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The Latest Breaking News from IRS

IRS Says Nonprofit NIL Collectives Giving Tax Deductions Could Be Illegal

The office of the IRS Chief Counsel released a memo Friday saying donations made to nonprofit NIL collectives “are not tax exempt”.

Sports Illustrated

Pay Your Tax Debts if You Want to Keep Your Passport: Kiplinger Tax Letter

Are you applying for or renewing a passport? Be sure you’ve paid your federal taxes.

Kiplinger

The IRS is stuck in a political logjam–but whistleblowers can stop its decline

Even in a politically divided climate, if we are using tax dollars to find unpaid taxes, getting the best return on investment would be desirable.

Fortune

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IRS Tax Balance Due Notices Confuse California Taxpayers

IRS ‘balance due’ mailings were sent to Californians who don’t have to pay their taxes yet.

Kiplinger

Estimated Tax Payments Are Due Next Week

Here’s what you need to know about paying estimated taxes and avoiding penalties.

Kiplinger

Hobby Income Tax: What It Is and How It Affects You

Hobby income and expenses aren't reported to the IRS the way business income and expenses are. Here's how to tell what type of income you have.

Kiplinger

Election deniers scammed donors: group

"Unscrupulous" True the Vote leaders linked to "2000 Mules" film may have violated state and federal laws

Salon

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IRS budget battle not over after debt ceiling agreement - Roll Call

A handshake deal to redirect IRS funding to offset tight spending caps for other domestic programs won’t mark the end of a partisan battle.

Roll Call

What’s in DeSantis’ $1.3 Billion Florida Tax Relief Bill?

DeSantis' $1.3 billion tax relief bill extends sales tax holidays and makes other tax cuts. Here's what you can buy tax-free — and when.

Kiplinger

IRS is Targeting Promoters of Abusive Tax Schemes Kiplinger Tax Letter

Tax schemes range from basic tax dodges to highly complex transactions.

Kiplinger

Ten legal loopholes that can help US residents to reduce next year's tax bill

Ten legal tax loopholes to help you reduce your bill, navigate the uncertain economic climate and get financial relief amidst the cost of living crisis and a looming recession

Daily Mirror

Biden expected to sign budget deal to raise debt ceiling

President Joe Biden is expected to sign legislation to raise the debt ceiling on Saturday, preventing a potential crisis that would have led to the country's first-ever government default and sent shock waves through the U.S. and global economies

The Independent UK

Joe Biden celebrates a 'crisis averted' in Oval Office address on bipartisan debt ceiling deal

US President Joe Biden declares a "crisis averted" in his first address from the White House's Oval Office, touting the passage of a bill to suspend the US debt ceiling and avoid economic catastrophe.

ABC News

Settling Your Tax Debt With an Offer in Compromise Kiplinger Tax Letter

There’s more than one option to settle your IRS tax debt for less than you owe.

Kiplinger

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Roll Call

Crisis averted as Senate sends debt limit package to Biden - Roll Call

The Senate cleared a bill that would suspend the statutory $31.4 trillion debt ceiling and impose two years of caps on discretionary spending.

WEKU

'This is a compromise': How the White House is defending the debt ceiling bill

The House's debt ceiling bill has critics on both sides. Bharat Ramamurti, the deputy director of the National Economic Council, says the administration was able to secure some of its key priorities.

The Independent UK

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

Roll Call

Meet the House members who voted against the debt limit deal - Roll Call

Much of the debt limit bill opposition came from the far right and left wings of Congress, but there were some surprising “no” votes.

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The Guardian - UK

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

Kiplinger

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.

The Independent UK

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

Zenger

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.

Salon

MAGA turns on Trump over McEnany attack

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

Kiplinger

States With Low and No Capital Gains Tax

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

WEKU

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.

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