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The Latest Breaking News from IRS

How a Republican Victory in November Could Affect Families, Retirees, and Workers

The November 2026 midterm elections won’t put a president on the ballot, but they could still influence some of the rules that determine what families...

Saving Advice · Oct 1

High-Yield Savings vs. CDs vs. T-bills: What You Actually Keep After Tax

The best savings rate on the comparison table is not the rate you earn. It’s the rate before the IRS and your state take their cut, and those cuts differ by account. Run the after-tax numbers and the winner changes for a lot of readers, especially anyone in a state…

Thousandaire · Oct 1

A new Trump proposal would require tax filers to disclose citizenship status to the IRS

A new Trump proposal would require tax filers to disclose citizenship status to the IRS

The Trump administration has proposed a change to the 1040 tax form that will require Americans to disclose their citizenship and residency status

The Independent UK · Oct 1

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Earn More Than $150,000 and Over 50? Your 401(k) Catch-Up Rules Changed in 2026

Turning 50 used to open the door to extra traditional 401(k) contributions without much fuss. In 2026, higher earners face a new wrinkle: workers whose wages exceed a federal threshold generally must make their catch-up contributions on a Roth basis.

The Free Financial Advisor · Oct 1

Made Money From a Side Hustle in 2026? Don’t Confuse a 1099-K With What You Actually Owe the IRS

A 1099-K can make a profitable side hustle look more lucrative than it really was. If payment apps, online marketplaces, or gig platforms report thousands of dollars in transactions, that figure does not automatically represent taxable profit or the amount owed to the IRS.

The Free Financial Advisor · Oct 1

Index fund concentration risk: how big an AI bet you’re actually making

About 38 cents of every dollar in an S&P 500 index fund now sits in just ten companies, and most of them are riding the same AI spending wave. That alone isn’t a reason to sell anything. The real concentration risk usually isn’t the index fund. It’s everything you stacked…

Thousandaire · Oct 1

Meta Cut Its Tax Bill by Nearly $3.9 Billion Last Year, Labelling Giant AI Data Centres 'Pilot Models'

Meta claimed nearly $3.9B in US research tax credits in 2025, including for AI data-centre equipment, but filings show uncertainty about its positions.

International Business Times UK · Oct 1

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Trump Colluded With DOJ to Pursue $10B IRS Case, Judge Found, as Appeals Court Backs Sanctions

Trump Colluded With DOJ to Pursue $10B IRS Case, Judge Found, as Appeals Court Backs Sanctions

The 11th Circuit has refused to pause sanctions against Trump's legal team in his IRS lawsuit, leaving a lower-court collusion finding and restrictions in place.

International Business Times UK · Oct 1

IRS Form 1040 Adds a Citizenship Question: What ITIN Filers Need to Know Before the 2027 Filing Season

IRS Form 1040 Adds a Citizenship Question: What ITIN Filers Need to Know Before the 2027 Filing Season

The IRS draft 2026 Form 1040 adds a first-ever citizenship question. Here's what it means for ITIN filers and mixed-status Latino families.

Latin Times · Sep 30

In 1944, a retired IRS auditor Anne Scheiber invested $5,000 in stocks; 51 years later, her portfolio was worth $22 million

In 1944, a retired IRS auditor Anne Scheiber invested $5,000 in stocks; 51 years later, her portfolio was worth $22 million

Anne Scheiber reportedly retired in the mid-1940s with an annual salary of about $3,150. She had never been promoted. Her pay had also changed very little during her final years at the agency. People who knew her believed discrimination at work had held back her career.

The Economic Times · Sep 30

The IRS October 15 Deadline Is Getting Close: 7 Things Extension Filers Should Do Now

The IRS October 15 Deadline Is Getting Close: 7 Things Extension Filers Should Do Now

The IRS October 15 deadline for 2025 federal tax returns is getting close. For taxpayers who requested an extension, this is the point where waiting can turn a manageable filing into a frantic scramble.

The Free Financial Advisor · Sep 30

You Helped a Friend Remodel His House — Does He Owe You More Than Pizza and Beer?

You Helped a Friend Remodel His House — Does He Owe You More Than Pizza and Beer?

Helping a friend remodel a house can start with a simple favor and end with a surprisingly complicated question: was that free help, or was it work worth paying for?

