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The Latest Breaking News from IRS

How to Fix a Trust Dilemma to Prevent a Tax Bomb

A bypass, or AB, trust splits into two trusts when one spouse in a married couple dies, cutting the estate taxes for beneficiaries.

Kiplinger

Is paying college athletes charity? Even in the confusing NIL era, it looks increasingly unlikely

The entrance of name, image and likeness deals in college sports has raised questions about what it means to be a tax-exempt charitable organization

The Independent UK

Woman Gets $30K Inheritance, Doesn’t Get Why Brother Keeps Asking Her For The $3K She Owes Him

A rather well-off man sparked an online debate when he wondered if he was wrong for demanding that his sister return a $3K loan after she received a $30K inheritance. The post Woman Gets $30K Inheritance, Doesn’t Get Why Brother Keeps Asking Her For The $3K She Owes Him first…

Bored Panda

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Bitcoin 2024 Keynote: Who Nailed It, RFK Jr. Or Donald Trump?

Two of the biggest political names in the U.S. graced the Bitcoin 2024 conference in Nashville and delivered speeches that have now become a point of comparison among crypto users – who did it better?

International Business Times

Bitcoin 2024 Key Takeaways: $BTC-Centric Executive Orders, Strategic Reserve Bill, Firing Gensler

Bitcoin 2024 in Nashville has ended, but talks around the massive announcements during the conferences continue, especially with promises made by two presidential candidates, as well as a potential bill to make $BTC a U.S. strategic reserve asset.

International Business Times

"Two Men Plead Guilty to Acting as Illegal Agents of the PRC Government and Bribery"

From Thursday's press release by the Justice Department (see also the Indictment itself): JOHN CHEN and LIN FENG pled guilty to acting as unregistered agents of the government of the People's Republic of China ("PRC") and bribing an Internal Revenue Service ("IRS") agent in connection with a plot to target…

Reason

Who Will Be the Beneficiaries of Your Wealth?

Deciding who you want to inherit your wealth, as well as when and how, is a crucial first step in estate planning. Here are the four beneficiaries to keep in mind.

Kiplinger

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IRS Ends Inherited IRA Confusion: Annual RMDs Required for Many

The agency has resolved a major point of uncertainty for inherited IRA beneficiaries.

Kiplinger

Are Election Campaign Donations Tax Deductible?

Explore tax rules and contribution limits of political donations in light of the 2024 presidential race.

Kiplinger

The IRS just finalized the rules for inherited IRAs

Heirs must take annual withdrawals for 10 years.

Fortune

Fact-checking Day 4 of the Republican National Convention - Roll Call

Trump's convention acceptance speech was a greatest hits of false and misleading claims about crime, immigration, the economy and more.

Roll Call

Estate Planning for Millionaires

Estate planning for millionaires and high-net-worth families is a serious business. Set up your team, paperwork and tax plan to pass down wealth.

Kiplinger

56 Of The Most Satisfying Cold Revenge Stories People Shared

Someone asked “What kind of calculating, cold act did you commit?” and people shared their stories. The post 56 Of The Most Satisfying Cold Revenge Stories People Shared first appeared on Bored Panda.

Bored Panda

Fact-checked: Republican national convention and Trump’s speech

Unpacking false claims made by the former president and other speakers as he formally accepted the Republican nomination

The Guardian - US

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Fortune

The IRS is right to scrutinize pandemic-era employee retention credit claims—but legitimate filers can’t afford more delays

The IRS has closely examined ERC claims in backlog and determined that 10-20% were low-risk, 60-70% had unacceptable risk, and 10-20% had high risk.

Kiplinger

How to Roll Over a 401(k) Into an IRA

Planning to roll over a 401(k) into an IRA? There are tax and flexibility advantages. But tread carefully.

Kiplinger

How to Protect Your Digital Assets From Estate Tax

Estate planning is critical to ensure heirs don't get hit with millions in estate taxes after you die. You can also protect your digital assets from litigation.

Salon

Secret rich Christian group has big plot

Little-known right-wing organization spends millions on big election push — but it may be violating the law

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Kiplinger

How to Handle Irrevocable Trust Assets Tax-Efficiently

Irrevocable trusts can be structured so that trust property is either included in the potentially taxable gross estate or removed. What are the pros and cons?

Reason

IRS Crackdown Nets Enough Revenue To Fund the Government for 90 Minutes

The Biden administration's $60 billion expansion of the IRS has netted $1 billion in new revenue so far.

Salon

IRS goes after rich tax cheats, nets $1B

The Biden administration’s $60 billion in additional IRS funding has reinvigorated the agency’s enforcement effort

International Business Times

IRS Collects Over $1 Billion From Millionaires In Back Taxes In Less Than One Year

The IRS achieved a milestone in collecting more than $1 billion from wealthy American taxpayers in less than a year since passing legislation to add more agents.

Fortune

IRS focus on people who make $1 million per year yields $1 billion in past-due taxes

The IRS is giving high-income filers a closer look.

Top News

IRS Collects Over IRS Collects Over Top News Billion In Past-Due Taxes From Millionaires Billion In Past-Due Taxes From Millionaires

Learn how the IRS collected over IRS Collects Over Top News Billion In Past-Due Taxes From Millionaires billion in overdue taxes from millionaires and modernized taxpayer services through the Inflation Reduction Act.

Kiplinger

Project 2025 Tax Overhaul Blueprint: What You Need to Know

Some people wonder what Project 2025 is and what it suggests for taxes.

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