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The Latest Breaking News from IRS

Ask the Tax Editor, April 24: How Can I Resolve My IRS Tax Debt?

In this week's Ask the Editor Q&A, Joy Taylor answers questions relating to how individuals can resolve their IRS tax debt.

Kiplinger

Michigan Pension Withdrawals Are Still Flagged for Federal Review Under IRS Rules

Retirement should be a reward, not a paperwork puzzle—but federal oversight still plays a major role when pension money starts moving. Michigan retirees often assume their pension withdrawals stay simple because of state-level tax advantages, yet the IRS keeps a close eye on these transactions regardless of where you live.…

The Free Financial Advisor

AI-Driven Crypto Scams Surge As IRS Investigators Warn Of Billion-Dollar Fraud Wave

Authorities say AI-enhanced fraud networks are scaling rapidly, with billions lost annually as scammers refine tactics that are harder than ever to detect or trace.

International Business Times

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The 2026 Energy Credit: Homeowners Can Save Up to $3,200 — But Only 12% Apply

Skyrocketing utility bills have pushed energy savings from a “nice-to-have” into a financial survival strategy, and the 2026 energy credit lands right in that sweet spot. This federal incentive offers homeowners a chance to claim up to $3,200 in tax credits for energy-efficient upgrades, yet shockingly few households take advantage…

Everybody Loves Your Money

Are You 'Broke Planning'? 10 Frugal Habits People Are Using to Save in 2026

From California to New York, a new survey reveals where Americans are cutting costs. Here's how to pivot those "broke behaviors" into strategic tax advantages.

Kiplinger

I Asked ChatGPT What I Can Do To Reduce Next Year’s Tax Bill — Here’s What It Said

I asked ChatGPT to walk me through the options to reduce my tax bill. It highlighted several overlooked moves that can shape how much taxpayers owe.

GOBankingRates

Brickbat: Hard at Work

A federal judge sentenced former Baltimore City Schools Police Officer Lawrence Smith to one year and one day in jail.… The post Brickbat: Hard at Work appeared first on Reason.com.

Reason

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Some Tax Software Submissions Trigger Extra IRS Identity Verification

Tax season feels fast and efficient thanks to modern software, but a growing number of filers hit an unexpected speed bump: extra identity verification requests from the IRS. That sudden pause can delay refunds, create stress, and leave taxpayers wondering what went wrong. The truth sits somewhere between security and…

The Free Financial Advisor

I Asked ChatGPT How High Earners Can Reduce Investment Taxes — Here’s What It Said

ChatGPT revealed legal strategies high earners use to reduce investment taxes, including Roth conversions, tax-loss harvesting and smart account placement.

GOBankingRates

How Much You Lose in Retirement Dollars by Helping Your Kids Buy a House

Helping your kids buy a house can have a significant impact on your retirement dollars because you're not just out the amount you give your kids.

GOBankingRates

Surprise HMRC Letter Demands Cash Back Within 30 Days Causing Panic

A taxpayer was told to repay a pension tax refund years later, raising concerns about HMRC's power to revisit past payments.

International Business Times UK

How to Respond to an IRS Notice in 30 Days

To handle an IRS notice within a 30-day window, you must immediately verify the "respond by" date on the top right corner of the first page and mail a written explanation or utilize the IRS Document Upload Tool. Waiting even a few days can trigger automated collection actions that are…

inkl

The Saturday Hours Update: Why the IRS Is Keeping Select Offices Open for Extended Filing-Season Help

If you’ve ever tried calling the IRS during tax season, you already know how frustrating it can be. Long hold times, limited weekday hours, and...

Saving Advice

The $4.5 Billion Problem: 5 Documents You Should Never Share With “Federal Agents”

Every year, Americans lose billions of dollars to fraud, and a growing chunk of that comes from scammers pretending to be government officials. These criminals...

Saving Advice

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The Free Financial Advisor

RMD Penalties Apply When Withdrawals Aren’t Taken on Time—Even If You Forgot

Missing a required minimum distribution doesn’t just create a small paperwork hiccup—it can trigger one of the steepest tax penalties in the retirement world. The IRS expects you to take your required withdrawals on schedule, and it doesn’t accept “I forgot” as a valid excuse.

International Business Times UK

Supreme Court Forces Trump to Return $166 Billion in Tariffs Imposed Without Constitutional Authority

The US Supreme Court ruled Trump-era tariffs unconstitutional, prompting a $166 bn refund process for importers. The decision marks a significant check on presidential authority over trade policies.

International Business Times UK

HMRC Wants Tax Money Back In 30 Days: Should You Repay Or Is It A Mistake?

UK taxpayers face unexpected HMRC demands for tax repayments years after refunds. Understanding the process and knowing how to respond can prevent additional costs or enforcement actions.

International Business Times UK

Scott Bessent's Tax Withholding Hack For Bigger Paychecks Could Backfire — Experts Warn Of Costly Mistakes

US Treasury Secretary Scott Bessent advises Americans to update withholdings for 2026 to receive bigger paychecks, but experts warn against hasty changes, highlighting penalties.

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GOBankingRates

7 Things To Consider Before Making Your First Retirement Account Withdrawal

Here are seven considerations to think about before you ever make your first retirement account withdrawal.

International Business Times UK

Americans Are Refusing To Pay Taxes In Protest Over Iran War, Immigration And Spending — Experts Warn Of Fines And Jail

A growing number of Americans are considering refusing to pay federal taxes as a protest against government policies. Experts warn of serious legal consequences, despite the movement's online popularity.

The Times of India

What is Asmongold’s net worth? Streamer admits owing $397K to IRS

Saving Advice

Heirs Face a 25% Penalty in 2026 if They Don’t Take Required IRA Distributions Under the 10‑Year Rule

If you inherited an IRA in the last few years, there’s a good chance you’ve been hearing about the “10-year rule,” but not fully understanding...

Saving Advice

IRS Identity Filters Are Delaying Refunds for Millions — Returns With 2024 Data Mismatches Face 60‑Day Holds

If you’re still waiting on your tax refund in 2026, you’re not alone—and the reason may surprise you. The IRS has ramped up identity verification...

The Free Financial Advisor

Joint Tax Liability Rules Mean Spouses Can Still Owe Shared Tax Debts

Taxes and marriage—two things that can get complicated fast. Many couples assume that once they file jointly, everything is shared neatly and fairly, but the reality can be a bit more surprising. Joint tax liability rules can leave one spouse responsible for debts they didn’t even know existed.

The Free Financial Advisor

3 Tax Filing Mistakes That Can Trigger IRS Penalties

Filing your taxes might not be anyone’s idea of a good time, but messing them up can turn a routine task into a costly headache fast. The IRS isn’t exactly known for letting mistakes slide, especially when they involve missing money, missed deadlines, or questionable claims.

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