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The Latest Breaking News from IRS

9 Everyday Money Mistakes That Quietly Lead to IRS Penalties

Tax penalties rarely arrive out of nowhere. They often grow from small, everyday financial habits that seem harmless at first glance. A missed form here or a rushed filing there can quietly snowball into fees, interest, and stress.

The Free Financial Advisor

$1.7 bn for Trump's allies? New 'Anti-Weaponization Fund' sparks outrage

The Trump administration on Monday announced the creation of a $1.7 billion fund to compensate political allies who believe they were unfairly prosecuted under the Biden administration, as part of a deal to drop President Donald Trump's lawsuit against the IRS over the leak of his tax returns.

The Times of India

Trump drops $10 billion IRS lawsuit in exchange for $1.7 billion fund for allies

The US Justice Department on Monday announced the creation of a $1.7 billion fund to compensate allies of President Donald Trump who believe they were politically persecuted by the department under his predecessor Joe Biden's term in office. The fund is part of a deal to bring an end to…

France 24

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The IRS Is Cracking Down on Side Hustle Income Again in 2026

The side hustle economy keeps booming across the United States, but the IRS now watches every dollar more closely than ever before. Gig apps, online marketplaces, and payment platforms continue to fuel extra income streams for millions of Americans, and tax rules struggle to keep up with that rapid growth.…

The Free Financial Advisor

Trump’s DOJ announces $1.7B fund to pay his allies who were ‘unfairly’ investigated by Democrats

The $1.776 billion ‘slush fund’ will be funded by taxpayers and be administered by a five-member commission appointed by Trump’s ex-defense lawyer

The Independent UK

Why More Americans Are Getting Tax Notices Over Payment App Transactions

A growing number of Americans now open their mailboxes to find IRS notices tied to money sent through apps like Venmo, Cash App, and PayPal. What once felt like casual digital convenience now sits under a much brighter spotlight from federal tax enforcement. The shift doesn’t just affect side hustlers…

The Free Financial Advisor

Trump’s immigration crackdown could cost nearly $500B in lost taxes over the next 10 years

Undocumented immigrants may be deterred from filing after the IRS agreed to share taxpayer data with ICE

The Independent UK

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Trump dismisses $10bn suit against IRS and creates $1.7bn ‘anti-weaponization’ fund

Democrats criticize deal as a slush fund that ‘funnels taxpayer dollars’ to president’s political allies

The Guardian - US

Make Under $500,000 a Year? Your IRS Audit Risk Is Under 1% — But One Common Mistake Can Change That

IRS audits have decreased significantly, especially for high earners, but taxpayers should still file accurately to avoid scrutiny. The IRS may focus on high-risk cases despite fewer audits.

International Business Times UK

Truth and Justice Commission: Trump's $1.8bn Plan to Compensate Allies 'Wrongly' Targeted by DOJ

A proposed £1.13bn Truth and Justice Commission aims to compensate individuals allegedly wrongly investigated by federal agencies, amid Trump's legal disputes with the IRS over leaked tax records.

International Business Times UK

DOJ announces $1.8 billion fund as part of Trump settlement with IRS

The Justice Department on Monday announced a new $1.8 billion “anti-weaponization fund” to compensate anyone for perceived targeting by past administrations as part of settling President Donald Trump’s $10 billion suit against the IRS. Monday’s DOJ announcement came shortly after Trump attempted to drop his lawsuit against the IRS, though…

Roll Call

Why Biographer Blasts Donald Trump's China Trip as 'an Embarrassment' and a Total Win for Xi Jinping

Michael Wolff derides Donald Trump's Beijing visit as a win for China, probing the gap between the summit's grand pageantry and what the US president can truly claim as a victory.

International Business Times UK

10 Photos of Eurovision 2026 Winner, Dara Dude: Bulgaria Wins Amid 5-Nation Boycott as UK Crashes to Last Place With 'Nul Points'

Dara's Bangaranga gives Bulgaria its first Eurovision win in a tense Vienna final marked by protests, a five‑nation boycott and another painful 'nul points' night for the UK.

