IRS

The deadline to file federal tax returns is Tuesday, April 15, 2025, leaving only one day left for procrastinators to get it in on time. Here's what to know about last-minute filings, extensions and payment requirements.  Filing Before April 15: For those looking to file a federal tax return...

Banks typically keep day-to-day transactions under wraps, but large or repeated deposits can spark mandatory reporting to the Internal Revenue Service (IRS). If you've just deposited a sizable check or cash sum, here's what you should keep in mind before you assume your finances stay hidden. The...

Acting Internal Revenue Service (IRS) commissioner Melanie Krause plans to resign after being left out of a newly signed agreement to share the tax data of undocumented immigrants with the Department of Homeland Security (DHS), according to sources familiar with the situation. What Happened: The...

The week has been a whirlwind of economic news, with President Donald Trump’s administration making headlines for its tax proposals and plans for the Internal Revenue Service (IRS). Meanwhile, gold is nearing the $3000 mark, and billionaire investor Ray Dalio has proposed a solution to...

The past week has been a rollercoaster ride in the world of politics, with President Donald Trump at the center of several significant developments. From a decline in approval ratings to potential multi-billion dollar deals, the Trump administration has been making headlines left, right,...

A top Democrat warned last week that the White House's  government efficiency team could disrupt tax refund processing as representatives began examining Internal Revenue Service operations during peak filing season. Gavin Kliger, a member of the Department of Government Efficiency that is being...

Taxpayers seeking last-minute deductions still have an opportunity to reduce their 2024 tax burden through retirement and health savings contributions before the April filing deadline. Combined maximum contributions to Individual Retirement Accounts and Health Savings Accounts could reduce taxable...

The U.S. Internal Revenue Service (IRS) is reportedly on the verge of dismissing thousands of employees, a move that could significantly affect the agency’s operations during the crucial tax-filing season. What Happened: The IRS is set to lay off a substantial number of workers,...

The IRS recently announced that contribution limits for 401(k) retirement plans will increase in 2025, allowing workers to save more for their future. Beginning next year, employees can contribute up to $23,500 to their 401(k) plans, $500 more than the limit in 2024.  This increase also...

A loophole in the 2017 tax law is allowing large corporations to save millions of dollars that would have otherwise been paid to the government. What Happened: The Internal Revenue Service (IRS) attempted to rectify the issue with regulations, but the U.S. Tax Court unanimously ruled last week that...

The Internal Revenue Service has warned taxpayers against “unscrupulous” tax preparers carrying out clean energy tax credit scams. The ruse occurs when tax preparers illegally give taxpayers tax credits to which they are not entitled. “Unscrupulous (or misinformed) tax preparers...

The Saver’s Match, created by the SECURE 2.0 Act of 2022, is poised to transform retirement savings for low-income workers, and could bring a whole new audience to financial advisors. Set to launch in 2027, this program will convert the existing Saver’s Credit into a federal government...

The Internal Revenue Service (IRS) is warning taxpayers against a new tax-preparer scam involving certain tax credits. “In this latest scam, the IRS is seeing instances where unscrupulous tax return preparers are misrepresenting the rules for claiming clean energy credits under the Inflation...

The Internal Revenue Service and Treasury Department have released final regulations updating required minimum distribution (RMD) rules for beneficiaries under the 10-year rule. These regulations, stemming from the SECURE and SECURE 2.0 Acts, confirm that most IRA beneficiaries must take...

Congressman Matt Gaetz (R-Fla.) has introduced a bill that would allow federal income tax payments to be made in Bitcoin (CRYPTO: BTC). What Happened: This proposed legislation aims to amend the Internal Revenue Code of 1986, providing a novel method for taxpayers to settle their federal tax...