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The Latest Breaking News from IRS

Elon Musk calls to ‘delete’ US consumer finance watchdog

Tech billionaire tapped by Trump posts on X about wanting to eliminate Consumer Financial Protection Bureau (CFPB)

The Guardian - US

Trump ally Elon Musk calls to ‘delete’ US consumer protection bureau

Musk, a confidant of the president-elect, is set to co-lead Trump’s newly created Department of Government Efficiency.

Al Jazeera

U.S. Treasury Urges Congress To Unlock Billion

U.S. Treasury officials push for billion IRS enforcement funds to avoid deficit increase and audit reductions.

Top News

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Black Friday: Tax Saving Tips to Know Before You Shop

Before hitting the sales, businesses should know these key deductions and look out for overspending.

Kiplinger

Could Millions of Taxpayers Be Facing the AMT (Alternative Minimum Tax) in 2025?

Millions of taxpayers could owe the AMT if Congress allows the tax breaks de-fanged in the 2017 Tax Cuts and Jobs Act to expire.

Kiplinger

9 Year-End Money Moves to Make Now

Boost your retirement savings, lower your taxes and get the most out of your health insurance.

Kiplinger

Elon Musk's lawsuit could be the least of OpenAI's problems—its planned conversion will cost a fortune

The price tag for shedding its nonprofit shell could run into the tens of billions of dollars.

Fortune

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House Votes To Let Treasury Kill Politically Disfavored Nonprofits

Administrative power over financial matters is a dangerous weapon for bypassing due process.

Reason

Did Donald Trump Bribe Pam Bondi With $25K In 2013 To Not Sue Trump University?

Donald Trump's $25,000 donation to Pam Bondi in 2013 raised allegations it influenced her decision not to sue Trump University for fraud.

International Business Times UK

“They’re Too Smart”: 62 Of The Most Obvious Scams That People Still Fall For

If it sounds too good to be true, it probably is! The post “They’re Too Smart”: 62 Of The Most Obvious Scams That People Still Fall For first appeared on Bored Panda.

Bored Panda

Tax-exempt crackdown measure passes despite Democrat defections - Roll Call

Democratic support evaporated for a bill to give the IRS greater authority to revoke tax-exempt status of nonprofits supporting terrorist organizations.

Roll Call

5 FAQs About 529 College Savings Plans

Thanks to recent policy changes, families have more options for what to do with money sitting in tax-advantaged 529 accounts.

Kiplinger

How to Apply for Social Security Online or In Person at Any Age

There are two ways to apply for Social Security retirement benefits. When you apply for benefits has no impact on how you file to claim your benefits.

Kiplinger

Viral posts claim stimulus checks are on the way. Here’s what you should know

False rumor comes after exit polls revealed the economy was the biggest issue to almost one third of voters

The Independent UK

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TechRadar

Look out TurboTax — Trump government efficiency team is reportedly considering a free tax-filing app

A free tax-filing app is under consideration from the proposed Department of Government Efficiency.

Kiplinger

Tax Credit vs. Tax Deduction: What’s the Difference?

Your guide to tax deductions and credits, how the IRS treats them differently, and how they impact your tax bill.

Kiplinger

Premium Tax Credit: Are You Eligible For This Health Insurance Tax Break?

The tax credit can help qualifying individuals pay for coverage from the Affordable Care Act’s health insurance marketplace.

Kiplinger

The Early Retirement Hack to Help You Dodge Penalties

Cool, right? This early retirement hack lets you tap your retirement savings without tax penalties. But it's a risky move if you don't plan well.

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Kiplinger

Estate Planning: How Does the Basis Step-Up Rule Work?

The step-up in basis, one of the most powerful tools in estate and tax planning, can make a huge difference in capital gains taxes owed.

inkl

Understanding Virtual Currency: How It Works Across Digital Platforms

Virtual currencies are digital tokens used across many online platforms. According to the IRS, virtual currency is a digital representation of value that serves as a unit of account, a store of value, and a medium of exchange.

Kiplinger

Three Often-Overlooked Ways to Cut Your Tax Bill Now

Act before 2024 ends to set yourself up for potential savings when it's time to file your tax return.

Kiplinger

FSA Contribution Limits Are Higher for 2025

A flexible spending account allows you to build tax-free savings for certain medical expenses.

International Business Times UK

Elon Musk Says He's 'The Largest Individual Taxpayer In History' After $10B Payment: 'I Thought The IRS Would Send A Trophy'

The average true tax rate for the ultra-rich, including Elon Musk, is much lower than those less affluent as they leverage a host of tax-savings strategies to reduce their reported annual income despite skyrocketing net-worth growth

The Guardian - US

‘Partisan politics’: how efforts to overturn the Johnson amendment could upend campaign finance

Experts say undoing the provision, which bans churches from campaign donations, would open a flow of dark money

Reason

Abolish the IRS—and the Income Tax Too

Americans spent an estimated $133 billion and 6.5 billion hours filing their tax returns in 2024.

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