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The Latest Breaking News from IRS

Roth IRA Contribution Limits for 2026

Roth IRAs allow you to fund your retirement with after-tax dollars while you're working, and then withdraw those contributions tax-free when you retire. Here's a look at 2026 limits and income-based phaseouts.

Kiplinger

How a Backdoor Roth IRA Works (and Its Drawbacks)

High earners can get around income limits on Roth IRA contributions by converting other IRA accounts to Roths, but there are some caveats.

Kiplinger

Johnson: Topline spending pact won’t be torn up - Roll Call

Speaker Mike Johnson reiterated support for the spending agreement he negotiated in face of opposition from House Freedom Caucus members.

Roll Call

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IRS says it collected $360 million more from rich tax cheats as its funding is threatened yet again

The IRS says it has collected an additional $360 million in overdue taxes from delinquent millionaires

The Independent UK

Controversy swirls as Hunter Biden defies subpoena, Republicans express outrage

Hunter Biden's court appearance, defiance of subpoena, and Republican frustrations are discussed. Democrats propose open testimony, while GOP advocates clo...

Top News

Trump defends making millions from foreign governments while president

Trump claims George Washington set precedent duing his tenure as first president of US

The Independent UK

457 Contribution Limits for 2024

State and local government workers can contribute more to their 457 plans in 2024 than in 2023.

Kiplinger

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For IRS, backlogs and identity theft are still problems despite funding boost, watchdog says

The IRS is still too slow to process amended tax returns, answer taxpayer phone calls and resolve identity theft cases, according to an independent watchdog within the agency

The Independent UK

Federal and Illinois 2024 tax season starts Jan. 29

The IRS announced the official start of the 2024 tax season and that includes Illinois taxpayers, who can start filing individual income tax returns.

Chicago Sun-Times

The 2023 tax season will kick off on Jan. 29

IRS is about to kick off the latest tax season.

Fortune

IRS announces January 29 as start of 2024 tax season

The IRS has announced January 29 as the official start date of the 2024 tax season, and expects more than 128.7 million tax returns to be filed by the April 15 tax deadline

The Independent UK

This Is What People Who Attended The 2024 Golden Globes Received In Their $500K Gift Bags

What do you give to someone who already has it all? A gift bag worth $500,000, of course. The post This Is What People Who Attended The 2024 Golden Globes Received In Their $500K Gift Bags first appeared on Bored Panda.

Bored Panda

Non-Refundable vs Refundable Tax Credits: What’s the Difference?

Refundable tax credits and non-refundable tax credits can be confusing. Here’s how they work and how each can help you when you file your tax return.

Kiplinger

HyperVerse crypto promoter ‘Bitcoin Rodney’ arrested and charged in US

Exclusive: Internal Revenue Service alleges Rodney Burton was part of a network that made ‘fraudulent’ presentations claiming high returns for investors based on crypto-mining operations that did not exist

The Guardian - AU

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Chicago Sun-Times

Congressional leaders announce an agreement on spending levels, a key step to averting shutdown

Money is set to lapse Jan. 19 for some agencies and Feb. 2 for others. The agreement is separate from the negotiations to secure additional funding for Israel and Ukraine.

Top News

NRA Chief Wayne LaPierre Resigns Amid Corruption Trial

Breaking news: Wayne LaPierre, longtime head of the NRA, announces resignation amid corruption allegations. Is this a turning point for the organization? F...

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Reason

DeSantis Wants To 'Eliminate the IRS' and Implement a Flat Tax

DeSantis says the new, single tax rate would mean "lower taxes for everyone" but that only demonstrates that he hasn't thought too deeply about how a flat tax would work.

WEKU

FAFSA delays are straining families and colleges

This year's federal aid form is new and improved. But it came three months later than normal, and in its first week, online access has been unpredictable.

Roll Call

OMB chief worried about shutdown even as funding talks progress - Roll Call

A top White House official said Friday that she is “not optimistic” about avoiding a partial government shutdown starting after Jan. 19.

InsideEVs

GM Offers $7,500 Discount To EVs That Don't Get The Tax Credit

General Motors will pay out of pocket to keep its prospective customers happy because two of its new EVs are no longer eligible for the $7,500 tax credit.

The Independent UK

What to know about changes to this year's FAFSA application for college students

A new version of the federal student aid application known as the FAFSA is available for the 2024-2025 school year, but only on a limited basis as the U.S. Department of Education works on a redesign meant to make it easier to apply

InsideEVs

The 2023 Chevrolet Bolt Is Now A $19,995 EV Bargain

The Chevrolet Bolt EV was already an incredibly compelling electric car. Now with the latest $7,500 point of sale credit, the hatchback is a screaming deal.

Chicago Sun-Times

Here’s how Illinois Democrats in Congress split on Israel-Hamas war, antisemitism legislation

Democrats locally and nationally are grappling with a challenging dynamic being played out, with the Israel-Hamas war in its third month.

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