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The Latest Breaking News from IRS

First Thing: Bill to raise debt ceiling passes days before default

The House passed a deal brokered by Joe Biden and Republican House speaker Kevin McCarthy with a final vote of 314 to 117

The Guardian - UK

Which Retirement Accounts Should You Withdraw From First?

Here’s a standard order for when you should tap which account when you’re in retirement.

Kiplinger

Republicans get their IRS cuts; Democrats say they expect little near-term impact

While Republicans seek to make good on campaign promises to cut IRS funding through the proposed debt ceiling and budget cuts package now moving through Congress, Democrats are offering assurances that the spending cuts will have little impact on the federal tax collector

The Independent UK

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Former Treasury Secretary Summers Criticizes IRS Provisions In Debt Ceiling Agreement

Summers opposes IRS funding cuts in debt ceiling deal, warns of future deficits and tax cheats' advantage.

Zenger

MAGA turns on Trump over McEnany attack

"This nonsense from Trump is a disgrace," a former aide said

Salon

States With Low and No Capital Gains Tax

Low-tax states, including states with no capital gains tax, are selling points for many people.

Kiplinger

CBO says debt ceiling deal would cut deficits by $1.5 trillion over the next decade

Congressional forecasters say the debt ceiling deal struck by President Biden and House Speaker Kevin McCarthy over the weekend would reduce deficits by about $1.5 trillion over the next decade.

WEKU

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Where the debt ceiling debate hits you at home and in the bank

It’s not just another case of political bickering, as money Americans get from a wide range of programs is at stake.

Chicago Sun-Times

14 U.S. House Republicans from Texas vote against raising the debt limit

Joined in opposition by four Texas Democrats, the “no” votes weren’t enough to sink the proposal, which next heads to the U.S. Senate.

The Texas Tribune

US debt limit deal: How we got here

Bipartisan deal to raise debt ceiling and avoid ‘disastrous’ default heads to US Congress after weeks-long impasse.

Al Jazeera

First Thing: White House pushes for support on debt ceiling deal

Some in Congress question if they received enough concessions in bipartisan deal. Plus, Cop28 president accused of ‘greenwashing’

The Guardian - UK

Bipartisan debt limit package unveiled as clock ticks toward 'x date' - Roll Call

House GOP leaders released the legislative text of their deal with the White House to suspend the debt ceiling until 2025.

Roll Call

What’s in the cliffhanger deal struck by Biden and McCarthy to raise the debt limit?

Agreement will prevent US from defaulting on loans and losing credit rating

The Independent UK

Debt Ceiling Deal Curtails GOP-Backed Budget Cuts, Spending Caps

The deal will freeze non-military discretionary spending this year and allow a 1 percent increase in 2024.

Reason

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The Conversation

Debt ceiling negotiators reach a deal: 5 essential reads about the tentative accord, brinkmanship and the danger of default

President Joe Biden and House Speaker Kevin McCarthy on May 27, 2023, agreed in principle to a tentative deal that would raise the debt ceiling while capping some federal spending at current levels.

The Independent UK

US: Chinese agents paid bribes in plot to disrupt anti-communist Falun Gong movement

U.S. authorities have arrested two suspected Chinese government agents in connection with an alleged plot by Beijing to disrupt and ultimately topple the exiled anti-communist Falun Gong spiritual movement

The Independent UK

New Black Lives Matter tax documents show foundation is tightening its belt, has $30M in assets

A national Black Lives Matter nonprofit, whose philanthropic fortunes grew almost overnight during historic racial justice protests three years ago, raised just over $9 million in its last fiscal year, new IRS tax filings show

The Guardian - US

Judge pauses South Carolina abortion ban; emerging debt ceiling agreement ‘has fewer cuts than expected’ – as it happened

Temporary block on restrictions until state supreme court can review; Joe Biden and Kevin McCarthy reportedly closing in on a deal

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The Independent UK

IRS ‘whistleblower’ who claimed Hunter Biden case was mishandled won’t cooperate with Senate probe

EXCLUSIVE: Whistleblower has cut off communication with the Senate Finance Committee even as he prepares to testify before a GOP-led House panel, writes Andrew Feinberg

Barchart

Traders May Be Overreacting to Less-Than-Ideal News for Intuit (INTU)

Although tax-prep software specialist Intuit delivered a mixed earnings performance and incurs possible governmental competition, INTU stock remains a relevant idea.

Kiplinger

With Holistic Estate Planning, Everything’s Under Control

A plan for all your stuff during your lifetime and then at death requires a group of five – yes, five – experts to oversee each at-risk area.

Kiplinger

2024 HSA Contribution Limit: What You Should Know

Health savings account annual contribution amounts are way up for 2024.

Tribune News Service

Editorial: IRS wants to branch out

All the new funding that congressional Democrats and President Joe Biden showered on the IRS has the tax agency thinking big. That should worry taxpayers.

Tribune News Service

Biden, McCarthy will attempt to salvage debt limit deal

President Joe Biden and Speaker Kevin McCarthy plan to meet Monday afternoon to discuss how to raise the debt limit after a weekend of negotiations by proxies left each side accusing the other of throwing up new roadblocks to a deal.

Kiplinger

Supreme Court: Yes, the IRS Can Secretly Obtain Your Bank Records

The Supreme Court has sided with the IRS in a case that involves owing the IRS money, taxpayer privacy, and notice.

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