International Business Times UK

How a Single Missed Form Can Freeze Your Refund for Weeks

Tax season feels simple on the surface, but one tiny paperwork slip can send everything into a slow-moving maze of IRS processing delays. A refund that should land in a bank account within weeks can suddenly stall for a month or longer, all because one required form never made it…

The Free Financial Advisor

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The Free Financial Advisor

The IRS’s “Math Error” Notice Could Cost You More Than You Think

The IRS rarely makes big announcements without consequences hiding behind the fine print, and the “Math Error” notice stands out as one of the most overlooked. This notice often arrives after a tax return review and signals that something on a return does not add up according to IRS systems.…

International Business Times UK

Nuclear Subs in Europe, Ridicule in Beijing: Inside Donald Trump's Chaotic Week of Foreign Policy

A US nuclear submarine's presence in Gibraltar has prompted UK risk warnings amid escalating tensions over Donald Trump's Iran strategy, while in Beijing Chinese social media is mocking him as 'Trump the Country Builder.'

The Free Financial Advisor

8 Tax Filing Habits That Are Quietly Triggering Refund Delays

Tax season often feels like a race against the clock, but rushing through it can quietly cost time instead of saving it. Many Americans expect their refunds to land quickly, yet small mistakes frequently push those payments into long delays. The IRS processes millions of returns, and even minor errors…

The Guardian - US

Trump news at a glance: billions of taxpayer dollars could go to president and his allies in unprecedented move

If case is settled for full amount Trump is requesting, a $10bn payment would more than double his family’s net worth

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International Business Times UK

'Congress Could Impeach' Trump Over $1.7B Fund Drawn from Public Money, Says Melber

MSNBC host Ari Melber suggests impeachment for Trump over a $1.7 billion fund, raising concerns about executive power and taxpayer money usage amid political tensions.

International Business Times UK

Democrats Are Slamming Trump's Proposed $1.7 Billion IRS Settlement as a 'Plunder'

Democrats condemn a reported $1.7bn Trump IRS settlement as a taxpayer 'slush fund' for his allies as an approaching court deadline intensifies scrutiny of the opaque proposed deal.

The Guardian - US

Trump may settle his lawsuit against IRS for $1.7bn fund to compensate allies

In unprecedented self-dealing maneuver, billions of taxpayer dollars could be paid to US president and his allies

The Free Financial Advisor

New Rule Requires Venmo and PayPal Users to Verify Tax Info—or Risk Losing Access

Digital payments keep reshaping how money moves across the United States, but a new layer of scrutiny now changes the game for millions of users. Venmo and PayPal users face growing pressure to verify tax information as financial regulators push for tighter reporting standards. Platforms that once felt casual and…

The Free Financial Advisor

Millions Of Americans Are Missing Out On The SALT Deduction

The SALT deduction, which stands for state and local taxes, continues to play a significant role in how Americans calculate their federal tax bills. Many households in high-tax states rely on this deduction to soften the blow of property taxes, income taxes, and sales taxes. Federal tax law allows taxpayers…

The Free Financial Advisor

Car Loan Interest Deductions Are Returning—But Millions May Not Qualify

The idea of deducting car loan interest from taxes is suddenly back in the spotlight, and it’s stirring up excitement across the financial world. For years, most Americans haven’t been able to write off interest on personal auto loans, but new policy discussions could reopen that door in a limited…

The Free Financial Advisor

IRS Audit Rates Are Increasing for Middle-Income Earners—Here’s Why

For years, many middle-income Americans treated IRS audits like lightning strikes—rare, random, and mostly aimed at millionaires with offshore accounts and yachts parked somewhere in Monaco. That assumption no longer matches reality. The IRS has quietly shifted its attention toward taxpayers earning ordinary incomes, and plenty of filers now face…

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