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The Latest Breaking News from IRS

The Hidden Tax Trap That Turns Your $10,000 Side Hustle Into a $4,000 Surprise Bill

Picture this: you’ve finally cracked the code. Your freelance gig, whether it’s designing logos, editing podcasts, or ghostwriting blog posts, pulls in a cool $10,000 this year. You’re high‑fiving yourself, imagining new gear, maybe a vacation, or just the sweet relief of not living invoice to invoice. Then tax season…

Thousandaire

The One Crypto Change That’s Making Small Investors the IRS’s New Favorite Target

Crypto once felt like the Wild West, with anonymous wallets, digital freedom, and no middlemen in sight. For years, small investors rode the wave, dabbling in Bitcoin or Ethereum and even flipping NFTs, all under the quiet assumption that the IRS wasn’t watching too closely. That illusion has now collapsed,…

Thousandaire

How Are I Bonds Taxed? 8 Common Situations to Know for 2026

Series I U.S. savings bonds are a popular investment, but the federal income tax consequences are anything but straightforward.

Kiplinger

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After Eliminating 25% Of Its Staff, The IRS Is Turning To AI Agents. 'It Would Be Negligence' Not To Use AI Tools

The IRS laid off or lost a quarter of its workforce between January and May, dropping from 103,000 to around 77,000 employees, according to the October Treasury Inspector General for Tax Administration report. Now, it’s turning to artificial intelligence to help fill the gaps.

Benzinga

Did Your Employer Just Change Your Matching Contribution to Roth?

Many workers recently discovered that their employer’s matching contributions are no longer going into traditional pre-tax accounts but instead into Roth accounts. This change may...

Saving Advice

New 2026 Tax Change Could Mean More for Your IRA and 401(k) Savings

Here's how the new IRS inflation adjustments will increase the contribution limits for your 401(k) and IRA in the new year.

Kiplinger

$2,000 Stimulus Check: Why Trump's Proposed Payment Is 'Highly Unlikely' To Arrive Before 2026

Here's why President Trump's tariff dividend is 'highly unlikely' to arrive before 2026. Experts detail the $300 billion funding gap and warn against fraud.

International Business Times UK

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Should You Max Out Your 401(k)? We've Got Answers

Conventional wisdom says, 'Contribute the maximum to a traditional 401(k) if you can.' But there are hidden downsides to putting all your eggs in one basket.

Kiplinger

Show of Hands: Who Hates Taxes? The Best Time to Plan for Them Is Right Now

By creating a tax plan, you can keep more of what you've earned and give less to Uncle Sam. Here's how you can follow the rules and pay only your fair share.

Kiplinger

2 Tax Rules That Could Cut Profits When You Rent Your House

If you choose to rent out your home for extra income, build equity and have someone else pay your mortgage, you might be in for a surprise in terms of taxation.

GOBankingRates

Urgent Action: Protect Your Heirs from the Coming Estate Tax Battle

Estate taxes—often called the “death tax”—have long been a contentious issue in American politics. For seniors, the debate is more than theoretical. Proposed changes to...

Saving Advice

I'm a Financial Planner: Here's How to Make the Most of Your Charitable Giving on a Budget

Maximizing the charitable donations you plan to make this year can help your financial plan stay on track and help give the most to the causes you care about.

Kiplinger

5 Retirement Account Withdrawal Tactics to Slash Your Tax Bill

Retirement accounts are designed to provide financial security, but withdrawals can trigger significant tax bills. Seniors who saved diligently may be surprised to see large...

Saving Advice

IRS Explains How US Workers Can Claim Trump's Tips, Overtime Deductions For 2025 Tax Year With Actual Use Cases

The IRS has issued guidance on how millions of US workers can claim deductions on cash tips and overtime income for the 2025 tax year, with actual use cases provided.

International Business Times UK

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Saving Advice

Retirement Accounts Facing Quiet Threats From New Banking Rules

Most savers assume their retirement accounts are safe, quietly growing until the day they need them. But new federal banking and tax regulations are reshaping...

International Business Times UK

IRS Sues GOP Senator Jim Justice Over Millions In Unpaid Taxes

US tax authorities are suing Senator Jim Justice in a sweeping civil case claiming more than £4 million ($5.16 million) in unpaid federal income taxes dating back to 2009.

International Business Times UK

Tori Spelling's Shocking Debt: Actress Owes $1.3 Million to the IRS and the California Franchise Tax Board

Divorce filings reveal Tori Spelling's staggering debt. She and Dean McDermott face a $1.7M tax bill to the IRS and state, exposing her turbulent financial past and uncertain future.

Beating Broke

Cyber Monday Crash Course: How One Online Shopping Habit Can Turn a Hustle Into a Headache

Cyber Monday is a goldmine for savvy shoppers, and a launchpad for thousands of side hustles. From flipping discounted electronics to reselling limited-edition sneakers, many people use the day’s deals to stock up and sell for profit. But what starts as a smart move can quickly spiral into a logistical…

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GOBankingRates

Humphrey Yang: Make These 3 Financial Moves Before 2025 Ends

Personal finance expert Humphrey Yang recommended making these three last-minute financial moves.

Saving Advice

Avoid the Audit Trap: The New IRS Rule on Roth Contributions You Missed

The IRS has finalized new regulations that could catch many retirement savers off guard. Starting in 2026, if you earn $145,000 or more in wages,...

The Conversation

Nonprofit news outlets are often scared that selling ads could jeopardize their tax-exempt status, but IRS records show that’s been rare

Although advertising revenue largely sustained the news media in the 20th century, it’s been harder to come by in the digital age. News media outlets just aren’t as important these days for advertisers when they can reach potential customers so many other ways, including through social media.

International Business Times UK

DOGE 'Still Exists' — and So Does Your Data: What Happens to the Info It Collected?

The DOGE website still exists but the Office of Personnel Management director confirmed the agency no longer exists.

Fortune

Elon Musk once called DOGE ‘the chainsaw for bureaucracy,’ but it has quietly ceased to exist well ahead of schedule, report says

“But, the principles of DOGE remain alive and well: de-regulation; eliminating fraud, waste and abuse; re-shaping the federal workforce; making efficiency a first-class citizen; etc.”

Saving Advice

Avoid Audit Flags: The IRS Mandate Every Consultant Refuses to Explain

The IRS enforces a complex set of rules designed to ensure compliance and fairness in the tax system. While most taxpayers focus on deductions and...

The Independent UK

IRS relaxes ‘no tax on tips law’ so more workers can take advantage. Here’s who will benefit

Treasure Department’s tax collector said it was providing temporary ‘transition relief’ to workers in certain jobs that otherwise wouldn’t have been eligible for ‘no tax on tips’

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