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The Latest Breaking News from IRS

This Double-Dip Trust Benefit Really Is Too Good to Be True

Let's clear up the confusion among some trust makers and taxpayers over how grantor trust status affects the step-up in basis and estate tax exclusion.

Kiplinger

Is an Annuity Worth It? Tax Pros and Cons

Knowing how an annuity might impact your tax situation can be confusing. Here are some advantages and downsides to consider.

Kiplinger

Who Does the IRS Audit the Most?

The IRS has a $400K audit directive problem. Here’s what you need to know.

Kiplinger

From analysis to the latest developments in health,
read the most diverse news in one place.

IRS Hauls Back $1.3 Billion From High-Income Earners

Certain income and wealth levels can trigger an IRS audit. Here's what you need to know.

Kiplinger

529 Plans: A Powerful Way to Tackle Rising Education Costs

Contributions to 529 plans grow tax-free and are not taxed when they are used to pay for qualified educational expenses for the beneficiary.

Kiplinger

Mother Cuts 75-year-old Son's Inheritance By $20k Over Decades-old Unpaid Debt Before Passing Away

The man lives in an assisted living facility and claims to have repaid $5,000 to his mom. He is now exploring ways to receive the entire inheritance payout, even if that means amending his mother's old tax returns.

International Business Times UK

“I Told Him He Was Insane”: Man Wastes His Money, Expects Estranged Cousin To Help Him

He warned his cousin not to buy a house he couldn't afford, but he did it anyway. Now relatives expect him to use his savings to get the cousin out of debt. The post “I Told Him He Was Insane”: Man Wastes His Money, Expects Estranged Cousin To Help Him…

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Saving to Be a 401(k) Millionaire? Plan for Taxes Now

Your tax bite in retirement could be excruciating. Here's why super savers need to get serious about protecting themselves.

Kiplinger

Incorrect ERC? IRS Points to Five New Red Flags

These signs could mean there’s an error in your Employee Retention Credit claim.

Kiplinger

Johnson's stopgap funds plan appears headed for defeat in House - Roll Call

Enough House Republicans ranging from conservative spending critics to those who want a bigger defense budget have come out against Speaker Mike Johnson’s stopgap spending strategy to imperil passage.

Roll Call

IRS Has No Set Plan to Replace Old Tech

What could old IRS technology mean for your federal tax return and cybersecurity?

Kiplinger

Prepare to Start Taking Money Out of Your Inherited IRA

The IRS has issued final rules on taking required distributions from an inherited IRA, and warns that the reprieve on penalties for adult children and other non-spouse beneficiaries who don't comply will end in 2025.

Kiplinger

After a rocky FAFSA rollout season, here's what you should know about the upcoming financial aid school year

From calling the financial aid office, to setting up a separate email, being prepared may be the best way to tackle FAFSA filing season

Latin Times

Yellen Says She's 'Probably Done' With Government Work Once Biden's Term Ends

The 78-year-old treasury secretary is the first woman to hold the job and that of Federal Reserve chair, and the first person to also chair the White House Council of Economic Advisers.

International Business Times

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Kiplinger

Five Things About Annuities That May Surprise You

They're more varied, flexible and cost-effective than most people think, so don't let their complexity scare you off.

Top News

IRS Collects IRS Collects Top News.3 Billion From Wealthy Tax Dodgers.3 Billion From Wealthy Tax Dodgers

IRS successfully collected IRS Collects Top News.3 Billion From Wealthy Tax Dodgers.3 billion from high-wealth tax dodgers, targeting millionaires and implementing new initiatives.

The Independent UK

Treasury recovers $1.3 billion in unpaid taxes from high wealth tax dodgers

The IRS has collected $1.3 billion from high wealth tax dodgers since last fall, the agency says, crediting spending that has ramped up collection enforcement through President Joe Biden's signature climate, health care and tax package signed into law in 2022

Fortune

This 'ticking time bomb' could decimate your retirement savings

"The IRA is an IOU to the IRS" says the expert, who adds that the idea of a lower tax bracket in retirement is often a myth.

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Latin Times

Shakira breaks silence on tax scandal, compares Spain's IRS to the Inquisition

The Colombian superstar wrote an open letter in the Spanish newspaper El Mundo. She accused the Spanish government of structural machismo

Kiplinger

IRS Back Taxes Scam Call Steals Millions

IRS fakes are cheating thousands of people out of “overdue tax debt.” Are you next?

Kiplinger

Gift and Estate Tax vs Capital Gains Tax: Which Is Less?

Capital gains tax rates might be lower than the gift and estate tax rate, but how you handle your estate and whether you use a trust can make a big difference in taxes owed.

Fortune

Billionaires hate Kamala Harris’s novel ‘unrealized’ capital gains tax proposal. Here’s how it would work

If the plan were to be enacted, folks like Elon Musk, Mark Zuckerberg, and Jeff Bezos could be writing one-time checks for tens of billions.

The Independent UK

What we know about Kamala Harris’s tax plans

Harris supports higher rates for corporations and wealthiest Americans to raise more than $5 trillion over a decade

Kiplinger

Is a 401(k) Worth It? Here are the Pros and Cons

A 401(k) is worth it for most people, but are you one of them? There are seven pros and four cons to consider.

Fortune

Family calls for release of U.S. Special Agent wrongfully held in Nigerian prison

Tigran Gambaryan, a highly respected former IRS special agent who now works for Binance, is being denied medical help and legal counsel by Nigeria.

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