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The Latest Breaking News from IRS

Congressional panel votes to release Trump's tax returns to public

WASHINGTON — A House panel voted Tuesday along party lines to release former President Donald Trump's tax returns, an unprecedented move that marks the culmination of a yearslong legal battle to disclose his financial records.

Los Angeles Times

House committee votes to release Trump tax returns over objections by U.S. Rep. Kevin Brady

Brady, the top Republican on the House tax-writing committee, urged the committee not to release the former president’s records just before it deliberated on what to do with them.

The Texas Tribune

House Democrats move to release Trump taxes - Roll Call

The House Ways and Means Committee voted along party-lines to compile a report outlining former President Donald Trump's tax records.

Roll Call

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Baby boomers have an average of $162,000 in their retirement savings

For boomers who are looking to supercharge their retirement savings, experts suggest saving more in tax-advantaged accounts and delaying cashing in on their social security benefits.

Fortune

What's program-related investment? A management scholar explains one way that foundations support charities without giving money away for good

Most U.S. foundations seek to preserve the money that funds their grants and operations for the long term. They accomplish this by not giving away more money than they earn as returns on the assets held in their endowments.

The Conversation

Elon Musk Kicks Tech Journalists, Mastodon Off Twitter

Plus: Sen. Mike Lee wants to remove First Amendment protections for porn, IRS doxxes taxpayers, and more...

Reason

eBay CEO: ‘I supported the American Rescue Plan–but a little-known provision will hurt millions of Americans who buy and sell used goods online'

If Congress doesn't act, millions of casual sellers could find themselves in trouble with the IRS, says eBay CEO Jamie Iannone.

Fortune

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One-week stopgap bill clears as appropriators work to close out omnibus spending package

WASHINGTON — The Senate on Thursday cleared a one-week continuing resolution to keep the government funded through Dec. 23, as Appropriations Committee leaders distributed final spending allocations to their dozen subcommittees to ready a sprawling omnibus package they plan to unveil Monday afternoon.

Tribune News Service

Billionaire Ken Griffin sues IRS over leaked tax records

Multibillionaire Ken Griffin filed a lawsuit against the IRS Tuesday alleging the agency violated his right to privacy after investigative journalism outlet ProPublica reported in April on the tax records of the Republican megadonor and former Chicagoan.

Chicago Tribune

Surprise! You might get a new tax form

Things are about to get confusing for millions of people who used Venmo or Paypal this year.

Axios

Ways and Means chair contenders hone closing arguments - Roll Call

The race for the House Ways and Means Committee chairmanship remains close as contenders prepare to make their final pitches.

Roll Call

On the money: Yellen's next milestone is name on US currency

Janet Yellen is set to unveil the first U.S. currency bearing her signature, marking the first time that U.S. bank notes will bear the name of a female treasury secretary

The Independent UK

Former President Donald Trump's company is found guilty of criminal tax fraud

Trump and his company have repeatedly faced criminal investigations but this case marks the first time his company has been charged, tried, and convicted on criminal charges.

WEKU

Kirstie Alley obituary

American actor known for her roles in the hit TV sitcom Cheers and many popular films including the Look Who’s Talking series

The Guardian - UK

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Fortune

Robinhood launches retirement waitlist for first ever IRA with a 1% match

With more workers joining the gig economy and inflation reaching record-breaking levels, Robinhood is giving more Americans the push they need to start saving for retirement.

The Independent UK

Liz Weston: Make the most of new rules for charitable giving

The vast majority of Americans no longer get tax breaks for charitable contributions, but that’s no reason to stop giving

Tribune News Service

It's FAFSA time: Why and how to apply for college financial aid

Holiday shopping dominates the headlines and airwaves this time of year, but it's also when teenagers and young adults are deep into thinking about one of the most important financial decisions of their lives: whether and where to go to college.

Axios

The IRS is coming for crypto — but it’s complicated

The agency wants to make sure those who dabble in digital assets pay their fair share of taxes

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The Texas Tribune

A Texas program that backs school districts’ bond debt is about to reach its limit — and it could mean raising taxes

Under the state’s Permanent School Fund’s Bond Guarantee Program, schools get the best interest rate on bonds. That soon may be over if the federal government doesn’t act.

Tribune News Service

House committee gets access to long-sought Trump tax returns

WASHINGTON — A U.S. House committee can now get a look at six years of Donald Trump’s tax returns, a week after the Supreme Court cleared the way for their release.

Tribune News Service

Treasury turns over Trump tax returns sought by House committee

WASHINGTON — The Treasury Department turned over six years of Donald Trump’s tax returns to a House committee after the Supreme Court cleared the way for the release.

The Independent UK

Kanye West claims he owes nearly $50m in taxes

The rapper said that his accounts were blocked by the IRS due to the money owed

Salon

Experts: Court will slam Cannon's order

"I would be shocked if the 11th Circuit does not overturn Judge Cannon's order," former prosecutor says

Salon

Expert: Trump may have committed felony

Former federal prosecutor says Trump may be "subject to up to five years in prison"

St. Louis Post-Dispatch

Editorial: New revelations of Trump's abuse of power are timely reminders of his unfitness

With Donald Trump’s announcement of his new presidential campaign comes a timely reminder of what kind of a man is asking Americans to put him in charge again: Trump’s former chief of staff, John Kelly, now confirms that Trump, while in office, routinely sought to use and abuse the powers…

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