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Irs

All articles tagged with #irs

politics7 days ago•25 min saved

IRS Privacy Chief Resigns After DOGE Pushes Illegal Data Sharing with ICE

The Guardian reports that Kathleen Walters, the IRS chief privacy officer, resigned in March 2025 after discovering that acting commissioner Melanie Krause attempted to illegally share taxpayer data with the Department of Homeland Security (DHS) to locate undocumented workers. This followed an earlier incident where DOGE operative Gavin Kliger demanded access to sensitive systems, bypassing standard security protocols. A federal judge later confirmed the IRS had shared data on 47,000 individuals, violating the Internal Revenue Code. While The Guardian highlights the chaotic and potentially illegal tactics of DOGE insiders, Fox News and The Washington Post offer contrasting views on the organization's efficiency and internal dysfunction.

via theguardian.com|

#data-privacy #doge #elon-musk

economy8 days ago•2 min saved

Treasury Auto-Enrolls 60M Kids in Trump Accounts, but Claiming $1,000 Seed Money Still Requires Action

The U.S. Treasury Department has automatically enrolled more than 60 million children in Trump Accounts, a tax-deferred investment program. While this massive expansion aims to boost participation, parents must still manually claim the accounts via an app to receive a $1,000 federal seed contribution for children born between 2025 and 2028.

via New York Post|

#child-investment #economy #irs

finance8 days ago•4 min saved

Treasury and IRS invalidate abusive ETF tax deferral strategies in new rulings

The U.S. Treasury and IRS issued Revenue Ruling 2026-20 and Notice 2026-62 to block wealthy investors from using Section 351 exchanges to defer capital gains taxes via exchange-traded funds. The rulings target 'conduit' transactions where appreciated assets are briefly held in an ETF before being swapped for a different portfolio, effectively treating these as taxable events. While legitimate tax-deferral strategies remain valid, the guidance closes loopholes exploited by high-net-worth individuals to diversify holdings without immediate tax liability.

via CNBC|

#etfs #finance #irs

politics-and-law11 days ago•0 min saved

11th Circuit rejects Trump bid to pause sanctions over IRS tax leak settlement

A federal appeals court has denied President Donald Trump’s request to pause sanctions against his attorneys, Alejandro Brito and Daniel Epstein, stemming from a controversial $10 billion lawsuit against the IRS. The 11th Circuit panel ruled that the lawyers failed to demonstrate they would succeed in challenging Judge Kathleen Williams’ finding that the suit was filed in bad faith to legitimize an out-of-court settlement. The settlement, which briefly included a $1.776 billion compensation fund, shielded Trump and his family from tax liability. While the court rejected the immediate stay, it noted the appeal was premature as Judge Williams has not yet ruled on a request to reopen the case or decided on attorneys’ fees. Trump’s legal team maintains the IRS improperly leaked private tax records to media outlets, framing the legal actions as accountability measures.

via CNBC|

#11th-circuit #irs #legal-sanctions

politics11 days ago

11th Circuit rejects Trump bid to pause sanctions over IRS tax leak settlement

A federal appeals court has denied President Trump’s request to pause sanctions imposed on his attorneys regarding a controversial IRS settlement. The 11th Circuit ruled that the lawyers failed to show they would succeed in challenging Judge Kathleen Williams’ finding that the lawsuit was filed in bad faith to legitimize an out-of-court deal. The settlement, which briefly included a $1.776 billion compensation fund, was criticized for lacking legal basis and shielding Trump and his family from tax liability.

via Politico|

#11th-circuit #irs #legal-sanctions

economy12 days ago•2 min saved

Treasury targets ETF tax loopholes with new IRS ruling

The US Treasury and IRS issued a new ruling on September 28, 2026, targeting the '351 conversion' strategy used by wealthy investors to avoid capital gains taxes via exchange-traded funds (ETFs). The move marks the first concrete enforcement step after earlier warnings in July. Treasury Secretary Scott Bessent stated that such tactics are 'designed to dodge taxes.' The ruling recharacterizes these transactions as taxable exchanges, potentially impacting the 'tax alpha' industry, which has seen significant growth. Shares of Affiliated Managers Group, which owns AQR, a pioneer in these strategies, fell 2% on the news.

via Financial Times|

#aqr-capital #economy #etfs

politics1 month ago•6 min saved

Obama-Appointed Court Panel Blocks IRS Data Sharing with ICE on Tax Privacy Grounds

