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The Latest Breaking News from IRS

Senate’s latest effort to halt Trump’s Iran hostilities fails in 49-50 vote as some Republicans side with Democrats – as it happened

Republicans senators Susan Collins, Lisa Murkowski and Rand Paul voted in favor of the motion to prevent Trump from continuing hostilities against Iran. This blog is now closed.

The Guardian - US · Jul 30

US Senate delays vote on Todd Blanche''s attorney general nomination demanding clarity on Trump's IRS lawsuit

The US Department of Justice said in a statement after the vote was postponed that it remains ready to work productively with senators Cornyn and Tillis to advance Blanche’s confirmation.

Euronews · Jul 30

IRS Whistleblower Program Has Recovered More Than $8 Billion and Paid Over $1.4 Billion in Awards Since 2007

The Internal Revenue Service is recognizing National Whistleblower Day by highlighting the success of its Whistleblower Program, which has helped recover more than $8 billion in taxes, penalties, and other amounts since the program began in 2007. During that same period, the IRS has paid more than $1.4 billion in…

The Free Financial Advisor · Jul 29

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Got money questions? How to get chatbots to give you accurate answers

Finding good financial advice can be stressful – and expensive. That’s one reason why chatbots have become an increasingly popular and free alternative.

The Conversation · Jul 29

Are college scholarships taxable? What to know ahead of the new semester

Some 53 percent of students say scholarship money plays an important role in whether they’ll attend college

The Independent UK · Jul 29

Crypto Investors Could Lose A Major Tax Break As Congress Revives An Old Fight

U.S. lawmakers are renewing efforts to eliminate a tax advantage that allows cryptocurrency investors to harvest losses while immediately buying back the same assets.

International Business Times · Jul 28

IRS Issues Correction to Updated Qualified Domestic Trust Regulations Under Section 2056A

The Internal Revenue Service has published a correcting amendment to recently finalized regulations governing Qualified Domestic Trusts (QDTs) under Internal Revenue Code Section 2056A. Published in the Federal Register on July 24, 2026, the amendment makes technical corrections to final regulations issued earlier in the month and became effective immediately…

The Free Financial Advisor · Jul 28

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Hold US stocks under LRS? Here’s why you may not be able to gift them to NRI children

Indian residents cannot gift US shares purchased through the LRS route to their NRI children. The liberalised remittance scheme requires sale proceeds to be repatriated within 180 days. US stocks held under LRS may face US estate tax upon the investor's death. Indian residents can reduce this exposure by investing…

The Economic Times · Jul 28

At What Age Does Social Security Stop Being Taxed? Here’s the Truth

One of the most common questions retirees ask is, “At what age does Social Security stop being taxed?” It’s an understandable question, especially since many...

Saving Advice · Jul 26

Why Paying More in Taxes Today Could Leave You Wealthier Tomorrow: A Financial Planner Explains Roth Conversions

Roth conversions sound like a no-brainer — pay more tax now to pay less in future. But you need to understand your tax bracket to make sure they'll work for you.

Kiplinger · Jul 26

“There’s still that unresolved thing where we haven’t had the last hug and a drink. I was very, very sad when he died”: The chaos and carnage of The Lords Of The New Church, punk’s first supergroup

Formed by members of The Damned, Dead Boys and Sham 69, The Lords Of The New Church snatched defeat from the jaws of victory

Louder · Jul 25

IRS Penalty Relief: Who Qualifies Automatically and Who Still Has to Ask

Nobody likes opening a letter from the IRS only to discover penalties have been added to an already stressful tax bill. The good news is...

Saving Advice · Jul 25

Why Most People Overpay Taxes in Retirement — and Don't Even Know It

The retirees who enjoy the lowest tax bills in retirement aren't those who earned the least — they're the ones who plan ahead for their retirement income.

Kiplinger · Jul 25

$600bn Cash Payout vs $300bn Tariff Revenue: Donald Trump's $2,000 Cheque Plan Facing Massive Deficit

Donald Trump's much‑touted $2,000 'tariff dividend' cheques remain stuck at the proposal stage, with no law passed and no official payment plan in place.

International Business Times UK · Jul 25

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The Independent UK · Jul 24

Supreme Court litigator gets 6 years in prison for tax evasion case after gambling millions on poker

A prominent Supreme Court litigator has been sentenced to six years in prison for evading a multimillion-dollar IRS tax debt and engaging in mortgage fraud in a case that cast a spotlight on his secretive lifestyle as a high-stakes poker player

Kiplinger · Jul 24

Ask the Tax Editor, July 24: Taxation of I Bonds

In this week's Ask the Editor Q&A, Joy Taylor answers readers' questions about the taxation of I bonds in various situations.

The Free Financial Advisor · Jul 24

IRS Replaces First Time Abate Program With Automatic Penalty Relief for Taxpayers With Clean Compliance History

The Internal Revenue Service is replacing its long-standing First Time Abate (FTA) program with a new system called Automatic Exemption from Penalty (AEP), making it easier for taxpayers with a strong compliance history to receive penalty relief. Announced on July 8, the new process is designed to automatically remove certain…

We Got This Covered · Jul 24

Tennessee farmer says IRS mistakenly sent him $20k, then allegedly started threatening to seize his farm

“I've tried the president, governor, mayor."

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The Independent UK · Jul 23

Trump’s staff turnover is more than double his first term — and it’s only two years in

More officials are leaving in Trump’s second term and fewer nominations are being made to the Senate, according to recent data

Kids Ain't Cheap · Jul 23

Tax Breaks Parents May Miss When Paying for Child Care

Finding affordable child care is one of the biggest financial challenges many families face, with annual daycare costs exceeding $10,000 in many parts of the country. While most parents know about the Child Tax Credit, many overlook tax benefits tied directly to child care expenses. Missing these opportunities could leave…

Kiplinger · Jul 23

Popular Capital Gains Tax ETF Strategy Catches Treasury's Attention

As Section 351 exchanges gain popularity, the Treasury Department is considering whether certain transactions could lead to abusive tax outcomes.

The Free Financial Advisor · Jul 23

When to Request IRS Penalty Abatement

When the IRS adds a penalty to a tax bill, the first instinct often involves reaching for the checkbook and grumbling at the ceiling. Before doing either, check whether the penalty qualifies for abatement, which means the IRS may remove or reduce it under certain circumstances.

Fortune · Jul 23

Spain lifted the World Cup, but the IRS still gets a cut of its $50 million pay day as players, coaches and refs all face complex U.S. “jock taxes”

Spain may have won the 2026 FIFA World Cup, but for many players the celebration comes with an unexpected opponent.

International Business Times UK · Jul 22

Donald Trump Tax Immunity Scandal: Judge Throws Out $1.8bn Deal As Lawyer Faces Discipline

A federal judge has thrown out Donald Trump's $1.8bn IRS settlement, saying the case was brought for an improper purpose and referring a lawyer for possible disciplinary action.

International Business Times UK · Jul 22

Spain's $50M World Cup Payday May Not Stay Whole Once US Taxes Kick In

Spain's $50M World Cup prize could face a US tax hit, while FIFA enjoys tax exemptions. Discover why teams and players may be facing a very different financial reality.

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