IRS establishes updated interest rates
IRS Interest Rates Remain Unchanged for Third Quarter of 2025 The Internal Revenue Service has announced that interest rates will remain steady from July 1st onward. According to the tax agency, the rates for overpayments and underpayments will stay at 7% for individuals. Here are some additional interest rates: 4.5% on certain overpayments for businesses […]
GOP Senators Examine IRS Unit from Biden’s Administration that Could Have Aimed at Certain Small Businesses
Senate Republicans Take Aim at IRS Compliance Unit Four Senate Republicans are raising questions about the Biden-era Internal Revenue Service (IRS) compliance unit, expressing concerns that its operations may be influenced by “ideological considerations.” They worry this approach could disproportionately affect small businesses nationwide. Republican Senators Marsha Blackburn from Tennessee, Steve Daines from Montana, James […]
Judge Permits IRS to Assist ICE Agents in Finding Undocumented Immigrants Using Tax Information
A federal judge, appointed by President Donald Trump, has approved a collaboration between the Internal Revenue Service (IRS) and Immigration Customs Enforcement (ICE) to assist ICE in locating undocumented individuals in the U.S. through tax information. Recently, the IRS and ICE finalized a deal that allows ICE agents to request tax data concerning undocumented immigrants. […]
Judge approves IRS to share migrant taxpayer information with ICE
A federal judge has declined to prevent the Internal Revenue Service (IRS) from sharing information about undocumented immigrants with immigration authorities. US District Judge Dabney Friedrich determined last month that the agreement between the IRS and the Department of Homeland Security (DHS) does not breach federal tax regulations. Friedrich noted, “In summary, the IRS is […]
Court decides in support of Trump administration in DHS, IRS matter
A federal judge declined to issue an injunction on Monday to stop the Department of Homeland Security (DHS) from collaborating with the Internal Revenue Service (IRS), which permits U.S. Customs and Immigration Enforcement (ICE) to access taxpayer information concerning undocumented immigrants facing deportation. This ruling by U.S. District Judge Dabney Friedrich occurred in response to […]
Will the IRS impose taxes on Pope Leo XIV’s Vatican residence?
What happens when the tax man comes for the Pope? With the election of Prevart F. Prevast of Chicago as Pope Leo XIV, America now has its first Pope, and Chicagoans can claim a stake in the Vatican. While Catholics across the globe ponder spiritual matters, tax lawyers are focused on a different question. Will […]
IRS loses almost a third of its tax auditors due to budget cuts, watchdog report reveals
On February 20, 2025, a traffic light outside the U.S. Internal Revenue Service (IRS) building in Washington, D.C. changed to red. The IRS has seen a significant loss of tax auditors, with a report from a watchdog revealing a decline in government efficiency linked to Elon Musk. By March 2025, the number of employees had […]
Trump places the IRS at the center of his conflict with Harvard.
President Trump lacks the legal power to independently revoke Harvard University’s tax-exempt status. But does that really stop him? As he works to financially undermine the university, Trump is embroiled in a conflict with Harvard, instigating lawsuits while probing into areas like research funding and international student admissions, along with the contentious issue of tax […]
A report states that the IRS has reduced its number of tax auditors by nearly one-third following two months of budget cuts.
IRS Auditor Departures Raise Concerns A recent report from a U.S. Treasury Department watchdog has revealed that nearly a third of tax auditors left their positions through March, largely influenced by the Trump administration’s overhaul of the IRS workforce. The initiative, led by Elon Musk’s government efficiency program, aimed to streamline the federal workforce via […]
IRS announces updated HSA limits for 2026. Here’s what investors should be aware of – CNBC
On Thursday, the IRS shared the contribution limits for Health Savings Accounts (HSAs) for 2026, ensuring the benefits of triple tax advantages on healthcare expenses. The recent update indicates that for self-only health insurance, the contribution limit will increase to $4,400—up from $4,300 in 2025, thanks to inflation adjustments. For those with family coverage, the […]