According to Law360, House Republicans plan to meet Tuesday to deliberate a sweeping extension of their 2017 tax overhaul that would lock in low individual rates and deduction limits, expand child care and estate tax breaks, and make permanent tax incentives for small pass-through businesses and U.S. multinational corporations.

The 28-page tax bill, released late Friday by House Ways and Means Committee Chairman Jason Smith, R-Mo., would expand most of the popular tax incentives in the 2017 Tax Cuts and Jobs Act, the signature legislation of President Donald Trump's first term. The tax bill is the product of intense negotiations between House and Senate GOP lawmakers and the White House, who hope for a vote on it by Memorial Day.

Smith's bill would make TCJA individual tax rates permanent by removing the sunset date of Dec. 31, 2025, and would permanently extend the doubled standard deduction with a temporary increase through 2028 of $1,500 for married taxpayers and $1,000 for individuals.

Personal exemptions and miscellaneous itemized deductions would be repealed permanently, and the child tax credit would be increased to $2,500 per child through 2028 before dropping to a permanent credit of $2,000. The bill would require both parents to have Social Security numbers in order to claim the credit.

The exemption for estate and gift taxes would be permanently raised to $15 million per spouse, from $13.99 million per spouse, and indexed for inflation. The TCJA exemption from the alternative minimum tax would also be made permanent.

On the business side, the bill would: 

• permanently extend the deductions for foreign-derived intangible income and global intangible low-tax income. 
• It would also repeal a scheduled increase in the base erosion and anti-abuse tax. and 
• The bill would also extend the deduction for qualified pass-through business income and increase the deduction rate to 22%.

According to a Joint Committee on Taxation report released Saturday, the bill would cost $4.9 trillion over the next decade, including nearly $2.2 trillion to make the Tax Cuts and Jobs Act's individual tax rates permanent. The increased standard deduction would cost nearly $1.3 trillion, but permanently eliminating personal exemptions would raise nearly $1.9 trillion in revenue over the next 10 years, according to the report.

• The bill would lower the average tax rate for those making more than $1 million in annual income from 30.7% to 27.4%, according to a second report released by the JCT on Saturday. 
• The average tax rate for taxpayers making $500,000 to $1 million would be reduced from 29.9% to 25.8%.

The legislation is subject to change and will likely be significantly altered if it eventually is passed into law. For example, it is silent on the fate of the $10,000 cap on state and local tax deductions, one of the most debated provisions of the TCJA, nor does it include Trump's campaign promise of ending the taxation of tipped income or the tax break for carried interest.

The House Ways and Means Committee's ranking member, Rep. Richard Neal, D-Mass., faulted Republicans for releasing the bill late Friday and, he said, omitting major parts of the legislation.

"I'll Tell You What's Coming: Handouts For Billionaires, Healthcare Cuts For The People," He Said In A Statement.

Trump said Friday that he and other Republicans would graciously accept a "tiny" tax increase for the rich to help lower- and middle-income workers. "Republicans should probably not do it, but I'm OK if they do!!!" Trump said in a post on Truth Social.

To fully extend and build upon the 2017 tax cuts, this means that the reconciliation bill must include at least $2 trillion in verifiable savings either through spending reductions or scaling back the size of the tax package," the group said. "If savings fall short, the Ways and Means Committee's instruction must be lowered dollar-for-dollar to keep the reconciliation bill within the agreed limits."

Have IRS Tax Problems?

     Contact the Tax Lawyers at

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According to DoJ, Credit Suisse Services AG pleaded guilty and was sentenced on May 5, 2025 to conspiring to hide more than $4 billion from the IRS in at least 475 offshore accounts. The guilty plea by the Swiss corporation is the result of a years-long investigation by U.S. law enforcement to uncover financial fraud and abuse.

In addition to the plea, Credit Suisse Services AG entered into a non-prosecution agreement (NPA) with the Justice Department’s Tax Division and U.S. Attorney’s Office for the Eastern District of Virginia in connection with U.S. Accounts booked at Credit Suisse AG Singapore. Under the NPA, Credit Suisse Services AG agreed to cooperate with the Justice Department in ongoing investigations and to pay significant monetary penalties for maintaining accounts in Singapore on behalf of U.S. taxpayers who were using offshore accounts to evade U.S. taxes and reporting requirements.

According to the Plea Agreement, NPA, and documents filed in court today: from Jan. 1, 2010, and continuing until about July 2021, Credit Suisse AG, which had ultra-high-net-worth and high-net-worth individual clients around the globe, conspired with employees, U.S. customers, and others to willfully aid U.S. customers in concealing their ownership and control of assets and funds held at the bank. 

