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The Latest Breaking News from IRS

Wealth Wise: You’ve Mastered Asset Allocation — Now It’s Time for Asset Location

In our retirement advice column, Wealth Wise, a 66-year-old retiree learns how strategically placing your stocks, bonds, and cash can save you thousands.

Kiplinger

5 Costly RMD Mistakes That Will Put a Dent in Your Savings (and How Early Planning Can Help)

Like your golden years, RMDs creep up on you quicker than you think. Planning ahead can prevent you (and your heirs) getting hit with penalties and extra taxes.

Kiplinger

Many Social Security Recipients Pay Taxes on Their Benefits — Most Are Surprised

Millions of retirees depend on Social Security checks as a core part of their monthly income, yet many still end up paying federal taxes on those benefits. That surprise often hits when tax season arrives and the IRS calculates how much of those benefits count as taxable income. The rules…

The Free Financial Advisor

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IRS gets green light to swiftly hire 8,000 employees after agency struggled following Elon Musk’s ‘severe’ DOGE cuts, memo reveals

Public officials stated the IRS had its ‘most successful filing season’ - though an internal memo indicates the agency knew it needed more staff after DOGE cuts

The Independent UK

Judge extends block on Trump’s $1.8bn ‘anti-weaponization’ fund

Trump administration created fund to resolve his lawsuit against the IRS over the leak of his tax returns

The Guardian - US

Donald Trump Tried To Sue The IRS, Settle With Himself, And Grant His Family Lifetime Immunity

Donald Trump's $10B IRS lawsuit has reportedly led to a controversial deal critics say could create a $1.7B fund and grant sweeping immunity, now facing legal pushback.

International Business Times UK

DOJ Admits It Has Zero Records or Paper Trail for Trump's $1.8 Billion IRS Settlement

US watchdog CREW says the Justice Department's Civil Division has admitted it can find no records for a $1.776 billion IRS settlement reached under Donald Trump's presidency, deepening concerns over how the deal was made.

International Business Times UK

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North Carolina General Assembly overrides Governor's veto of bill opting state into federal education tax credit scholarship program

On June 3, 2026, the North Carolina General Assembly overrode Gov. Josh Stein's (D) veto of HB 87, titled the Educational Choice for Children Act (ECCA), opting the state into the federal education tax credit scholarship program.

Ballotpedia

Nearly 5,000 ‘Americans’ renounced their citizenship last year – the highest mark in years

More people renounced their ties to the US in 2025 – many for tax reasons but some for personal and political reasons

The Independent UK

Two Senators Offer a Bipartisan Solution to Censorship by Proxy

The JAWBONE Act would let Americans sue government officials who try to restrict their speech by pressuring social media platforms, broadcasters, or AI companies.

Reason

6 Money Moves That Trigger an IRS Audit

Tax season always brings a mix of relief and anxiety, especially when thoughts turn toward the IRS and potential audits. Certain financial behaviors quietly raise red flags and place tax returns under closer review than most people expect. The IRS does not randomly pick targets as often as people assume,…

Clever Dude

Internal Memo Shows IRS Feared Staffing Cuts Could Disrupt Tax Season, Sought 8,000 Hires

The hiring push follows the departure of roughly 28,000 IRS employees last year, or about 27% of the agency's workforce

Latin Times

I'm a CPA: These Are the Q2 Tax Moves Every Business Owner Should Be Making Now

Don't wait until Q4 to talk to your tax adviser or CPA. Business owners and the self-employed should be using April's tax return to shape the rest of the year.

Kiplinger

What do I do with unused 529 funds?

As college costs creep up, 529 plans offer a way to save for education bills. But what should account owners do if they have money left once the bills are paid?

The Independent UK

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Reason

A DOJ Brief Preposterously Insists That Trump's 'Anti-Weaponization Fund' Was Politically Neutral

The president himself has repeatedly contradicted that claim.

The Guardian - US

The slush fund is gone – but Trump’s IRS agreement is a new level of self-dealing

The president’s immunity from continuing audits made fewer headlines than the ‘anti-weaponization fund’, but it’s no less egregious

International Business Times UK

IRS Takes Down $40 Million Tax Shelter — Four Convicted Over 98% Tax-Saving Claims

Financial experts orchestrated an illegal trust tax shelter scheme targeting high-net-worth individuals, leading to $40 million in losses and convictions for tax evasion in the US.

MarketBeat

Amgen Eyes 2026 ‘Springboard’ as Growth Drugs Offset Patent Pressure

Amgen (NASDAQ:AMGN) executives said the company’s first-quarter performance supports its view that 2026 can serve as a “springboard year,” with growth products helping offset increased competition for the denosumab franchise and other losses of exclusivity. Speaking at a Goldman Sachs event, Peter

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news in one place.

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The Independent UK

Social Security chief dismisses worries over staffing issues and touts shorter wait times

Bisignano assumed leadership of the agency following a period marked by chaotic customer service changes and leadership departures

We Got This Covered

Virginia man used a fetish website to lure a man to his house for a ‘violent fantasy encounter.’ Then he staged the entire scene

Banfield maintains that he is innocent.

The Free Financial Advisor

Overpayment Notices Are Going Out to Retirees Who Did Nothing Wrong — Here’s Why

A growing number of retirees have opened their mail recently and found something alarming waiting inside: an overpayment notice from the Social Security Administration. These letters often demand repayment of thousands of dollars, even when retirees believe they followed every rule correctly. Confusion spreads quickly because the notices arrive without…

The Free Financial Advisor

Ignoring an IRS Notice Never Makes It Go Away — Here’s What Each Letter Type Means

Some envelopes carry a quiet sense of urgency, and IRS notices rank at the top of that list because they rarely arrive without a reason that demands attention. Every IRS letter signals a specific issue tied to taxes, filings, payments, or mismatched records, and each one escalates the situation if…

International Business Times

Congress Debates Whether Crypto Tax Relief Should Extend Beyond Stablecoins

A congressional hearing this week could determine whether tax rules continue to treat most crypto transactions as taxable property sales.

The Free Financial Advisor

Your Tax Preparer Could Be the Reason Your Return Gets Flagged — What to Watch For

Tax season often feels like a relief once everything gets handed over to a professional, but that trust can backfire in unexpected ways. A single mistake or questionable decision from a tax preparer can put a return straight into the IRS spotlight. That means delays, extra scrutiny, or even a…

Roll Call

Blanche heads into attorney general confirmation clash

President Donald Trump on Monday sent to the Senate the nomination of acting Attorney General Todd Blanche to fill the role permanently, teeing up what could be a bruising confirmation process for a Trump ally who has drawn bipartisan criticism for recent Justice Department moves. The president’s former defense attorney…

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