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The Latest Breaking News from IRS

Truth and Justice Commission: Trump's $1.8bn Plan to Compensate Allies 'Wrongly' Targeted by DOJ

A proposed £1.13bn Truth and Justice Commission aims to compensate individuals allegedly wrongly investigated by federal agencies, amid Trump's legal disputes with the IRS over leaked tax records.

International Business Times UK

DOJ announces $1.8 billion fund as part of Trump settlement with IRS

The Justice Department on Monday announced a new $1.8 billion “anti-weaponization fund” to compensate anyone for perceived targeting by past administrations as part of settling President Donald Trump’s $10 billion suit against the IRS. Monday’s DOJ announcement came shortly after Trump attempted to drop his lawsuit against the IRS, though…

Roll Call

Why Biographer Blasts Donald Trump's China Trip as 'an Embarrassment' and a Total Win for Xi Jinping

Michael Wolff derides Donald Trump's Beijing visit as a win for China, probing the gap between the summit's grand pageantry and what the US president can truly claim as a victory.

International Business Times UK

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10 Photos of Eurovision 2026 Winner, Dara Dude: Bulgaria Wins Amid 5-Nation Boycott as UK Crashes to Last Place With 'Nul Points'

Dara's Bangaranga gives Bulgaria its first Eurovision win in a tense Vienna final marked by protests, a five‑nation boycott and another painful 'nul points' night for the UK.

International Business Times UK

How a Single Missed Form Can Freeze Your Refund for Weeks

Tax season feels simple on the surface, but one tiny paperwork slip can send everything into a slow-moving maze of IRS processing delays. A refund that should land in a bank account within weeks can suddenly stall for a month or longer, all because one required form never made it…

The Free Financial Advisor

The IRS’s “Math Error” Notice Could Cost You More Than You Think

The IRS rarely makes big announcements without consequences hiding behind the fine print, and the “Math Error” notice stands out as one of the most overlooked. This notice often arrives after a tax return review and signals that something on a return does not add up according to IRS systems.…

The Free Financial Advisor

Nuclear Subs in Europe, Ridicule in Beijing: Inside Donald Trump's Chaotic Week of Foreign Policy

A US nuclear submarine's presence in Gibraltar has prompted UK risk warnings amid escalating tensions over Donald Trump's Iran strategy, while in Beijing Chinese social media is mocking him as 'Trump the Country Builder.'

International Business Times UK

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8 Tax Filing Habits That Are Quietly Triggering Refund Delays

Tax season often feels like a race against the clock, but rushing through it can quietly cost time instead of saving it. Many Americans expect their refunds to land quickly, yet small mistakes frequently push those payments into long delays. The IRS processes millions of returns, and even minor errors…

The Free Financial Advisor

Trump news at a glance: billions of taxpayer dollars could go to president and his allies in unprecedented move

If case is settled for full amount Trump is requesting, a $10bn payment would more than double his family’s net worth

The Guardian - US

'Congress Could Impeach' Trump Over $1.7B Fund Drawn from Public Money, Says Melber

MSNBC host Ari Melber suggests impeachment for Trump over a $1.7 billion fund, raising concerns about executive power and taxpayer money usage amid political tensions.

International Business Times UK

Democrats Are Slamming Trump's Proposed $1.7 Billion IRS Settlement as a 'Plunder'

Democrats condemn a reported $1.7bn Trump IRS settlement as a taxpayer 'slush fund' for his allies as an approaching court deadline intensifies scrutiny of the opaque proposed deal.

International Business Times UK

Trump may settle his lawsuit against IRS for $1.7bn fund to compensate allies

In unprecedented self-dealing maneuver, billions of taxpayer dollars could be paid to US president and his allies

The Guardian - US

New Rule Requires Venmo and PayPal Users to Verify Tax Info—or Risk Losing Access

Digital payments keep reshaping how money moves across the United States, but a new layer of scrutiny now changes the game for millions of users. Venmo and PayPal users face growing pressure to verify tax information as financial regulators push for tighter reporting standards. Platforms that once felt casual and…

The Free Financial Advisor

Millions Of Americans Are Missing Out On The SALT Deduction

The SALT deduction, which stands for state and local taxes, continues to play a significant role in how Americans calculate their federal tax bills. Many households in high-tax states rely on this deduction to soften the blow of property taxes, income taxes, and sales taxes. Federal tax law allows taxpayers…

The Free Financial Advisor

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The Free Financial Advisor

Car Loan Interest Deductions Are Returning—But Millions May Not Qualify

The idea of deducting car loan interest from taxes is suddenly back in the spotlight, and it’s stirring up excitement across the financial world. For years, most Americans haven’t been able to write off interest on personal auto loans, but new policy discussions could reopen that door in a limited…

The Free Financial Advisor

IRS Audit Rates Are Increasing for Middle-Income Earners—Here’s Why

For years, many middle-income Americans treated IRS audits like lightning strikes—rare, random, and mostly aimed at millionaires with offshore accounts and yachts parked somewhere in Monaco. That assumption no longer matches reality. The IRS has quietly shifted its attention toward taxpayers earning ordinary incomes, and plenty of filers now face…

The Independent UK

Trump expected to drop $10B lawsuit against IRS

IN FULL

The Free Financial Advisor

What Happens If You Cash Out a 529 Plan in 2026?

College costs continue to climb faster than a summer gas bill, so millions of Americans stash money inside 529 plans to protect their future budgets. Those accounts offer juicy tax advantages, flexible investment choices, and powerful long-term growth, but cashing one out without a strategy can create a financial mess…

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The Free Financial Advisor

5 Financial Transactions That Now Trigger the IRS’s New 1% Remittance Tax

Sending money overseas suddenly got more expensive, and plenty of Americans have no idea the change even happened. The IRS’s new 1% remittance tax now applies to certain international money transfers, adding another fee to transactions that millions of families already depend on every month. For households sending support to…

International Business Times

Trump Expected To Drop $10 Billion IRS Lawsuit For $1.7 Billion Fund For Allies

President Donald Trump is expected to drop his $10 billion lawsuit against the Internal Revenue Service in exchange for a proposed $1.7 billion compensation fund for allies who say the Biden administration wrongfully targeted them.

The Free Financial Advisor

Overlooked Tax Credits That Could Save You Thousands This Year

Tax season usually sparks two emotions: dread and confusion. Most Americans scramble to find receipts, pray for a decent refund, and hope they didn’t accidentally anger the IRS with a typo. Meanwhile, billions of dollars in tax credits sit untouched every year because people simply don’t realize they qualify. That’s…

The Independent UK

Trump to drop $10B IRS tax lawsuit in return for a billion-dollar compensation fund: report

Trump filed the $10 billion lawsuit against the IRS in January, alleging they failed to stop the unauthorized release of his tax returns

Clever Dude

Police Warn: The New Door-Knocking Scam Targeting Men — Don’t Get Fooled

A knock at the door used to mean a package delivery, a neighbor borrowing sugar, or kids selling fundraiser popcorn. Now, police departments across the country warn that some scammers use the front porch as a hunting ground, and men often land directly in the crosshairs. These schemes look casual,…

Kiplinger

Ask the Tax Editor, May 15: Deductions for Self-Employed Retirees

In this week's Ask the Editor Q&A, Joy Taylor answers questions on available tax breaks for retirees with a side hustle.

International Business Times UK

Trump Accused of Betraying Police With Shocking $1B 'Thug Fund' Scheme

Critics accuse Trump of using taxpayer money to fund a controversial $1 billion compensation scheme tied to January 6 defendants, sparking outrage over alleged betrayal of police.

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