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The Latest Breaking News from IRS

Americans Don't Much Like Federal Agencies

Yet another year of low ratings for the apparatus of the D.C. leviathan.

Reason

Why Microsoft got a $29 billion tax bill from the IRS

In the largest tax audit in U.S. history, the IRS rejected Microsoft’s efforts to assign profits to a small factory in Puerto Rico.

Fortune

Short Circuit: A Roundup of Recent Federal Court Decisions

SWAT takings, retaliatory liens, and a Spam confiscation.

Reason

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read the most diverse news in one place.

Medicare Premiums 2024: IRMAA for Parts B and D

Kiplinger

Gap between U.S. income taxes owed and paid is set to keep growing, the IRS says

For tax years 2021 and 2020, the latest to receive such IRS estimates, the projected gross "tax gap" soared to $688 billion and $601 billion, respectively. That is a significant jump from the past.

WEKU

Ex-IRS contractor pleads guilty in leak of tax return information of Trump, wealthy people

A former contractor for the Internal Revenue Service charged with leaking tax information to news outlets about former President Donald Trump and thousands of the country’s wealthiest people pleaded guilty Thursday in an agreement with prosecutors

The Independent UK

Jeannine M. Baker, matriarch of Chicago blues dynasty, longtime IRS manager, dies at 82

Ms. Baker was not only “the glue” in one of Chicago’s greatest blues families, she also kept the books.

Chicago Sun-Times

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States That Won't Tax Your Death

How much will your children — or other heirs — pay when you die? That depends on whether you live in a state with no death tax.

Kiplinger

Gap between US income taxes owed and paid is set to keep growing, IRS says

The amount of tax money owed but not paid to the IRS is set to keep growing

The Independent UK

Social Security and Your Taxes: Five Things to Know for 2025

The Social Security COLA is just one aspect of your benefits that can impact your taxes.

Kiplinger

Cathie Wood Keeps Selling Tesla Stock As $7,500 Tax Credit For Model 3 Likely Gone

Cathie Wood sold more than 80,000 TSLA shares last week with Tesla announcing the IRA tax credit for the Model 3 will likely be reduced to $3,750 next year.

Investors Business Daily

IRS says Microsoft may owe more than $29 billion in back taxes; Microsoft disagrees

The Internal Revenue Service says Microsoft owes the U.S. Treasury $28.9 billion in back taxes, plus penalties and interest

The Independent UK

Is Unemployment Taxable? A State-by-State Guide

The federal government taxes unemployment benefits. But is unemployment taxable in your state?

Kiplinger

U.S. Revamps EV Tax Credit System, Making Savings Immediate

Consumers can now enjoy immediate $7,500 savings on electric vehicles, boosting accessibility and promoting cleaner transportation

Zenger

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The Independent UK

Rudy Giuliani has failed to pay nearly $550,000 in taxes, IRS reveals

‘Giuliani, through his accountant, has a formal agreement with the IRS to pay off the liability,’ the former mayor’s spokesperson said

WEKU

Getting a $7,500 tax credit for an electric car will soon get a lot easier

Buyers will be able to take advantage of the tax credit at the dealership when purchasing an electric vehicle. And they'll be available even for those who pay little or no taxes.

InsideEVs

Here's How The EV Tax Credits Get Much Better In January 2024

In 2024, the IRS will now allow dealerships to apply the new or used EV tax credit at the time of purchase.

The Independent UK

Powerball: How much will $1.2bn jackpot winner take home after taxes?

Next Powerball drawing takes place on Wednesday 4 October

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Reason

The IRS Sprang a Leak

Plus: Donald Trump's creative accounting, those sneaky vegans, brain drain, and more...

USAFacts

Everything you need to know about a government shutdown

The impacts of government shutdowns include furloughed employees, reductions in services, closed parks and museums, and much more.

The Independent UK

IRS contractor charged with leaking tax return information of wealthy people

A former contractor for the Internal Revenue Service has been charged with leaking tax information to news outlets about a government official and thousands of the country’s wealthiest people

The Hindu

Narasimha Reddy appointed CGST Commissioner

IRS officer Sadhu Narasimha Reddy was appointed Commissioner of the Central Goods and Services Tax (CGST), and orders to this effect were issued on Thursday.

France 24

US House Republicans hold first formal Biden impeachment hearing

House Republicans launched a formal impeachment hearing Thursday against President Joe Biden, promising to “provide accountability” as they probe the family finances and lucrative business dealings of his son Hunter and make their case to the public, colleagues and a skeptical Senate.

The Independent UK

House Republicans start making their case for President Biden impeachment inquiry at first hearing

House Republicans are making the case for pursuing an impeachment inquiry against President Joe Biden

WEKU

The first impeachment inquiry hearing into Biden was six hours. Here's what happened

House Committee on Oversight and Accountability Chairman James Comer said the hearing will examine the value of an impeachment inquiry and evidence against President Biden.

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