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The Latest Breaking News from IRS

Youngkin Pushes Virginia Tax Relief: Car Tax Credits and No Tax on Tips

No tax on tips was a popular refrain during the presidential campaign. Now, Virginia’s governor has a similar plan and is looking at car taxes.

Kiplinger

Trump planning to target progressive non-profits, US watchdog warns

Congressional Integrity Project creates initiative to counter growing ‘authoritarianism’ and defend progressives

The Guardian - US

Three Ways Fiduciary Financial Planners Put You First

Fiduciary financial advisers are required by law to work in your best interest. Here's how they are key to intentional and efficient financial management.

Kiplinger

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New York tax preparer called ‘the Magician’ charged for tax fraud of $145m

In the decade-long scheme, Rafael Alvarez provided false documents that reduced individuals’ tax burden

The Guardian - US

How Selling a Losing Stock Position Can Lower Your Tax Bill

Unloading an underperforming stock can help keep your investment returns growing while trimming your tax bill. Here's how this strategy works.

Kiplinger

On the Naughty List: Holiday Tax Scams to Look Out For

The IRS says scammers are on the prowl for your financial information. Know the signs so you don't fall victim.

Kiplinger

Trump’s 2017 tax cuts expire soon − study shows they made income inequality worse and especially hurt Black Americans

The Tax Cuts and Jobs Act, a set of tax cuts Donald Trump signed into law during his first term as president, will expire on Dec. 31, 2024. As Trump and Republicans prepare to negotiate new tax cuts in 2025, it’s worth gleaning lessons from the president-elect’s first set of…

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Filing Season Nears: Updated Tax Brackets For 2024, 2025 Revealed

Standard deductions, AMT exemptions, and other tax provisions will be impacted by the inflation adjustments that the IRS has announced for the 2025 tax year. Find more about the modifications and how your taxes can be impacted.

International Business Times

The IRS Is Required To Protect Kids From Identity Theft. They're Not Complying.

One in four kids will be the victim of identity theft or fraud. Here's how the government is making it worse.

Reason

Year-End RMDs: Should You Invest, Spend or Donate Them?

Here are 10 ways to use year-end RMDs strategically. The deadline for taking Required Minimum Distributions is December 31. And yes, shopping might be in order.

Kiplinger

Three 'Yellowstone' Estate Planning Lessons

We can learn a lot from John Dutton's estate planning mistakes. Here are just a few that relate to families in general and family businesses in particular.

Kiplinger

IRS Recovers .7 Billion In Back Taxes And Proceeds

IRS recovers .7 billion in back taxes and crime proceeds amidst funding challenges and leadership transitions.

Top News

Here's How Collectibles Are Taxed

Gains on collectibles like gold can be subject to a higher rate than for most other investments.

Kiplinger

Retirement Abroad? Three Countries Without Inheritance Tax

These 2025 top-retiree-friendly countries have an added benefit: potential tax savings for you and your heirs.

Kiplinger

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Kiplinger

Five Tax-Savvy Ways To Donate This Holiday Season

Food pantries, toy drives, and animal sanctuaries are popular ways to support others year-round.

The Guardian - US

‘Cynical cash grab’: FBI chief nominee Kash Patel’s profitable links in the non-profit world

Patel’s non-profit Kash Foundation is linked to Maga-merchandise firms and spends much more on fundraising than it does on charitable giving

The Street

2025 401(k) contribution update can maximize your retirement savings

Tracking progress on your financial plan can help you reach your retirement goals.

Texas Observer

TEA Exoneration of Mike Miles’ Charter Schools Leaves Questions Unanswered, Raises New Ones

An agency report challenging media stories overlooks the charter schools’ compliance with federal tax and state business laws, on the watch of the now-HISD superintendent, while revealing new out-of-state payments.

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Kiplinger

LLCs: Power Tools That Can Create Big Problems

Forming an LLC for your business might seem like a straightforward endeavor, but if you don't know exactly what you're doing, trouble could follow.

International Business Times UK

Gifting Stocks This Holiday Season? Adviser Says It's A Smarter Way To Transfer Wealth, Lower Taxes

Gifting stocks to IRS-recognised charities can lower your annual tax liabilities. Meanwhile, transferring stock ownership to children can help them achieve their long-term financial goals from an early age.

Kiplinger

Tax Pros: Is Someone Fraudulently Filing Returns With Your PTIN?

An unmonitored preparer tax identification number (PTIN) can lead to serious issues.

Kiplinger

IRS Shakeup: What Trump's Commissioner Pick Could Mean for Your Taxes

An unconventional nominee comes amid broader efforts to reshape the IRS and tax policy in 2025.

Kiplinger

Year-End Retirement Tax Planning Actions if You Have $1 Million or More

Consider implementing these four strategies before December 31 to potentially improve your tax situation for this year and the future.

International Business Times

IRS Compares Criminal Successes This Year To Taking Down Al Capone

The IRS released its annual criminal investigation report, with its chief comparing this year's successes as significant as their infamous takedown of Al Capone.

Fortune

Why Trump could be the unlikely savior of biofuels

Unnecessary delays by the Biden administration in issuing critical tax credit guidance have left farmers and fuel producers in limbo.

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