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The Latest Breaking News from IRS

IRS budget battle not over after debt ceiling agreement - Roll Call

A handshake deal to redirect IRS funding to offset tight spending caps for other domestic programs won’t mark the end of a partisan battle.

Roll Call

What’s in DeSantis’ $1.3 Billion Florida Tax Relief Bill?

DeSantis' $1.3 billion tax relief bill extends sales tax holidays and makes other tax cuts. Here's what you can buy tax-free — and when.

Kiplinger

IRS is Targeting Promoters of Abusive Tax Schemes Kiplinger Tax Letter

Tax schemes range from basic tax dodges to highly complex transactions.

Kiplinger

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Ten legal loopholes that can help US residents to reduce next year's tax bill

Ten legal tax loopholes to help you reduce your bill, navigate the uncertain economic climate and get financial relief amidst the cost of living crisis and a looming recession

Daily Mirror

Biden expected to sign budget deal to raise debt ceiling

President Joe Biden is expected to sign legislation to raise the debt ceiling on Saturday, preventing a potential crisis that would have led to the country's first-ever government default and sent shock waves through the U.S. and global economies

The Independent UK

Joe Biden celebrates a 'crisis averted' in Oval Office address on bipartisan debt ceiling deal

US President Joe Biden declares a "crisis averted" in his first address from the White House's Oval Office, touting the passage of a bill to suspend the US debt ceiling and avoid economic catastrophe.

ABC News

Settling Your Tax Debt With an Offer in Compromise Kiplinger Tax Letter

There’s more than one option to settle your IRS tax debt for less than you owe.

Kiplinger

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Crisis averted as Senate sends debt limit package to Biden - Roll Call

The Senate cleared a bill that would suspend the statutory $31.4 trillion debt ceiling and impose two years of caps on discretionary spending.

Roll Call

'This is a compromise': How the White House is defending the debt ceiling bill

The House's debt ceiling bill has critics on both sides. Bharat Ramamurti, the deputy director of the National Economic Council, says the administration was able to secure some of its key priorities.

WEKU

What’s in the cliffhanger deal struck by Biden and McCarthy to raise the debt limit?

Agreement will prevent US from defaulting on loans and losing credit rating

The Independent UK

Meet the House members who voted against the debt limit deal - Roll Call

Much of the debt limit bill opposition came from the far right and left wings of Congress, but there were some surprising “no” votes.

Roll Call

First Thing: Bill to raise debt ceiling passes days before default

The House passed a deal brokered by Joe Biden and Republican House speaker Kevin McCarthy with a final vote of 314 to 117

The Guardian - UK

Which Retirement Accounts Should You Withdraw From First?

Here’s a standard order for when you should tap which account when you’re in retirement.

Kiplinger

Republicans get their IRS cuts; Democrats say they expect little near-term impact

While Republicans seek to make good on campaign promises to cut IRS funding through the proposed debt ceiling and budget cuts package now moving through Congress, Democrats are offering assurances that the spending cuts will have little impact on the federal tax collector

The Independent UK

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Zenger

Former Treasury Secretary Summers Criticizes IRS Provisions In Debt Ceiling Agreement

Summers opposes IRS funding cuts in debt ceiling deal, warns of future deficits and tax cheats' advantage.

Salon

MAGA turns on Trump over McEnany attack

"This nonsense from Trump is a disgrace," a former aide said

Kiplinger

States With Low and No Capital Gains Tax

Low-tax states, including states with no capital gains tax, are selling points for many people.

WEKU

CBO says debt ceiling deal would cut deficits by $1.5 trillion over the next decade

Congressional forecasters say the debt ceiling deal struck by President Biden and House Speaker Kevin McCarthy over the weekend would reduce deficits by about $1.5 trillion over the next decade.

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Chicago Sun-Times

Where the debt ceiling debate hits you at home and in the bank

It’s not just another case of political bickering, as money Americans get from a wide range of programs is at stake.

The Texas Tribune

14 U.S. House Republicans from Texas vote against raising the debt limit

Joined in opposition by four Texas Democrats, the “no” votes weren’t enough to sink the proposal, which next heads to the U.S. Senate.

Al Jazeera

US debt limit deal: How we got here

Bipartisan deal to raise debt ceiling and avoid ‘disastrous’ default heads to US Congress after weeks-long impasse.

The Guardian - UK

First Thing: White House pushes for support on debt ceiling deal

Some in Congress question if they received enough concessions in bipartisan deal. Plus, Cop28 president accused of ‘greenwashing’

Roll Call

Bipartisan debt limit package unveiled as clock ticks toward 'x date' - Roll Call

House GOP leaders released the legislative text of their deal with the White House to suspend the debt ceiling until 2025.

The Independent UK

What’s in the cliffhanger deal struck by Biden and McCarthy to raise the debt limit?

Agreement will prevent US from defaulting on loans and losing credit rating

Reason

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.

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