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Irs

All articles tagged with #irs

politics7 days 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

business7 days 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

business8 days 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

tax13 days 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

politics19 days 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

politics19 days 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

politics25 days ago•3 min saved

Trump appeals ruling that his IRS lawsuit was a manipulative move

Trump has appealed a federal judge’s finding that his 10 billion lawsuit against the IRS and Treasury was brought to manipulate the judicial process, part of a settlement that included a 1.8 billion anti-weaponization fund; the ruling sanctioned several DOJ officials and highlighted the leaked tax records that sparked the dispute, as Republicans pressure changes to the fund before advancing an attorney general nomination.

via NBC News|

#anti-weaponization-fund #appeal #irs

politics25 days ago•120 min saved

Trump calls anti-weaponization fund in IRS settlement dead, but campaign defends the deal

Former President Donald Trump says the so‑called anti-weaponization fund attached to an IRS settlement is dead, even as he defends the overall agreement, arguing it should not undermine oversight or accountability. The remarks come amid questions about the fund’s purpose and political implications, with lawmakers and officials weighing the settlement’s broader impact on the IRS and governance.

via AP News|

#irs #politics #settlement

politics1 month ago•36 min saved

Democrats Seek Probe Into Fired IRS Counsel Over White House Audit Pressure

Senate Democrats are urging the Treasury Department to probe the firing of IRS acting chief counsel Kenneth Kies, who reportedly clashed with White House officials over audits. They argue the move could violate IRS rules against improper political influence (Section 7217). Kies has said he will return to the private sector after thanking colleagues who helped advance the administration’s economic agenda, highlighting concerns about IRS independence amid ongoing political scrutiny.

via The Hill|

#democrats #investigation #irs

politics1 month ago•6 min saved

Democrats push watchdog probe into IRS lawyer’s ouster after White House clash

A group of 12 Senate Democrats asked the Treasury Department’s internal watchdog to probe whether White House pressure influenced the IRS’s actions, following reports that Kenneth Kies, acting IRS chief counsel, was ousted after clashing with White House officials over enforcement and a federal law restricting political influence on audits. Kies reportedly cited the law in a meeting, and an official said he was “not a team player.” Kies confirmed his departure and said he will return to private life, with Kies’s deputy Kevin Salinger now serving as acting chief counsel. The lawmakers warned about the safeguards against political interference and noted that, if a law was violated, the DOJ would handle criminal charges, though Congress could pursue investigations if it wins control. The event is part of broader turnover in the IRS leadership under the current administration.

via The Washington Post|

#democrats #investigation #irs

politics1 month ago•103 min saved

IRS official ousted after warning White House against audit meddling

Kenneth Kies, the acting IRS chief counsel and a Treasury official, was reportedly forced out after clashing with White House aides over potential interference in IRS audits, including warnings that a White House push would violate Section 7217 of the Internal Revenue Code, marking another high-level departure tied to concerns about politicizing the tax agency.

via MS NOW|

#irs #kenneth-kies #politics

policy1 month ago•2 min saved

Bisignano to lead expanded Trump Accounts rollout, Treasury confirms

The Treasury Department says Frank Bisignano will oversee the expanded rollout of Trump Accounts, a tax-advantaged savings program that debuted July 4, while retaining his roles as IRS chief and SSA commissioner. Accounts allow up to $5,000 per year per child into a tax-deferred account, with withdrawals generally allowed at 18 and taxes/penalties for early withdrawals (with some exceptions). The program already has about 6.5 million participating families and includes a one-time $1,000 government contribution for children born 2025–2028 as part of broader access expansion aimed at boosting participation in stock-market gains.

via CNBC|

#frank-bisignano #irs #policy

business1 month ago•3 min saved

IRS boosts midyear mileage rate to 76 cents per mile amid gas-price spike

Starting July 1, 2026, the IRS increases the standard mileage rate for business use by 3.5 cents to 76 cents per mile for the second half of 2026, with medical/moving mileage at 23.5 cents and Armed Forces/intelligence mileage also at 23.5; charitable mileage remains 14 cents. The midyear adjustment—driven by volatile gas prices and a rare move in recent years—will apply to mileage incurred on or after July 1 and affects 2026 tax returns for self‑employed filers and employees who are reimbursed by employers, who must consider both halves’ rates when calculating deductions or reimbursements.

via USA Today|

#business #charity-mileage #gas-prices

politics1 month ago•10 min saved

O'Donnell Mocks Trump After IRS Lawsuit Collapse: The Stupidest Litigant in History

Lawrence O'Donnell mocked Donald Trump on his show after a federal judge ruled that Trump's bid for $1.8 billion from the IRS was improper and his $10 billion suit was dismantled, highlighting Trump’s own admission of suing himself and the judge’s call for attorney sanctions.

via HuffPost|

#irs #law #lawsuit

politics1 month ago•3 min saved

Judge Rules Trump's IRS Lawsuit Improper, Puts Blanche Under Bar Scrutiny

A Florida federal judge called Trump’s $10 billion suit against the IRS improper, signaling potential sanctions against the Trump lawyers and referring acting Attorney General Todd Blanche to state bars for ethics concerns; the ruling also noted the involvement of a controversial settlement that created a $1.776 billion fund to aid allies and criticized DOJ inaction as part of the case.

via Democracy Docket|

#doj #ethics #irs