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The Latest Breaking News from IRS

Trump expected to drop $10B lawsuit against IRS

IN FULL

The Independent UK

What Happens If You Cash Out a 529 Plan in 2026?

College costs continue to climb faster than a summer gas bill, so millions of Americans stash money inside 529 plans to protect their future budgets. Those accounts offer juicy tax advantages, flexible investment choices, and powerful long-term growth, but cashing one out without a strategy can create a financial mess…

The Free Financial Advisor

5 Financial Transactions That Now Trigger the IRS’s New 1% Remittance Tax

Sending money overseas suddenly got more expensive, and plenty of Americans have no idea the change even happened. The IRS’s new 1% remittance tax now applies to certain international money transfers, adding another fee to transactions that millions of families already depend on every month. For households sending support to…

The Free Financial Advisor

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Trump Expected To Drop $10 Billion IRS Lawsuit For $1.7 Billion Fund For Allies

President Donald Trump is expected to drop his $10 billion lawsuit against the Internal Revenue Service in exchange for a proposed $1.7 billion compensation fund for allies who say the Biden administration wrongfully targeted them.

International Business Times

Overlooked Tax Credits That Could Save You Thousands This Year

Tax season usually sparks two emotions: dread and confusion. Most Americans scramble to find receipts, pray for a decent refund, and hope they didn’t accidentally anger the IRS with a typo. Meanwhile, billions of dollars in tax credits sit untouched every year because people simply don’t realize they qualify. That’s…

The Free Financial Advisor

Trump to drop $10B IRS tax lawsuit in return for a billion-dollar compensation fund: report

Trump filed the $10 billion lawsuit against the IRS in January, alleging they failed to stop the unauthorized release of his tax returns

The Independent UK

Police Warn: The New Door-Knocking Scam Targeting Men — Don’t Get Fooled

A knock at the door used to mean a package delivery, a neighbor borrowing sugar, or kids selling fundraiser popcorn. Now, police departments across the country warn that some scammers use the front porch as a hunting ground, and men often land directly in the crosshairs. These schemes look casual,…

Clever Dude

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Ask the Tax Editor, May 15: Deductions for Self-Employed Retirees

In this week's Ask the Editor Q&A, Joy Taylor answers questions on available tax breaks for retirees with a side hustle.

Kiplinger

Trump Accused of Betraying Police With Shocking $1B 'Thug Fund' Scheme

Critics accuse Trump of using taxpayer money to fund a controversial $1 billion compensation scheme tied to January 6 defendants, sparking outrage over alleged betrayal of police.

International Business Times UK

Donald Trump ready to drop $10 billion IRS lawsuit? Apparently, it’s in exchange for a deal directly benefitting his most loyal political allies

Jan. 6 defendants are on the list.

We Got This Covered

TPUSA's Alleged Fundraising Letters Spark Outrage With 'Desperate' Claims of 'Freeing Children From the Far Left'

Turning Point USA faces scrutiny after alleged fundraising letters referencing Charlie Kirk's assassination circulated online, raising questions over the group's financial practices.

International Business Times UK

How a New Fed Chair Could Impact Your Tax Bill in 2026

As Kevin Warsh prepares to lead the Federal Reserve, interest rate policy will shape household earnings and taxable income.

Kiplinger

The New IRS Withholding Quirk Making Some Service-Industry Seniors Think Their Tips Are Tax-Free

Many older Americans are returning to work in restaurants, salons, casinos, hotels, and other service jobs to supplement retirement income. Recently, some of those workers...

Saving Advice

‘This is not feeding the poor’: Nonprofit raises legal alarms by funding bodyguards for conservative influencers

Nonprofit experts said the fund’s donations to for-profit content creators could run afoul of the law

The Independent UK

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Clever Dude

Retirement Slip-Ups That Can Land You in Legal Trouble — 5 Habits You Must Avoid

Retirement should feel like freedom, not a courtroom drama mixed with a tax audit and a stack of angry paperwork. Yet thousands of retirees across America accidentally step into legal and financial trouble every year because of small habits that seem harmless at first. One forgotten tax form, one “under-the-table”…

International Business Times UK

No Books, Two Golden Statues: Trump's $130 Million Miami 'Presidential Library' Skyscraper Hit With Lawsuit

Donald Trump's planned $130M Miami presidential library skyscraper faces a lawsuit from residents alleging a $10 land deal breach of the US Constitution, questioning its commercial design.

Kiplinger

Sunscreen, Shades and Meds: 11 Travel Must-Haves That Are Totally HSA Eligible

Traveling but forgot some essentials? Give yourself a "tax discount" on vacation necessities using your health savings account by following these IRS rules.

Fortune

North Korean operatives stole $2 billion last year—and financial firms are the next target

A new CrowdStrike report shared exclusively with Fortune reveals DPRK-linked hackers tripled their attack pace in a single quarter and U.S. financial firms are in their crosshairs.

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The Texas Tribune

Here are the megadonors and dark money groups boosting James Talarico’s anti-billionaire Senate bid

As the Austin Democrat campaigns against big money in politics, he is being supported by a super PAC bankrolled by several billionaires, as well as nonprofits that do not have to disclose their funders.

International Business Times UK

Trump's Alleged Secret $10 Billion Cash Grab to Halt IRS Audits and Secure Massive Payout Sparks Legal Firestorm

Donald Trump faces allegations of attempting to convert a federal lawsuit into a multibillion-dollar payout, raising questions about collusion and constitutional implications.

The Economic Times

IRS won't tell you about these COVID refunds, but here's how to claim every dollar you are owed

Nearly 79 million Americans already filed federal tax returns this year. Yet millions may still qualify for hidden IRS COVID refund claims tied to pandemic-era penalties and interest charges. Tax experts now warn that the July 10, 2026 IRS refund deadline could become one of the most overlooked tax relief…

The Free Financial Advisor

5 Ways to Avoid Being Reported Under New 1099-DA Crypto Rules

Crypto traders once treated tax season like an annoying side quest, but the IRS just turned the game into the main event. The new 1099-DA reporting rules push crypto exchanges and brokers into much tighter reporting requirements, which means investors can no longer count on confusion or missing paperwork to…

The Free Financial Advisor

How to Inherit an IRA Without Handing Half of It to the Government

Money from an inherited IRA can feel like a financial lifeline right up until the IRS shows up with its hand out. One wrong move can trigger a massive tax bill, force huge withdrawals, or wipe out years of careful retirement planning in a hurry. Families across America lose thousands…

Everybody Loves Your Money

$15,000 Step-Up Gap: Why Missing One Document Triggers Estate Tax Reviews

A missing piece of paper can quietly drain thousands of dollars from an inheritance faster than a Vegas blackjack table on a bad night. Across the country, families settle estates every day without realizing that one forgotten document can create a massive “step-up gap” that instantly grabs the attention of…

Kiplinger

Our New Health Plan Offers an HSA. Is the Triple Tax Benefit Worth the Hassle of Saving Decades of Receipts?

Should we sign up for a Health Savings Account (HSA) and embrace even more healthcare paperwork? We'd rather plan vacations than track receipts.

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