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The Latest Breaking News from IRS

Don't tell friends or family if you win $1.1 billion Mega Millions jackpot, experts advise

The temptation to throw a lavish part to celebrate will be strong—but keep it quiet, financial gurus say.

Fortune

House Republicans To Probe White House Pressure on Social Media Companies

Plus: House votes to rescind IRS funding, the FDA is putting unnecessary strings on pharmacies filling abortion pill prescriptions, and more...

Reason

In first act, GOP-controlled House takes aim at IRS funding

WASHINGTON — The new Republican-controlled House passed a bill to claw back $71.5 billion in funding for the IRS that was part of Democrats’ climate, tax and health care reconciliation law last year.

Tribune News Service

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read the most diverse news in one place.

In first act, GOP-controlled House takes aim at IRS funding - Roll Call

The new Republican-controlled House passed a bill to claw back funding for the IRS that was part of Democrats’ reconciliation law last year.

Roll Call

Editorial: IRS gets financial windfall, but keeps same old stripes

Congressional Democrats last year showered the IRS with $80 billion in new funding in an effort to close an estimated $600 billion “tax gap,” the difference between income taxes actually owed and those actually collected. This was supposed to help pay for the Biden administration’s ongoing spendapalooza that has run…

Tribune News Service

House Republicans pass bill to slash IRS funding in first act of new Congress

The bill is unlikely to pass the Democratic-led Senate.

Axios

House GOP kicks off majority with vote to slash IRS funding

House Republicans have began their tenure in the majority by passing a bill that would rescind nearly $71 billion that Congress had provided the IRS

The Independent UK

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IRS Says Ford Escape, Cadillac Lyriq Aren't SUVs

In Cadillac's case, the classification means the Lyriq doesn't get a $7,500 EV tax credit.

Motor1

Rep. Jason Smith wins three-way contest for Ways and Means gavel

WASHINGTON — Rep. Jason Smith, a self-proclaimed “firebrand” preaching a populist image of the GOP, won the nomination to be chairman of the Ways and Means Committee.

Tribune News Service

Rep. Jason Smith wins three-way contest for Ways and Means gavel - Roll Call

Rep. Jason Smith, a self-proclaimed “firebrand” preaching a populist image of the GOP, won the nomination to be Ways and Means chairman.

Roll Call

Liz Weston: Sneaky ways inflation affects your money in 2023

Inflation has a way of affecting nearly every aspect of our finances

The Independent UK

McCarthy vows to repeal IRS funding

The proposal has little chance of passing in the Senate, but could be used as leverage by the GOP later this year

Salon

Finally Approved as House Speaker, McCarthy Aims To Cut IRS Funding

Plus: More documents showcase government pressure on social platforms, appeals court to reconsider ban on nonviolent felon gun ownership, and more...

Reason

Time for Senate Democrats to step up

House GOP is promising all kinds of unhinged investigations — but Senate Democrats have subpoena powers too

Salon

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WEKU

Buying an electric car? You can get a $7,500 tax credit, but it won't be easy

The government is offering a hefty tax credit to buyers of electric vehicles, but taking advantage of it is not straightforward. Here's what you need to know.

Fortune

If you win the $940 million Mega Millions jackpot, you’ll be hit with a massive tax bill in these states

If you win the big prize, you'll owe 37% to the federal government, and even more in taxes depending on what state you live in.

Tribune News Service

Feds list electric vehicles eligible under new $7,500 tax credit program. Do you, and your dream EV, qualify?

The latest federal program to encourage electric vehicle purchases kicked off with the new year, offering the single largest financial boost available to buyers — a $7,500 tax credit — in hopes of cutting the use of fossil fuels.

Reason

In 2022, the IRS Went After the Very Poorest Taxpayers

Despite $80 billion in new funding, the agency is living up to its reputation of hassling low-income taxpayers over rich people.

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news in one place.

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InsideEVs

Here Are All The EVs Eligible Now For The $7,500 Federal Tax Credit

To qualify for the full tax credit, an EV must be assembled in North America, have a battery size of at least 7 kWh and a GVWR less than 14,000 pounds.

Salon

House GOP priority: Protect tax dodgers

Watchdog group warns GOP trying to "protect their rich tax cheat friends from paying taxes they owe"

Chicago Sun-Times

Releasing Trump’s tax returns sets a dangerous precedent

The decision threatens the privacy of Democrats as well as Republicans.

Kiplinger

When Are Taxes Due in 2026? Tax Deadlines by Month

Knowing all the tax deadlines for 2026 can help you avoid costly penalties.

Fortune

How to know whether your new EV qualifies for Biden’s $7,500 tax credit

It's not as straightforward as it seems.

Zenger

Donald Trump’s Tax Returns Are Now Public: What You Need To Know

The House Ways and Means Committee released thousands of pages of President Donald Trump's tax returns from 2015 to 2020.

Reason

Democrats May Regret Compromising Taxpayer Privacy To Get Trump

The release of the former president’s tax returns sets a dangerous precedent.

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