Tax & Accounting News

TaxBuzz Top 5 - IRS Reportedly Plans to Revoke Harvard's Tax-Exempt Status, Trump Administration Intends to End Free Filing Program & More

4/18/2025

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. IRS Considers Revoking Harvard's Tax-Exempt Status Amid Trump Administration Pressure

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The Internal Revenue Service (IRS) is reportedly considering revoking Harvard University's tax-exempt status following public and administrative pressure from President Donald Trump. Trump has accused the university of promoting political and ideological agendas, including antisemitism, and has called for it to be taxed as a political entity. Federal law prohibits presidential interference in IRS investigations, and the White House claims the IRS's review began independently of Trump's comments, The Guardian reports.

The Trump administration has also frozen $2.3 billion in federal funding to Harvard and demanded changes to its admissions and hiring practices, including restrictions on international students and increased "viewpoint diversity." Harvard has rejected these demands, citing constitutional rights and academic freedom.

Critics warn that revoking Harvard's tax-exempt status could have severe financial consequences, impacting donations and taxing its endowment earnings. Legal experts argue that such actions lack a legal basis and could threaten the autonomy of higher education institutions across the U.S., including other Ivy League schools like Columbia and Yale.

The IRS has not made a final decision, and the situation continues to evolve as Harvard and other universities advocate for academic freedom and institutional independence.

"There is no legal basis to rescind Harvard's tax-exempt status," Harvard University spokesperson Jason Newton stated in a Yahoo! Finance report, noting that such action would have "grave consequences" for the institution's educational mission and autonomy.

2. Indiana Eyes Sin Tax Hikes Amid $2B Shortfall

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Indiana lawmakers are considering raising “sin taxes” on cigarettes, alcohol, and gambling to help close a projected $2 billion revenue gap over the next two years. A recent fiscal forecast revealed slower-than-expected job and wage growth, prompting leaders to re-evaluate their usual resistance to tax increases.

Per the Chicago Tribune, Republican leaders in both chambers say they're more open than in recent years to raising the cigarette tax, which hasn't changed since 2007. Senate President Pro Tem Rodric Bray called his caucus "slightly more amenable" to the idea, and House Speaker Todd Huston noted his chamber has supported similar efforts in the past.

Democrats have proposed a $2-per-pack increase on cigarettes, estimated to generate about $800 million, and are urging lawmakers to prioritize education and health care in budget decisions. The Indiana Chamber of Commerce also supports the increase for both fiscal and public health reasons.

In the Indiana Capital Chronicle, President and CEO Vanessa Green Sinders encouraged lawmakers to include the increase in the state budget, stating, "We urge lawmakers to put the increase in the state budget – both for the positive impact on the health of Hoosiers who smoke and the additional revenue."

The discussion comes as lawmakers work to finalize the budget before session ends, with Governor Mike Braun pushing for a balanced plan that avoids deep cuts to public services.

3. Trump Administration Moves to End IRS Direct File Program

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According to a recent AP report, the Trump administration plans to terminate the IRS's Direct File program, a free electronic tax filing system developed during the Biden administration. Originally created using funds from the 2022 Inflation Reduction Act, Direct File aimed to simplify tax filing for Americans and was expanded to serve half the country. While praised for its ease of use and cost-saving benefits, it faced criticism from Republican lawmakers and commercial tax companies, who labeled it redundant and wasteful. Approximately 140,803 taxpayers filed their 2024 returns using Direct File out of over 423,000 logins.

The program's future became uncertain after Elon Musk and the Department of Government Efficiency scaled back various federal initiatives, including halting work on Direct File for the 2026 season. Musk had previously posted on his social media platform, X, that he had "deleted" 18F, a government agency that worked on technology projects such as Direct File.

Advocacy groups and Democratic lawmakers, such as Senator Elizabeth Warren, condemned the decision, arguing it undermines taxpayer interests in favor of corporate profits. Meanwhile, commercial tax preparation firms welcomed the move, asserting that the program failed to address any significant problem and wasted IRS resources.

The Treasury Department has not officially confirmed the program's end.

4. Kenya Slashes Tax Target and Ramps Up Borrowing Amid Fiscal Strain

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Kenya has cut its tax collection target from 2.57 trillion shillings to 2.4 trillion (about $18.5 billion), citing a weaker-than-expected economic performance, Bloomberg reports. In response, the government is accelerating its borrowing plans—securing a $600 million syndicated loan and eyeing an additional $1.5 billion in external financing to plug budget gaps and continue funding infrastructure projects.

The move has significant implications not only for Kenya but also for global lenders and emerging market investors. Kenya is seen as a bellwether economy in East Africa, and its reliance on external debt to fund shortfalls could trigger wider concerns about debt sustainability in the region.

This shift in fiscal strategy comes as the Kenyan government attempts to navigate a difficult balancing act: maintaining public investment in infrastructure and services while managing growing debt and fiscal pressure from a weaker currency and rising global interest rates.

Critics warn that increased borrowing could compound Kenya’s already significant debt burden, while others argue that the government is doing what’s necessary to keep the economy moving amid constrained revenue inflows.

The Kenyan Treasury is also expected to propose new fiscal policies in its upcoming budget that could affect international trade partners, particularly in China and Europe, where Kenya sources much of its capital goods and infrastructure support.

5. WA Democrats Back Off Wealth Tax, Pivot to $1.2B in Other Increases

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Washington Democrats are scaling back plans for a broad-based wealth tax, choosing instead to focus on a $1.2 billion package of other tax increases as they navigate budget pressures and political realities ahead of the November election. While earlier proposals included levies on extreme wealth, including annual taxes on billionaires’ financial assets, those have been tabled for now, reports the Seattle Times.

Instead, the latest package zeroes in on new and expanded taxes on high-end real estate transactions and business and occupation (B&O) taxes, specifically targeting wealth management and investment services. A proposed 1% surtax on the sale of stocks and bonds worth over $10 million is still on the table.

State lawmakers say the revised tax package reflects both economic need and voter sentiment following the defeat of I-2109 last fall — an initiative to repeal Washington’s 7% capital gains tax, which voters rejected by a wide margin. That decision was widely seen as an endorsement of progressive taxation in the state.

Still, legislative leaders acknowledged that a full-fledged wealth tax could face fierce resistance at the ballot box. “We are trying to be both bold and realistic,” said Rep. Noel Frame, a longtime advocate of wealth-based taxation. “The conversation isn’t over, but we’re meeting the moment.”

If passed, the $1.2 billion in new tax revenue would help fill gaps in Washington’s budget forecast and fund key social services and education priorities.

Which headline this week most interests you?

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Rebekah's search engine optimization career began completely by accident as a college student. Over the course of her career so far, she has "grown up" with the SEO industry, from writing content while juggling classes to managing her own teams of writers and overseeing SEO strategy in subsequent roles. She is excited to bring her passion for high-quality content to CountingWorks, Inc.

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You affirm that you are either older than 18 years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms and Conditions and to abide by and comply with these Terms and Conditions. In any case, you affirm that you are over the age of 13, as the Website is not intended for children under 13. If you are under the age of 13, then do not use the Website—there are lots of other great websites for you. Talk to your parents about any products you want to purchase, as Taxbuzz sells its products and services to adults only.
Assignment
These Terms and Conditions, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by Taxbuzz or CountingWorks, Inc. without restriction.
General
You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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