Latest Internal Revenue Service News
A million taxpayers will soon receive up to $1,400 from the IRS. Who are they and why now?
Approximately 1 million taxpayers will automatically receive special payments of up to $1,400 from the IRS in the coming weeks. The money will be directly deposited into eligible people's bank accounts or sent in the mail by a paper check. The IRS said it's distributing about $2.4...
How you could benefit from tax-loss selling this year
The U.S. market gained more than 25% for the year to date through mid-December 2024. That’s a healthy showing by any measure. It doesn’t seem like it would be a market environment that’s conducive to tax-loss selling. But unless your strategy is to buy only U.S. stocks, you may...
IRS recovers $4.7 billion in back taxes and braces for cuts with Trump and GOP in power
WASHINGTON (AP) — IRS leadership on Thursday announced that the agency has recovered $4.7 billion in back taxes and proceeds from a variety of crimes since the nation's tax collector received a massive glut of funding through Democrats' flagship tax, climate and health law in 2022. ...
Peter Navarro served prison time related to Jan. 6. Now Trump is bringing him back as an adviser
WASHINGTON (AP) — Former White House adviser Peter Navarro, who served prison time related to the Jan. 6 attack on the U.S. Capitol, will return to serve in Donald Trump’s second administration, the president-elect announced Wednesday. Navarro, a trade adviser during Trump’s...
IRS announces pension and retirement plan contribution adjustments for 2025
WASHINGTON (AP) — The IRS on Friday announced an increase to the amount individuals can contribute to their 401(k) plans in 2025 — to $23,500, up from $23,000 in 2024. The Internal Revenue Service detailed the increases in its annual cost-of-living adjustments for pension plans...
Taxpayers will get bigger standard deductions in 2025, but with smaller boosts than recent years
NEW YORK (AP) — U.S. taxpayers will again see higher standard deductions for 2025, allowing them to shield more of their money from taxation on future returns. The Internal Revenue Service detailed the increases in its annual inflation adjustments announced Tuesday. For single...
