IRS

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,...

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,...