Frank Bisignano, head of the IRS, faces allegations of corporate spying — here’s the perspective of his former employer JPMorgan
Frank Bisignano faces accusations of spying on colleagues and misusing company resources during his time at JPMorgan Chase over ten years ago. These claims were highlighted in a detailed report by the Wall Street Journal regarding his role as head of the Internal Revenue Service under President Donald Trump. Bisignano’s career has included various senior […]
A tax incentive for protecting land is under IRS examination. Here’s when it remains beneficial.
Expansion of Land Conservation Tax Incentives Underway The late media mogul Ted Turner utilized conservation easements to protect his vast ranch, which spans roughly 114,000 acres near Bozeman, Montana. Congress is currently advancing initiatives to widen land conservation tax incentives that have faced scrutiny for nearly a decade. The proposed farm bills from both the […]
IRS increases gas mileage reimbursement due to rising prices
IRS Adjusts Mileage Deductions Amid Rising Gas Prices This week, the IRS revealed changes affecting how much taxpayers can deduct for each mile driven in business vehicles due to the ongoing rise in fuel prices. These adjustments, which are seen as a response to higher gas prices, will allow for larger deductions for business, medical, […]
California and New York are experiencing a loss of billions in taxpayer revenue according to IRS data.
Migration Trends in the U.S. As people move from state to state, California and New York play significant roles in the migration narrative of the nation. The latest IRS data reveals that the top ten counties with the largest net losses of taxpayers are all situated in California and New York. The figures, derived from […]
Trump’s IRS lawsuit deemed inappropriate, lawyers reported to state bar
Federal Judge Critiques Trump’s IRS Lawsuit In a recent ruling, U.S. District Judge Kathleen Williams, appointed by Obama, criticized President Trump’s legal team for their $10 billion lawsuit against the IRS. She stated the case appeared to be intended for an “improper purpose,” possibly linked to a contentious settlement negotiated by the Justice Department. Judge […]
The new CEO of the IRS has brought on board a key associate of Jamie Dimon.
New Leadership at the IRS with Corporate Expertise Frank Bisignano aims to transform the Internal Revenue Service into a more efficient operation reminiscent of a private company. To assist him in this endeavor, he has brought in private banker Jamie Dimon this week. Joining the IRS as Bisignano’s second-in-command is Vince La Padura, who has […]
IRS performed better than anticipated during tax season despite reducing its workforce, except in phone support, according to a watchdog.
IRS Performance in 2026 Tax Season WASHINGTON — The IRS managed to disburse refunds surprisingly well during the 2026 tax season, despite significant staffing reductions. However, national taxpayer advocates express concerns that many who sought assistance were left without adequate help. “Taxpayers in need of IRS support frequently struggled to get it,” noted Erin M. […]
Coca-Cola faces IRS in federal appeals court with $20 billion on the line
Coca-Cola and IRS in $20 Billion Court Dispute Coca-Cola is involved in a significant legal battle with the IRS, fighting over $20 billion due to a longstanding disagreement about how the company reports its profits domestically and internationally. The beverage giant has taken its case to the U.S. Court of Appeals in Miami, aiming to […]
Scott Bessent criticizes Democrat on IRS audit immunity: ‘Lacking facts, full of empty talk’
Contentious Exchange Between Treasury Secretary and Congresswoman Treasury Secretary Scott Bessent found himself in a tense confrontation with Democratic Rep. Linda Sanchez from California during a hearing in the House Ways and Means Committee. At the end of his remarks, Sanchez accused Bessent of being part of what she termed the corruption in the Trump […]
IRS Reveals 2027 Limits for HSA and HDHP
2027 HSA and HDHP Updates Announced The numbers for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs) for 2027 have finally been revealed. Employers have been anticipating this information, typically shared in early May. For 2027, the contribution limit for HSAs under self-only coverage will be $4,500, which is a 2.3% rise from […]