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The Latest Breaking News from IRS

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

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

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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

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Time for Senate Democrats to step up

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

Salon

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.

WEKU

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.

Fortune

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.

Tribune News Service

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.

Reason

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.

InsideEVs

House GOP priority: Protect tax dodgers

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

Salon

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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.

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Reason

Democrats May Regret Compromising Taxpayer Privacy To Get Trump

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

WEKU

Mastermind of the Varsity Blues college admission scandal is about to learn his fate

Rick Singer pleaded guilty in 2019 to selling what he called "a side door" into top universities. The scheme snared dozens of wealthy clients, from actors to business titans and big-shot lawyers.

Roll Call

Opponents deny McCarthy speaker’s gavel on first vote - Roll Call

Opposition from fellow Republicans denied Kevin McCarthy the role of House speaker on the first roll call vote in the 118th Congress.

WEKU

House leadership is in limbo as McCarthy loses 3 rounds of voting for speaker

Rep. Kevin McCarthy failed to secure the necessary votes to become House speaker in another round of voting — the third — after 20 House Republicans voted against him.

InsideEVs

Five-Seat Tesla Model Y Does Not Qualify For New Federal Tax Credit

That's because not all Tesla Model Y vehicles are classified as SUVs; the five-seat variants are considered cars and therefore hit with a $55,000 MSRP limit.

Axios

New tax brackets and other IRS changes can boost paychecks, lower taxes

Yearly changes made by the IRS can have a significant impact in the era of high inflation.

Fortune

Avoid these mistakes with required minimum distributions

Withdrawing the wrong amount, forgetting to take your RMD, mixing plan types are some of the most common mistakes.

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