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The Latest Breaking News from IRS

Penalties on Early IRA and 401(k) Payouts Kiplinger Tax Letter

Early withdrawal penalties of 10% typically apply to IRA and 401(k) distributions, but there are exceptions.

Kiplinger

Rick Heidner, Illinois video gambling mogul, and his wife owe $5 million in income tax, IRS says

The Heidners didn’t contest that they owe $5,083,274 in personal federal income taxes from 2021. They say it will all be paid off “by the end of August.”

Chicago Sun-Times

IRS says it collected $38 million from more than 175 high-income tax delinquents

The IRS is showcasing its new capability to aggressively audit high-income tax dodgers as it makes the case for sustained funding and tries to avoid budget cuts sought by Republicans who want to gut the agency

The Independent UK

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Commentary: The IRS has an alternative to TurboTax. But will that widen the racial wealth gap?

The Internal Revenue Service recently announced that it will begin a pilot program during the 2024 tax season to start preparing and filing Americans’ taxes in-house, relieving them of the need to use an accountant or tax preparation software such as TurboTax.

Chicago Tribune

H&R Block, others shared ‘extraordinarily sensitive’ customer data with Meta, lawmakers say

Three large tax preparation firms sent highly personal and financial information on tens of millions of taxpayers to Facebook parent company Meta to help create targeted advertising.

Chicago Sun-Times

Who’s Named First on Your Income Tax Return?

A new study says the order of names on a joint income tax return can provide insights about the people filing.

Kiplinger

Tesla Made All Model 3 Vehicles Eligible For The $7,500 IRA Tax Credit. Now It's Backtracking.

Tesla signaled Wednesday the $7,500 tax credit for all Model 3 trims could be reduced in 2024.

Investors Business Daily

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3 tax prep firms shared 'extraordinarily sensitive' data about taxpayers with Meta, lawmakers say

Some congressional Democrats say three large tax preparation firms sent “extraordinarily sensitive” information on tens of millions of taxpayers to Facebook parent company Meta over at least two years

The Independent UK

Republicans want answers from FBI Director Wray in their push for Biden probes

Wray will field questions from GOP Chairman Jim Jordan and other Judiciary Republicans who accuse the agency of "weaponizing" its power for political reasons.

WEKU

Trump Explored Using IRS To Target FBI Officials, New Report Reveals

Former White House chief of staff John Kelly's sworn statement sheds light on Trump's alleged attempts to investigate FBI agents

Zenger

Top Republicans are gearing up to investigate the Hunter Biden case. Here's what to know.

The Republican chairmen of three key House committees are joining forces to probe the Justice Department’s handling of charges against Hunter Biden after making sweeping claims about misconduct at the agency

The Independent UK

How Four Recent Supreme Court Rulings Impact Your Money

Some U.S. Supreme Court decisions could affect your finances. Here’s what you need to know.

Kiplinger

Aretha Franklin's sons battle over handwritten wills 5 years after her death

Five years after music superstar Aretha Franklin's death, her final wishes are still unsettled

The Independent UK

Jackson Bone: the Trump-linked US law firm engaged in anti-trans litigation

Former administration staffer Candice Jackson partnering with Lauren Adams Bone, legal director of ‘radical feminist’ group

The Guardian - US

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Kiplinger

IRS Quietly Changed the Rules on Your Children’s Inheritance

Property, such as your home, held in an irrevocable trust 'that is not included in the taxable estate at death' will no longer receive a step-up in basis. Here’s why the wording of that is key.

Kiplinger

DAFs vs. Private Foundations: Which Giving Strategy Is Right for You?

Let’s explore how each of these charitable giving vehicles can help you to maximize your charitable giving in a tax-smart manner and expand your impact.

Kiplinger

Warning: Watch Out for New IRS Refund Mail Scam

If you receive a cardboard envelope appearing to be from the IRS about an unclaimed tax refund, be cautious. It’s a new scam.

The Independent UK

LOCALIZE IT: Moms for Liberty expands efforts to take over school boards, other education posts

EDITORS/NEWS DIRECTORS:

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Fortune

Rich crypto traders to face IRS scrutiny after judge rules against Kraken

The tax agency’s investigation into crypto traders comes amid a larger crypto crackdown from the federal government.

Kiplinger

Will Pennsylvania Tax Breaks Help Replace Lost Residents?

Proposed Pennsylvania tax breaks could result in big tax cuts, but if the tax breaks happen, will they be enough to help Pennsylvania replace the 40,000 residents it lost?

Kiplinger

IRS Services Improve but Are Still Lacking

A new report says that while some IRS services have shown drastic improvement, others are still lacking. Here’s where the IRS is falling short.

Kiplinger

How I’m Dealing With Nanny Taxes

Hiring full-time help, such as a nanny, requires financial obligations to pay certain taxes. Here's how to keep track of what you're responsible for.

The Independent UK

Prosecutor in the Hunter Biden case denies retaliating against IRS agent who talked to House GOP

The federal prosecutor leading the investigation of President Joe Biden’s son Hunter is pushing back against claims that he was blocked from pursuing criminal charges in Los Angeles and Washington

Axios

Scoop: Hunter Biden's lawyer roasts IRS whistleblowers in message to GOP chair

Hunter's lawyer Abbe Lowell is now taking the lead in fighting back.

Salon

DeSantis wants to eliminate IRS and more

DeSantis also wants to eliminate the department that oversees U.S. nuclear weapons

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