IRS

Former IRS commissioners warn the agency could stumble into the next filing season if Congress lets funding lapse again and staffing losses persist. Shutdown Cliff Looms As Filing Season Starts The IRS just emerged from the longest shutdown of 2025, but lawmakers funded the government only through...

Losing a spouse can deliver a second blow after grief, which is a higher tax bill. Financial planners warn that the so-called "survivor's penalty" can sharply raise lifetime taxes if couples don't plan. How Filing Status Change Drives Higher Taxes When one spouse dies, the survivor often keeps much...

U.S. taxpayers face a very different filing season in 2026, and financial planners say the smartest move is to start adjusting before this year ends. Advisers Urge Early Moves Before Rules Reset "Taking action before the end of this year can be a huge benefit to your financial health in 2026," said...

Homeowners who sell at a loss usually get no tax break, even as falling prices and higher borrowing costs push more sales into the red, tax experts warn. Primary Residences Offer No Cushion On Losses The IRS treats a primary residence as personal-use property, not an investment, so you generally...

IRS Direct File, the government's free online tax-filing tool launched under the Biden administration, won't be offered next year, even after 296,531 taxpayers used it during the 2025 season, the Trump administration confirmed this week. Republicans Call Direct File Wasteful, Prefer Alternatives...

The Internal Revenue Service on Thursday released inflation adjustments for dozens of tax provisions for 2026, alongside changes required by the One Big Beautiful Bill Act, lifting the standard deduction and shifting income thresholds that determine tax bills. According to the IRS...

The Internal Revenue Service violated its own policies when it fired thousands of probationary employees earlier this year at the direction of the Trump administration, the Treasury Department's inspector general said in a report released last week. IRS Violated Its Termination Policies, Says...

The federal government has confirmed that it will not be issuing new stimulus checks this summer, debunking circulating online rumors. What Happened: On Friday, the internet was abuzz with rumors that the U.S. government was planning to distribute stimulus checks to certain income brackets in...

A House Appropriations subcommittee has passed legislation that would allocate $9.5 billion to the IRS for fiscal year 2026, marking a decrease of more than 20% compared to the agency's current $12.3 billion funding.  The measure, approved by a 9-6 party-line vote in the Financial Services and...

Coinbase Global, Inc. (NASDAQ:COIN), the largest U.S. crypto exchange, asked the U.S. Supreme Court on Wednesday to hear a case that could restrict the IRS's ability to monitor crypto transactions on exchanges and other platforms.  The Details: The case, Harper v. O'Donnell, centers on the IRS...

Elon Musk and Treasury Secretary Scott Bessent had an argument last Thursday at the White House that turned into a shouting match in front of President Donald Trump.  The Details: According to an Axios report, Musk and Bessent were chest-to-chest while shouting at each other within earshot of...

The U.S. Treasury’s cash balance sharply increased during 2025’s tax season as collections rose from the previous year’s season. What Happened: The Treasury’s cash balance rose by $185 billion on Tuesday, the U.S. deadline to file tax returns for the previous year, according...

Scrambling to submit your taxes even after the April 15 deadline? Filing for an extension can be a lifesaver if you're juggling personal obligations or wrestling with intricate returns. Rather than rushing, you can secure six extra months to organize your finances and file without penalty. Why...

President Donald Trump plans to appoint Gary Shapley as the acting commissioner of the Internal Revenue Service, according to a report. What Happened: Shapley provided whistleblower testimony to Republicans, claiming partisan bias hindered the investigation of President Joe Biden’s son,...