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The Latest Breaking News from IRS

10 Employer “Perks” That Void Retirement Tax Breaks

Employee perks are often marketed as amazing benefits—free lunches, tuition assistance, or wellness stipends. But not all perks come without strings. In fact, some workplace extras can actually reduce or disqualify your eligibility for key retirement savings advantages. The fine print matters, especially when IRS rules are involved. To protect…

The Free Financial Advisor

8 Trusts That Sound Safer Than They Really Are

A trust can look like a neat shortcut to protect assets and make heirs’ lives easier. But some trusts carry hidden limits or trade-offs that hurt more than help. Knowing which vehicles are actually risky trusts lets you avoid bad surprises. Read these eight types and learn simple steps to…

The Free Financial Advisor

Trump Removes IRS Commissioner Billy Long After 2 Months, Appoints Treasury Secretary Scott Bessent As Acting Chief Amid Agency Leadership Crisis

President Donald Trump has reportedly removed Billy Long as Internal Revenue Service commissioner just two months after his Senate confirmation. Treasury Secretary Scott Bessent will serve as acting IRS commissioner while the administration searches for a permanent replacement.

Benzinga

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Trump removes IRS commissioner Billy Long two months after he was sworn in

Long is reportedly now in line for Iceland ambassador post as treasury chief Scott Bessent takes over as acting IRS head

The Guardian - US

Trump boots IRS commissioner after just months on the job: Names Treasury Secretary as interim head

The former Missouri congressman had next to no experience with tax law when he was tapped to lead the tax collection agency

The Independent UK

Long removed as IRS commissioner two months after confirmation - Roll Call

Former GOP Rep. Billy Long has been removed as IRS commissioner by President Trump, a White House official said Friday.

Roll Call

8 Innocent Tax Errors That Trigger Audits in Retirement

Most retirees imagine their post-work years as a time of financial simplicity–steady income from Social Security, pensions, and maybe a few investments. But when it...

Saving Advice

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8 Bills You Should NEVER Pay If You’re Broke

When you’re broke, every dollar becomes a lifeline. There’s a constant tug-of-war between urgent needs and looming bills, and it can feel like there’s no...

Saving Advice

10 Things You Must Know About Crypto Taxes Before You File in 2026

To be sure you're reporting any tax-relevant info correctly and not getting into trouble, two money experts explained what to know about crypto before filing.

GOBankingRates

What People Don’t Realize About Leaving Assets to Grandchildren

Leaving something behind for your grandchildren may feel like the ultimate expression of love and legacy. But without careful planning, what seems like a generous and well-meaning gift can create more confusion than comfort. There are legal, financial, and emotional details that most people simply don’t consider when leaving assets…

The Free Financial Advisor

Why Some Charitable Bequests Are Being Rejected in Probate Court

Charitable bequests are a way for people to leave a legacy and support causes they care about after they’re gone. But not every gift to charity makes it through probate court. Sometimes, even well-intentioned donations get blocked or thrown out. This can surprise families, frustrate charities, and leave everyone wondering…

The Free Financial Advisor

Are You Paying Taxes on Income You Don’t Even Receive?

You’ve worked hard, saved diligently, and structured your income to stay within a reasonable tax bracket. Yet every year, you’re surprised by how much you...

Saving Advice

What Happens to Retirement Payouts When the Market Drops Mid-Inheritance

Inheriting a retirement account can feel like a financial blessing—until the stock market takes a sudden dive. Many families don’t realize that retirement payouts tied to investment accounts can lose value in real time, even during the estate transfer process. When markets dip mid-inheritance, what once looked like a comfortable…

The Free Financial Advisor

What the IRS Can Still Seize Even After Death

It’s a common misconception that once someone passes away, their tax troubles die with them. But in reality, if a person owed back taxes or had unresolved issues with the IRS, those problems don’t just disappear. The federal government can and often will go after the deceased person’s estate to…

The Free Financial Advisor

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The Free Financial Advisor

The Estate Planning Loophole That Now Flags You for Audit

Families often turn to estate planning strategies to protect their wealth and pass it on smoothly to future generations. However, recent changes in tax laws and increased IRS scrutiny have turned one popular estate planning loophole into a red flag for audits. What once seemed like a clever way to…

The Free Financial Advisor

6 Tax Breaks That Vanished Before Anyone Noticed

Tax season can feel like a maze. You think you know the rules, but then something changes. One year, you’re counting on a deduction or credit, and the next, it’s gone. These changes don’t always make headlines. Sometimes, tax breaks disappear quietly, leaving people confused or even paying more than…

GOBankingRates

Buying an EV or Hybrid? How To Maximize Tax Credits Before They Expire

If you've been considering an electric vehicle or plug-in hybrid recently, now might be your best chance of getting a good deal.

Saving Advice

7 Things You’re Still Paying For That You Can Get Free After 60

Reaching 60 brings more than just senior status. It unlocks a variety of financial advantages, many of which go underused. From free transportation to waived...

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Saving Advice

Many retirees and low-income seniors look to side hustles to stay financially afloat or simply feel productive. Driving for a delivery service, selling handmade goods...

The Free Financial Advisor

8 Minor Asset Transfers That Can Cause Major Tax Trouble

Transferring assets might seem simple. You move money, property, or investments from one person to another. But even small asset transfers can trigger big tax headaches. Many people think only large gifts or inheritances matter to the IRS. That’s not true. The rules around asset transfers are strict, and mistakes…

The Free Financial Advisor

7 Reasons Your IRA Distribution Plan May Be Legally Defective

Planning for retirement is a big deal. You work hard, save money, and hope your IRA will help you live comfortably later. But even a small mistake in your IRA distribution plan can cause big problems. You could face tax penalties, legal trouble, or even lose money you thought was…

The Free Financial Advisor

6 Retirement Plan Provisions That Disqualify You From Aid

Planning for retirement is a big deal. You want to make sure your money lasts, and you want to get all the help you can. But some retirement plan provisions can actually block you from getting financial aid, especially if you or your kids are looking at college costs. These…

The Free Financial Advisor

9 Executor Missteps That Lead to Legal Battles Within Families

When someone passes away, the executor steps in to handle their estate. It sounds simple, but executor mistakes can turn a sad time into a family nightmare. Arguments, lawsuits, and broken relationships often start with one person’s misstep. If you’re named as an executor, or you care about what happens…

The Free Financial Advisor

What You Sign at Closing That Could Delay Your Inheritance by Years

When you close on a home or investment property, you expect the paperwork to protect your interests and secure ownership. But many families are shocked to discover that certain documents signed at closing can unintentionally complicate estate matters down the road. These agreements can tie up property in legal or…

GOBankingRates

Trump’s New Tip Tax Break Is Temporary — Don’t Budget for It

Regardless of how much money it nets back into tip earners' wallets, the break is temporary. Here's why those who get a break should budget like they aren't.

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