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The Latest Breaking News from IRS

Debt Ceiling Deal Curtails GOP-Backed Budget Cuts, Spending Caps

The deal will freeze non-military discretionary spending this year and allow a 1 percent increase in 2024.

Reason

Debt ceiling negotiators reach a deal: 5 essential reads about the tentative accord, brinkmanship and the danger of default

President Joe Biden and House Speaker Kevin McCarthy on May 27, 2023, agreed in principle to a tentative deal that would raise the debt ceiling while capping some federal spending at current levels.

The Conversation

US: Chinese agents paid bribes in plot to disrupt anti-communist Falun Gong movement

U.S. authorities have arrested two suspected Chinese government agents in connection with an alleged plot by Beijing to disrupt and ultimately topple the exiled anti-communist Falun Gong spiritual movement

The Independent UK

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New Black Lives Matter tax documents show foundation is tightening its belt, has $30M in assets

A national Black Lives Matter nonprofit, whose philanthropic fortunes grew almost overnight during historic racial justice protests three years ago, raised just over $9 million in its last fiscal year, new IRS tax filings show

The Independent UK

Judge pauses South Carolina abortion ban; emerging debt ceiling agreement ‘has fewer cuts than expected’ – as it happened

Temporary block on restrictions until state supreme court can review; Joe Biden and Kevin McCarthy reportedly closing in on a deal

The Guardian - US

IRS ‘whistleblower’ who claimed Hunter Biden case was mishandled won’t cooperate with Senate probe

EXCLUSIVE: Whistleblower has cut off communication with the Senate Finance Committee even as he prepares to testify before a GOP-led House panel, writes Andrew Feinberg

The Independent UK

Traders May Be Overreacting to Less-Than-Ideal News for Intuit (INTU)

Although tax-prep software specialist Intuit delivered a mixed earnings performance and incurs possible governmental competition, INTU stock remains a relevant idea.

Barchart

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With Holistic Estate Planning, Everything’s Under Control

A plan for all your stuff during your lifetime and then at death requires a group of five – yes, five – experts to oversee each at-risk area.

Kiplinger

2024 HSA Contribution Limit: What You Should Know

Health savings account annual contribution amounts are way up for 2024.

Kiplinger

Editorial: IRS wants to branch out

All the new funding that congressional Democrats and President Joe Biden showered on the IRS has the tax agency thinking big. That should worry taxpayers.

Tribune News Service

Biden, McCarthy will attempt to salvage debt limit deal

President Joe Biden and Speaker Kevin McCarthy plan to meet Monday afternoon to discuss how to raise the debt limit after a weekend of negotiations by proxies left each side accusing the other of throwing up new roadblocks to a deal.

Tribune News Service

Supreme Court: Yes, the IRS Can Secretly Obtain Your Bank Records

The Supreme Court has sided with the IRS in a case that involves owing the IRS money, taxpayer privacy, and notice.

Kiplinger

725,000 people left California in 2020. Which states did they move to?

The most common destinations for California migrants were Texas, Arizona, and Nevada.

USAFacts

Biden, McCarthy will attempt to salvage debt limit deal - Roll Call

President Joe Biden and Speaker Kevin McCarthy meet Monday to discuss how to raise the debt limit after a weekend of talks by proxies.

Roll Call

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Dynamite News

Big News: IRS officer arrested in Delhi for harassing a senior woman IAS, FIR registered

An IRS officer arrested in New Delhi for allegedly stalking and harassing a woman IAS, FIR registered at Parliament Street PS under sections 354D, 354, 506 IPC. More details on Dynamite News:

Kiplinger

Will AI Violate Taxpayer Rights?

When the IRS uses AI, will it violate your rights as a taxpayer (or your rights as a human being)?

The Conversation

IRS granted tax-exempt status to extremists, including an Oath Keepers foundation – here’s why that’s not as surprising as it sounds

When someone mentions nonprofits, chances are you picture homeless shelters, free medical clinics, museums and other groups that you believe are doing good one way or another.

Kiplinger

Will an IRS Tax Prep Service Replace H&R Block or TurboTax?

IRS Direct File has some wondering if people will leave H&R Block and TurboTax and let the IRS do their taxes.

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WEKU

IRS chief says agency is 'deeply concerned' by higher audit rates for Black taxpayers

Findings from an internal investigation come after researchers said the IRS was at least three times more likely to audit Black taxpayers than other racial groups.

The Independent UK

IRS moves forward with free e-filing system in pilot program to launch in 2024

The IRS is planning to launch a pilot program for a government-run, online tax filing system that’s free for all

WEKU

The IRS is building its own online tax filing system. Tax-prep companies aren't happy

The IRS is working to develop its own free electronic tax-filing system in a potential challenge to commercial products such as TurboTax. The agency plans a pilot test of the program next year.

TechRadar

The IRS is working on a TurboTax alternative to make filing your taxes easier

Free IRS software for filing your tax returns could topple TurboTax at last, but it may take years to reach everybody.

Barchart

Stocks Close Higher on Hopes for U.S. Debt Ceiling Resolution

What you need to know… The S&P 500 Index ($SPX ) (SPY ) Monday closed up +0.30%, the Dow Jones Industrials Index ($DOWI ) (DIA ) closed up +0.14%, and the Nasdaq 100 Index ($IU ) (QQQ ) closed up +0.55%. Stock indexes Monday closed moderately higher on hopes that...

Reason

Simplify the Tax Code Instead of Creating an IRS Rival to TurboTax

Americans collectively spend billions of hours each year preparing their taxes. Rather than adding a government-run website into the mix, politicians should just simplify the tax code.

Barchart

Stocks Rise on Optimism About the Debt Ceiling

The S&P 500 Index ( $SPX ) ( SPY ) is up +0.09%, the Dow Jones Industrials Index ( $DOWI ) ( DIA ) is up +0.01%, and the Nasdaq 100 Index ( $IUXX ) ( QQQ ) is up +0.35%. U.S. stock index futures this morning are moderately higher...

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