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The Latest Breaking News from IRS

AI helping US Treasury bust fraudsters, saving billions

The technology helped recover $1.3bn in tax fraud in the 2024 fiscal year, says the Treasury.

Al Jazeera

Three Tax Reasons to Retire in Panama

With low property taxes and tax-free foreign income, this tropical paradise could make you rethink retirement as a U.S. expat.

Kiplinger

Coca-Cola 'Zero-Sugar' Lemonade Found To Contain Full Sugar

The FDA's recall notice cited that the cans of regular Minute Maid Lemonade were incorrectly packed into cartons labeled Minute Maid Zero Sugar Lemonade.

International Business Times

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The cannabis industry is awaiting a legal green light, but can businesses survive?

Legal gray area surrounding the drug makes it difficult to prepare next steps, with rescheduling a perpetual threat

The Guardian - US

Is the IRS Coming for Your Gambling Winnings?

The latest tax audit on unreported income points to high-income, high-wealth gamblers. Could

Kiplinger

Tax veterans see protracted standoff over expiring breaks - Roll Call

The growing possibility of divided government next year has some predicting the 2025 tax fight could stretch into 2026 and beyond.

Roll Call

When Does a Nest Egg Become a Ticking Tax Bomb?

Retirement savers with big bucks in traditional IRAs and pretax 401(k)s could face huge tax bills when RMDs kick in. One potential solution? A Roth 401(k).

Kiplinger

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Changing OpenAI's nonprofit structure would raise questions about its future

The artificial intelligence maker OpenAI may face a costly and inconvenient reckoning with its nonprofit origins even as its valuation recently exploded to $157 billion

The Independent UK

Documents show OpenAI's long journey from nonprofit to $157B valued company

Back in 2016, the artificial intelligence maker OpenAI had just incorporated as a nonprofit and applied to the Internal Revenue Service for tax-exempt status

The Independent UK

Five Ways Your Boss Can Step Up in the Aftermath of a Hurricane

The IRS offers some tax advantages for employers that financially help their employees during federally declared disasters.

Kiplinger

Death in the family

Here's what you need to know about the deceased's final tax return, reporting income and deductions, inheritance and more.

The Street

Ticketmaster 1099-K: A guide to 1099-K reporting for sellers

Sell on Ticketmaster? Get a 1099-K if payments exceed the threshold. Report all sales, pay tax only on profits. No 1099-K? You still must report profits.

The Street

How to Open a 401(k)

Whether you're starting a new job or have never opened a 401(k) account, it's time! Here's how to open an account in five steps.

Kiplinger

Six Tax Deadlines for October 15

You might know about the federal tax return extension deadline, but did you know about these other tax deadlines for Oct. 15?

Kiplinger

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The Street

Paypal 1099-K: How PayPal 1099-K reporting works

Do you use PayPal? Get a 1099-K if payments exceed the threshold. Report all sales, pay tax only on profits. No 1099-K? You still must report profits.

Kiplinger

The Truth About Hurricane Relief, FEMA, and Your Taxes

Don't believe rumors. Get accurate information to navigate hurricane disaster relief.

Kiplinger

IRS Sued for Millions Over Employee Retention Credit (ERC) Delays

The pandemic-era tax refunds for businesses have been a contention point for the agency, now employers are fighting for their cash.

Kiplinger

Want to Turn Your Tax Bill Into a Refund? What to Do Now

A few easy steps can help you avoid writing a check to the IRS. And if your most recent refund was a whopper, you might want to consider a few adjustments.

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Kiplinger

Hurricane Helene Aftermath: IRS Tax Relief and How to Help

Following the destruction in the southeast U.S., IRS officials and several states have extended tax deadlines for affected taxpayers. Here are the payments and filings that qualify.

Roll Call

Congressional estimators find sharply lower revenue take from Harris tax plans - Roll Call

Nonpartisan analysts said Harris' plans are unlikely to generate the amount of revenue the Biden-Harris administration previously estimated.

Kiplinger

Farewell Paper I-Bonds: Savings Bonds Are Going Online-Only

The last remaining way to buy a paper savings bond in the U.S. (with your income tax refund) won't be available from January 2025. Tax filers will still be able to buy I-bonds online, however.

Top News

IRS Expands Direct File Program For Taxpayers

IRS expands Direct File program for free tax filing, now permanent in 24 states, open to 30M+ people.

The Independent UK

Taxpayers in 24 states will be able to file their returns directly with the IRS in 2025

The IRS is expanding its program that allows people to file their taxes directly with the agency for free

Kiplinger

What is Net Investment Income Tax (NIIT) and Who Pays It?

Find out which income levels are subject to the 3.8% NIIT surtax.

inkl

Navigating Tax Deductions: Essential Breaks for Small Businesses

Managing business finances can be challenging, especially for those lacking experience. Proper organization and record-keeping are crucial for accurately reporting taxes and maximizing deductions, which can significantly reduce tax liability and improve financial health.

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