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The Latest Breaking News from IRS

Paper Tax Filers Face Long Wait as IRS Digitization Effort Stalls

Last April, the IRS launched its Zero Paper Initiative to speed up paper tax return processing. The project isn’t going well.

Kiplinger

Here’s What Happens to Your Paycheck When You Max Out Your 401(k) in 2026

One of the golden rules of finance is to contribute enough to an employer-based retirement fund, but what happens to your paycheck if you max out your 401(k)?

GOBankingRates

IRS Reports 11% Jump in Early Refunds as Average Payout Reaches $2,290

Tax season 2026 is off to a strong start, and millions of Americans are already seeing bigger checks hit their bank accounts. According to the...

Saving Advice

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read the most diverse news in one place.

OpenAI has changed its mission statement 6 times in 9 years, most recently about AI that 'safely benefits humanity'

It’s still committed to creating something that will benefit humanity. It’s unclear why it doesn’t want to do so “safely” anymore.

Fortune

11 Records That Protect Against Future Audits

An audit does not start with flashing lights or dramatic warnings. It starts with a letter, and that letter demands proof. When that moment arrives, confidence comes from one place only: documentation that tells a clear, organized, undeniable story. Numbers alone never win the day. Records do. Anyone who earns…

Everybody Loves Your Money

“Backdoor Roth” Alert: The IRS Rule Change That Could Close Your Favorite Tax Loophole

Spring savers and high‑income earners are suddenly on edge, and for good reason: a quiet IRS shift may threaten the future of the backdoor Roth strategy millions rely on. For years, the backdoor Roth has been the go‑to workaround for people who earn too much to contribute directly to a…

Dinks Finance

Talk about an unwelcome tax cut - DOGE restructuring saw IRS lose 40% of its IT workforce in 2025

The IRS lost massive IT and executive staff in 2025, forcing AI and cross-functional teams to manage critical filing processes.

TechRadar

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7 Moves To Make Before April 15 To Shrink Your 2026 Tax Bill

Here are several moves to consider before sending in your tax return.

GOBankingRates

A Financial Planner Answers 10 Common Questions About the Gift Tax

Generous gifts can have tax consequences, but in general, only very wealthy people need to worry about gift taxes. Still, there could be IRS paperwork involved.

Kiplinger

How Much More You Can Stash in Your 401(k) and IRA in 2026

The IRS raised 2026 IRA and 401(k) contribution limits. See the new contribution caps, income phaseouts, catch-up rules and how much workers should save.

GOBankingRates

I Asked ChatGPT To Explain Tax-Loss Harvesting Like I’m 12 — Here’s What It Said

Planning ahead for next year, I asked ChatGPT to outline the concept of tax-loss harvesting, but to dumb it down as if a 12-year-old were asking.

GOBankingRates

Crowdfunded generosity isn’t taxable – but IRS regulations haven’t kept up with the growth of mutual aid

Have you ever received some money through a GoFundMe campaign or Venmo or CashApp transfers after a medical emergency, natural disaster or other crisis?

The Conversation

The Little-Known Deduction Couples Over 65 Often Miss

Retirement changes the tax game in ways that surprise even the most organized couples. Many people assume that once the paychecks stop and Social Security begins, taxes fade into the background. That assumption costs real money every single year.

The Free Financial Advisor

IRS Just Dropped a Massive Tax Win: Businesses Can Write Off 100% of Factory Costs

The IRS and US Treasury have released guidance on a 100% depreciation deduction for certain production facilities under the One Big Beautiful Bill.

International Business Times UK

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Budget and the Bees

The Hidden Tax Trap Affecting Social Security Recipients This Year — What Retirees Must Know

You celebrated the 2.8 percent cost-of-living increase this January, thinking it would finally help you keep up with the grocery bill. However, for many retirees, that extra money is currently triggering a hidden tax trap that could leave you with less cash than last year. It is a frustrating cycle…

Saving Advice

March 2 Tax Alert: The One Form That Can Delay Your Health Insurance Credit

A missing tax form may not seem like a big deal, but for millions of Americans who rely on Marketplace subsidies, it can completely stall...

The Free Financial Advisor

Refunds Are Being Frozen Over a Single IRS Identity Check — Here’s What’s Causing the Delays

The tax refund that was supposed to land in a bank account can stop cold because of one thing: identity verification. Not an audit. Not a math error. Not some dramatic investigation. Just a single flag that tells the Internal Revenue Service it needs to make sure the person behind…

Kiplinger

How One Extra Dollar of Income Can Cost You Thousands in Retirement

Even modest changes in retirement income can raise Medicare premiums under IRMAA. Here’s how a small increase can affect your retirement costs.

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GOBankingRates

6 Reasons Retirees on Social Security Should Pay Taxes as Early as Possible

Paying taxes early while on Social Security can help retirees avoid costly surprises, protect monthly income and reduce stress.

Clever Dude

More Americans Are Tapping Their 401(k) Early — And Paying the Price

Retirement accounts once carried an almost sacred aura. They represented the future, stability, and decades of disciplined saving. Now, more Americans treat their 401(k)s like emergency piggy banks — and the consequences ripple far beyond a single withdrawal.

Fortune

Former IRS Commissioner: Here's how we used AI to create immediate value when taxpayers scrutinized every dollar

In 2023, we began deploying AI in targeted ways to improve taxpayer service, compliance, and operational efficiency.

GOBankingRates

I Asked Grok How Billionaires Pay Hardly Any Taxes — Here’s What It Revealed

While Grok didn't uncover any secret loopholes, it did detail how the tax code structurally favors asset ownership, deferral and leverage, as opposed to income.

Everybody Loves Your Money

The 1099-C Trap: Why the IRS Thinks Your Unpaid Debt Is Taxable Income

Imagine this: a long-forgotten credit card balance suddenly disappears, and instead of relief, a crisp envelope lands in the mailbox. It contains a form called 1099-C, and the government now thinks the vanished debt is cash in your pocket. For many, the excitement of being debt-free collides with panic because…

Reason

An MQD Receipt Justice Gorsuch Overlooked

Justices Kagan and Sotomayor have signed on to at least one opinion that expressly relied upon the major questions doctrine.

The Free Financial Advisor

Why IRS Payment Plans Still Default After Missed Online Notices

Ever get slapped with the unpleasant news that your IRS payment plan went into default—even though you swear you didn’t miss a notice? If that sentence makes your stomach flip, you’re not alone.

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