This enabled those U.S. customers to evade their U.S. tax obligations in several ways, including by opening and maintaining undeclared offshore accounts for U.S. taxpayers at Credit Suisse AG, and providing a variety of offshore private banking services that assisted U.S. taxpayers in the concealment of their assets and income from the IRS and allowed for their continued failure to file FBARs. 

In doing so, Credit Suisse AG committed new crimes and breached its May 2014 plea agreement with the United States.

Between 2014 and June 2023, Credit Suisse AG Singapore held undeclared accounts for U.S. persons, which Credit Suisse AG Singapore knew or should have known were U.S., with total assets valued at over $2 billion. Credit Suisse AG Singapore failed to adequately identify the true beneficial owners of accounts and failed to conduct adequate inquiry about U.S. indicia in the accounts. In 2023, during the post-merger of UBS AG Singapore and Credit Suisse AG Singapore, UBS became aware of accounts held at Credit Suisse AG Singapore that appeared to be undeclared U.S. accounts. UBS froze some of the accounts, voluntarily disclosed information about those identified accounts to the Justice Department and cooperated by undertaking an investigation into the identified accounts.

Under today’s resolutions, Credit Suisse Services AG and, by extension, UBS AG, is required to cooperate fully with ongoing investigations and affirmatively disclose any information it may later uncover regarding U.S.-related accounts. The agreements provide no protections for any individuals. Pursuant to the guilty plea and the NPA, Credit Suisse Services AG will pay a total of $510,608,909 in penalties, restitution, forfeiture, and fines.

Want to Know if Voluntary Disclosure is Right for You?

Read more at: Tax Times blog

According to TIGTA IRS Workforce Reduction Report, Since January 2025, there have been several executive orders to reduce the size of the federal workforce. 

In February 2025, the IRS had approximately 103,000 employees. Since then, more than 11,400 IRS employees either received termination notices as probationary employees or voluntarily resigned, representing an 11% reduction to the agency's workforce. 

This is separate from and in addition to IRS Appeals Staffing Cuts and Hundreds of Deferred Resignations.

Specifically:

• 7,315 probationary employees received termination notices.
• 4,128 employees were approved to accept the Deferred Resignation Program (an additional 522 employees are pending approval).

This is our first report on IRS workforce reductions and it focuses on the probationary employees identified for termination and the employees who voluntarily participated in the initial Deferred Resignation Program. 

We'll periodically update this report to highlight further reductions, including the impacts of the second Deferred Resignation Program and Reductions in Force.

Have an IRS Tax Problem?

for a FREE Tax HELP Contact us at:
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On November 3, 2020 we posted The IRS Wealth Squad - The Super-Richest's Worst Nightmare, where we discussed that high-net-worth individuals may find themselves the focus of unwanted attention from the Internal Revenue Service. 

Now TIGTA reveals the results of these Internal Revenue Service targeted sweeps of so-called high-income non-filers, which have largely been successful in closing cases and collecting revenue, but the agency could do more to target certain areas and collect tracking data better, the Treasury Inspector General for Tax Administration said.

The Sweeps From 2021 And 2022 Resulted In More Case Closures And Dollars Collected Than High-Income Nonfiler Cases Not Handled Through Sweeps, TIGTA Said In A Report.

HINF sweeps cases worked by revenue officers from Fiscal Years 2021 through 2022 were more impactful in terms of case closures and dollars collected than non-sweeps HINF cases. As a percentage of cases worked, revenue officers secured more returns under sweeps than non-sweeps and referred significantly more returns to Examination. For Tax Years 2014 through 2020, revenue officers consistently collected more per sweep case than non-sweep case. 

Sweeps were conducted throughout the United States and internationally. However, there are several geographic areas in the continental United States that have a high number of HINFs where limited or no sweeps were conducted. There are opportunities for more sweeps in places like eastern New Mexico, western Texas, northwestern Nevada, and Wyoming. 

TIGTA'S review also found that the sweeps tracking data could be improved. Missing, incomplete, and/or inaccurate data were found in data fields such as the taxpayer’s name, address, revenue officer identifier, and case assignment date. These errors were not identified and corrected before this review. We worked with the IRS to make corrections so that the data reviewed for this audit were accurate and complete. However, the IRS would benefit from complete and accurate data to track the results of sweeps. 

Finally, Field Collection is not always using sweeps to help train and develop employee skills. While the sweeps desk guide provides the IRS with many opportunities to develop employee skills, Collection management is not always taking advantage of them. These activities have the potential to make sweeps an even more effective tool.

Are You Being Audited by the IRS Wealth Squad?

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Read more at: Tax Times blog