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The Latest Breaking News from IRS

IRS Loses About $21 Billion Due to Debt Limit Deal: Kiplinger Tax Letter

Only time will tell the impact of a key budget concession involving the IRS.

Kiplinger

How the Debt Ceiling Negotiations Affect the Budget: Kiplinger Economic Forecasts

Here's why a compromise on the debt ceiling means more spending caps for future annual budgets.

Kiplinger

NCAA President Sides With IRS on ‘Ruling’ About NIL Collectives

NIL collectives were dealt a potentially massive blow by the IRS last week, and Charlie Baker warns stricter guidelines for the nonprofits could be on the way.

Sports Illustrated

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The Covid con: How billions in coronavirus relief was stolen or wasted

Criminals and gangs grabbed the money. But so did a US soldier in Georgia, the pastors of a defunct church in Texas, a former state lawmaker in Missouri and a roofing contractor in Montana

The Independent UK

Granger sets fiscal 2024 funding targets below debt limit deal

With House GOP leaders under pressure from hard-right lawmakers, Republican appropriators in that chamber will write their fiscal 2024 spending bills to meet the tight budget caps that Freedom Caucus and other spending hawks have sought since January.

Tribune News Service

Granger sets fiscal 2024 funding targets below debt limit deal - Roll Call

House Republican appropriators will write their fiscal 2024 spending bills to meet the tight budget caps sought by the Freedom Caucus and other spending hawks.

Roll Call

Non-profit pays $1.3m for legal services to law firm owned by Republican official

RNC committeewoman Harmeet Dhillon takes $120,000 salary from non-profit Center for American Liberty

The Guardian - US

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The Great Grift: How billions in COVID-19 relief aid was stolen or wasted

An Associated Press analysis found that fraudsters potentially stole more than $280 billion in COVID-19 relief funding; another $123 billion was wasted or misspent

The Independent UK

Are You Ready to ‘Rothify’ Your Retirement?

Legislation makes Roth accounts more enticing, and savers who mostly prefer to defer face tough decisions. How to choose?

Kiplinger

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

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

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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.

Salon

Election deniers scammed donors: group

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

Roll Call

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.

Kiplinger

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.

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Kiplinger

IRS is Targeting Promoters of Abusive Tax Schemes Kiplinger Tax Letter

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

Daily Mirror

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

The Independent UK

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

ABC News

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.

Kiplinger

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.

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.

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