The Latest Breaking News from IRS

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 · Feb 23

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 · Feb 23

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…

Budget and the Bees · Feb 22

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.

Clever Dude · Feb 22

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.

Fortune · Feb 22

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.

GOBankingRates · Feb 22

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…

Everybody Loves Your Money · Feb 21

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.

Reason · Feb 21

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.

The Free Financial Advisor · Feb 21

I Asked ChatGPT How Retirees Can Lower Their Lifetime Taxes — Here’s What It Said

With tax season in full swing, I looked ahead to retirement planning with the IRS on my mind.

GOBankingRates · Feb 21