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The Latest Breaking News from IRS

Cash Balance Plans Aren't Gimmicks: Why High Earners Should Reconsider This Bona Fide Planning Tool

Cash balance plans are underused despite their potential to boost retirement savings and reduce tax liability for high earners. Time to give them another look.

Kiplinger · Jun 21

Trump’s DOJ refuses to supply signed statements saying ‘slush fund’ is really dead

Top DOJ lawyer says it’s ‘unnecessary’ to put the end of the $1.8 billion comensation fund in writing

The Independent UK · Jun 21

CM Shivakumar announces one more Karnataka Bhavan in Delhi for civil servant aspirants

Karnataka's Cabinet has greenlit significant developments, including a new Karnataka Bhavan in Delhi for competitive exam aspirants, costing Rs 80 crore. The state will also acquire 620 new buses for transport corporations and invest heavily in healthcare, with a Rs 100 crore super-speciality hospital planned for Yadgir. Exemptions for rural…

The Economic Times · Jun 20

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Ask the Tax Editor, June 19: Estimated Tax Payments and Withholding

In this week's Ask the Editor Q&A, Joy Taylor answers tax questions on federal estimated tax payments and federal income tax withholding.

Kiplinger · Jun 19

I'm a Financial Adviser: If You Want to Give Money to a Child in Your Family, Some Options Are Better Than Others

Want to save for a child's future? Here's a look at the most common account types for starting their nest egg, even if you don't know what they'll need at 18.

Kiplinger · Jun 19

U.S. Treasury previews guidance for federal Education Freedom Tax Credit scholarship program

On June 10, the U.S. Department of the Treasury issued a preview of the forthcoming guidance implementing the Education Freedom Tax Credit (EFTC) scholarship program, which is set to take effect on Jan. 1, 2027. President Donald Trump (R) enacted the tax credit as part of the One Big Beautiful…

Ballotpedia · Jun 18

Got $1 Million Saved for Retirement? Here Are the Huge RMDs the IRS Makes You Take at Ages 73, 75, 80 and 85

If you have $1 million saved for retirement, your RMDs will change every year. Find out exactly how much you must withdraw at ages 73, 75, 80 and 85.

Kiplinger · Jun 18

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Doctor arrested for bludgeoning, stabbing domestic help to death in south Delhi's Mount Kailash

A 45-year-old woman was found dead on a terrace in South Delhi. Police arrested a doctor, Manish Gupta, who allegedly killed her with a bat and knife. The victim, Meena, worked as his domestic help for 15 years. The motive remains unclear, though a personal dispute is suspected. This incident…

The Economic Times · Jun 18

The EV Charger Tax Credit Ends June 30, 2026: 6 Rules Homeowners Should Check Before Installing One

Electric vehicle charging keeps reshaping how homeowners power their daily routines, but a major financial perk is heading toward a deadline. The federal EV charger tax credit ends on June 30, 2026, and that date changes how homeowners plan upgrades. Installing the wrong equipment or missing a requirement can wipe…

Clever Dude · Jun 17

The 2026 401(k) Limit Is $24,500: 6 Ways Workers Can Use the Higher Cap Before Year-End

Retirement savers just received a little extra breathing room. The IRS announced that the 401(k) contribution limit will increase to $24,500 for 2026, giving workers another opportunity to build long-term wealth while reducing taxable income in many cases. The increase may look modest at first glance, but small adjustments often…

The Free Financial Advisor · Jun 17

Could Your ZIP Code Cut Your Federal Taxes? New Bill Explains How

The location-based tax cut would expand federal brackets for high-cost areas in New York, California, Florida and more. Here's who would qualify.

Kiplinger · Jun 17

At age 18, he’s already graduated law school. Now he wants to fight ‘extremely predatory’ social media companies

Jimmy Chilimigras graduated high school at 12 and is now pursuing a master of laws degree – and he wants to find ‘an area to do some good’

The Guardian - US · Jun 17

6 Required Minimum Distribution Rules Retirees Should Recheck Before Year-End

One of the most costly mistakes retirees can make is not knowing the rules regarding Required Minimum Distributions (RMDs). The IRS has a set of...

Saving Advice · Jun 16

Five ways to avoid tax penalties in 2026

Uneven income can make estimated taxes tricky

AAP · Jun 16

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The Independent UK · Jun 16

How to keep more cash flowing with the pay-as-you-go tax method

Uneven income can make estimated taxes tricky

The Mary Sue · Jun 15

Elon Musk Is the World’s First Trillionaire. Disgusting

Elon Musk has officially broken the record for becoming the world’s first trillionaire. Online reactions have varied, with some congratulating Musk and others criticizing the obscene wealth he has amassed. According to Bloomberg, Tesla and SpaceX founder became the world’s richest man in history after his net worth reached $1.1…

Reason · Jun 15

Trump's Lawyers Insist There Is 'No Evidence' of 'Collusion or Fraud' in His 'Settlement With Myself'

The sweet deal that resolved the president's fatally flawed lawsuit against the IRS was business as usual at the DOJ, his attorneys told a federal judge.

Reason · Jun 14

"American Diabetes Association Ejects Researchers from Conference for Sharing Editorial from Its Own Journal"

Aaron Terr (FIRE) reports, based on accounts from various publications. Some excerpts: The incident occurred outside a conference hall where… The post "American Diabetes Association Ejects Researchers from Conference for Sharing Editorial from Its Own Journal" appeared first on Reason.com.

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Kiplinger · Jun 14

How to Learn to Stop Worrying About the Gift Tax and Give Your Kids Money Already

You have to let the IRS know about large gifts, but tax consequences aren't a concern for most families.

Kiplinger · Jun 14

Wealth Wise: You’ve Mastered Asset Allocation — Now It’s Time for Asset Location

In our retirement advice column, Wealth Wise, a 66-year-old retiree learns how strategically placing your stocks, bonds, and cash can save you thousands.

Kiplinger · Jun 14

5 Costly RMD Mistakes That Will Put a Dent in Your Savings (and How Early Planning Can Help)

Like your golden years, RMDs creep up on you quicker than you think. Planning ahead can prevent you (and your heirs) getting hit with penalties and extra taxes.

The Free Financial Advisor · Jun 13

Many Social Security Recipients Pay Taxes on Their Benefits — Most Are Surprised

Millions of retirees depend on Social Security checks as a core part of their monthly income, yet many still end up paying federal taxes on those benefits. That surprise often hits when tax season arrives and the IRS calculates how much of those benefits count as taxable income. The rules…

The Independent UK · Jun 12

IRS gets green light to swiftly hire 8,000 employees after agency struggled following Elon Musk’s ‘severe’ DOGE cuts, memo reveals

Public officials stated the IRS had its ‘most successful filing season’ - though an internal memo indicates the agency knew it needed more staff after DOGE cuts

The Guardian - US · Jun 12

Judge extends block on Trump’s $1.8bn ‘anti-weaponization’ fund

Trump administration created fund to resolve his lawsuit against the IRS over the leak of his tax returns

International Business Times UK · Jun 12

Donald Trump Tried To Sue The IRS, Settle With Himself, And Grant His Family Lifetime Immunity

Donald Trump's $10B IRS lawsuit has reportedly led to a controversial deal critics say could create a $1.7B fund and grant sweeping immunity, now facing legal pushback.

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