A three-judge D.C. Circuit panel of Obama appointees blocked the IRS from sharing tens of thousands of taxpayer addresses with ICE, ruling the agency’s current data-sharing process likely violated federal tax-confidentiality law by often providing incomplete information; the panel upheld a lower-court injunction, highlighting ongoing tensions between immigration enforcement and taxpayer privacy and drawing mixed reactions over the ruling’s language.

via Fox News|

#dc-circuit #ice #irs

politics-and-government1 month ago•51 min saved

DC Circuit rules IRS address-sharing with ICE violated federal law

A three-judge panel of the U.S. Court of Appeals for the D.C. Circuit upheld an injunction blocking the Trump-era IRS policy that allowed sharing thousands of taxpayers’ addresses with Immigration and Customs Enforcement, finding the practice violated federal law and lacked safeguards; about 47,000 records were disclosed before the injunction, and privacy groups argued the policy exceeded legal limits on interagency data sharing.

via Yahoo|

#federal-law #ice #irs

politics1 month ago•3 min saved

IRS eyes stripping tax exemptions from colleges over race-based admissions

The IRS released proposed regulations to revoke the tax-exempt status of colleges and other schools that use race-based admissions or preferences, potentially affecting up to 18,000 institutions and about 750,000 scholarships. The rules would apply to admissions, scholarships and loans, with a 60-day public comment period and could take effect for taxable years beginning after May 31, 2027. Religious schools would still be allowed to consider students based on genuine religious affiliation.

via Politico|

#diversity-equity-inclusion #higher-education #irs

politics1 month ago•3 min saved

US Tax Rules Tighten Refundable Benefits for Immigrant Eligibility

The Treasury Department and IRS unveiled rules to bar the refundable portions of four major tax credits (adoption, child, American Opportunity, and Earned Income Tax Credit) for illegal immigrants, allowing only citizens, nationals, and qualified aliens to receive them; about 1 million people would lose the refundable portion, though the credits can still offset tax liability, and taxpayers are expected to save roughly $3 billion.

via nypost.com|

#illegal-immigration #irs #politics

business1 month ago•5 min saved

IRS mandates W-2 reporting for overtime deduction in 2026 with clarified eligibility

For 2026, employers must report the eligible overtime amount on workers’ W-2s (box 12 code TT); only the overtime premium—the extra 0.5x pay above the regular rate—qualifies for the deduction, capped at $12,500 for singles or $25,000 for married couples and phased out at $150k/$300k. Unlike 2025, where reporting was waived, this year requires employer reporting; workers should still verify the amount on their pay stubs and request a corrected W-2 if it’s inaccurate. About 29 million taxpayers claimed the deduction in 2025 with an average of over $3,100.

via CNBC|

#business #irs #overtime

business1 month ago•2 min saved

IRS Opens Offshore Tax Probe Into UnitedHealth Group

The IRS is auditing UnitedHealth Group for allegedly underpaying taxes from 2017–2020 by moving profits through a foreign subsidiary; notices were issued in March, and the probe could raise taxable income for those years and potentially affect later years, marking a rare, high-stakes review of a major health-insurance conglomerate.

via STAT|

#business #irs #offshore

tax1 month ago•7 min saved

IRS Simplifies Retirement Plan Rollovers with New Guidance

The IRS and Treasury issued Notice 2026-49 with sample forms and proposed rollover procedures to streamline rollovers between retirement plans and IRAs under SECURE 2.0. The guidance applies to plan-to-plan and plan-to-IRA rollovers (not IRA-to-IRA) and emphasizes protecting participants’ personal information; use of the sample forms is optional for sponsors, and comments are invited by Oct. 23, 2026.

via Accounting Today|

#irs #notice-2026-49 #retirement-rollovers

politics2 months ago•117 min saved

IRS union fights Trump tax-audit immunity deal

A union representing IRS workers asked a federal judge to block a proposed immunity deal involving Donald Trump in a tax audit, arguing the arrangement would undermine accountability and set a risky precedent for political figures under federal investigation.

via AP News|

#immunity-deal #irs #labor-union

politics2 months ago•2 min saved

IRS Union Backs Suit Over Trump Audit Immunity and Jan. 6 Slush Fund

An association representing career IRS employees joined a lawsuit challenging a settlement that would immunize Trump and relatives from certain audits, arguing the carve-out is unlawful and unconstitutional; the amended suit in the Eastern District of Virginia adds the National Treasury Employees Union to oppose the plan linked to an about $1.8 billion 'anti-weaponization' fund that had been temporarily blocked, with critics saying it would benefit Trump allies including some Jan. 6 participants.

via NBC News|

#audit #irs #jan-6