Clever Dude · Sep 30

$1 Million at 65: How Long Does It Last if You Withdraw $4,000 a Month?

$1 Million at 65: How Long Does It Last if You Withdraw $4,000 a Month?

A $1 million retirement portfolio can provide $4,000 a month at age 65, but the answer to “How long will it last?” depends on what happens between the first withdrawal and the last. At $4,000 per month, the portfolio faces $48,000 in annual withdrawals before considering taxes or inflation.

The Free Financial Advisor · Sep 30

Filing Taxes Will Cost Americans $544 Billion This Year

Filing Taxes Will Cost Americans $544 Billion This Year

The complexity and burden of the tax code add insult to injury.

Reason · Sep 30

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Saving Advice · Sep 29

7 IRS Penalties That Can Keep Growing While You Wait

An unopened IRS letter rarely gets cheaper with age. Some IRS penalties and interest increase month after month; others become substantially larger after certain deadlines,...

The Economic Times · Sep 29

Trump Account $1,000 eligibility explained: Your child may qualify for an account but not the federal deposit - here’s why

Understanding the eligibility criteria for establishing Trump Accounts is important for families navigating the process. Children generally need to be under 18, have a valid Social Security number, and meet other criteria. While the requirements for receiving a $1,000 federal contribution are stricter, opening an account is broader.

Reason · Sep 29

Eleventh Circuit Upholds Restriction on Referring to "Settlement" of Trump v. IRS,

though concluding that the restriction is narrow.

The Economic Times · Sep 29

Could an IRS notice mean up to $1,000 for your retirement in 2027 and what do you need to do now to qualify for the new match?

The IRS is mailing notices about a retirement benefit that will not start until 2027. The letter does not mean a $1,000 payment is coming now. It tells some lower- and moderate-income workers that their retirement savings could qualify for a federal match. What matters next is how much they…

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The Economic Times · Sep 29

Why is your $1,390 IRS payment missing? What Americans need to know about the payment rumor and Trump’s $2,000 tariff dividend

IRS relief payment and $2,000 tariff dividend: Rumors of a new federal stimulus check are circulating online again. Digital posts and unsolicited text messages claim the IRS is preparing a $1,390 direct deposit for taxpayers. The claim is a complete fabrication. The federal government is not issuing direct deposit relief…

Clever Dude · Sep 29

Unmarried and Splitting the House: The Deed Wording That Decides Who Keeps the Equity

An unmarried couple can share a mortgage, a house, and years of payments without automatically owning the property in equal shares. The wording on the deed can determine each person’s ownership interest, which can become very consequential when the relationship ends.

The Free Financial Advisor · Sep 29

One Spouse Wants the Mortgage Gone, the Other Wants to Invest: the Math That Settles It — and the Tax Trap Both Miss

One spouse wants to send a giant check to the mortgage company. The other wants to keep the money invested and let the portfolio grow. Both can point to a reasonable argument, but the household cannot optimize for two different outcomes with the same dollars.

Latin Times · Sep 28

Colombia's Clock Runs Out on 150,000 Venezuelan Permits Nov. 4: What Venezuelan Families Can Do

150,000+ approved Venezuelan permits in Colombia face destruction after Nov. 4. Legal options and a remittance tax rule for U.S. relatives.

The Economic Times · Sep 28

Do banks report deposits over $10,000 to the IRS? What really happens when you cross the cash reporting threshold

A cash deposit exceeding $10,000 in a single day triggers an automatic report to the federal government. Financial institutions do not make this decision based on suspicion or branch policy. The Bank Secrecy Act mandates it. When an individual or business deposits large sums of physical currency, the bank must…

Saving Advice · Sep 28

A $1.04 Billion Powerball Winner Finally Came Forward — Here’s What Happens to the Money Now

For nearly a month, someone in Illinois possessed a piece of paper worth more than $1 billion on paper, and the public had no idea...

The Free Financial Advisor · Sep 28

A Couple Has $2 Million and Won’t Touch It — The Underspending Trap That Hands Their Savings to the IRS

A couple with $2 million saved might look like the picture of retirement success. But if most of that money sits inside traditional IRAs and 401(k)s, refusing to spend it can create a tax problem later.

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