2025/02/20/trump-republicans-confront-democrats-over-march-government-shutdown/
DOGE access to data:
https://www.forbes.com/sites/howardgleckman/2025/02/20/how-doges-access-to-irs-data-puts-taxpayer-information-at-risk/
Taxpayer privacy (with Nixon):
https://www.forbes.com/sites/kellyphillipserb/2025/02/20/irs-taxpayer-data-is-tightly-restricted-by-law-will-this-stop-trump-musk-and-doge-from-gaining-access/
SSA name change page:
https://www.ssa.gov/personal-record/change-name
IRS job cuts:
https://www.forbes.com/sites/kellyphillipserb/2025/02/19/irs-to-fire-thousands-of-workers-this-week-in-the-heart-of-tax-season/
IRS agents to the border:
https://www.forbes.com/sites/kellyphillipserb/2025/02/12/if-irs-sends-its-agents-to-the-border-heres-the-work-that-wont-get-done/
No tax on tips:
https://www.forbes.com/sites/peterjreilly/2024/07/28/no-tax-on-tipsbe-careful-what-you-wish-for/
FICA tip credit:
https://www.forbes.com/sites/jessicaledingham/2025/02/18/service-industries-and-the-fica-tip-credit/
Hair salon industry:
https://www.forbes.com/sites/kellyphillipserb/2023/10/21/taxing-tips-untangling-the-hairy-situation-between-beauty-salons-restaurants-and-the-irs/
AICPA statement:
https://www.aicpa-cima.com/news/article/aicpa-releases-statement-on-irs-ability-to-help-taxpayers-meet-filing
NATP page:
https://www.natptax.com/AboutNATP/Advertising/Pages/default.aspx
Military Times re FSA:
https://www.militarytimes.com/pay-benefits/mil-money/2025/02/20/troops-new-tax-saving-health-care-benefit-enrollment-starts-march-3/
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