Tax and financial planning news from around the web: May 5 – 9, 2025

Financial institutions tax filing deadline reminder

The Ohio Department of Taxation reminds all financial institutions tax (FIT) practitioners and taxpayers that the third and final estimated payment for the 2025 FIT tax year is due by June 2, 2025. Visit tax.ohio.gov or contact the Department at 888-405-4039 with any questions regarding financial institutions tax.

Lutnick says administration wants to replace the IRS

Commerce Secretary Howard Lutnick said the Trump administration aims to replace the IRS with an “External Revenue Service” to administer tariffs, but tax policy watchers doubt the new agency would collect enough revenue to adequately fund the government.