Category: Internal Revenue Service

You Saved and Saved for Retirement. Now You Need a Plan to Cash Out.

Most people enter retirement without any idea how to manage withdrawing their savings without running out of money. Here is what you need to know.
How the $1,000 ‘Trump Accounts’ for Newborns Will Work

The payments, part of the new domestic policy law, are for U.S. citizens born this year through 2028. The idea is that the money in the accounts will have many years to grow.
Biden’s I.R.S. Doubled Audits on the Wealthy, Data Shows

At the same time, the audit rate for those making under $500,000 declined slightly in 2024, fulfilling a promise by the Biden administration.
Trump Taps Palantir to Compile Data on Americans

The Trump administration has expanded Palantir’s work with the government, spreading the company’s technology — which could easily merge data on Americans — throughout agencies.
Trump’s Pick to Lead I.R.S. Promoted a Nonexistent Tax Credit

Billy Long’s effort to promote the credit, along with his pushing of a fraud-ridden pandemic-era tax break, will be under close scrutiny during his Senate confirmation hearing.
Trump Says He’s ‘Taking Away’ Harvard’s Tax Exempt Status

President Trump first threatened Harvard’s tax status last month. It was not immediately clear if the I.R.S. was in fact moving forward with a change.
Trump’s 100-Day Economic Report Card

Market chaos and economic uncertainty has been a feature of the president’s first few months back in office. DealBook breaks down the milestones, and what to expect next.
Head of I.R.S. Being Ousted Amid Treasury’s Power Struggle With Elon Musk

Treasury Secretary Scott Bessent complained to President Trump that the acting commissioner had been installed without his knowledge.
With Harvard Threat, Trump Tries to Bend the I.R.S. to His Will

Since the post-Nixon era, the Internal Revenue Service has had a degree of independence from the White House. President Trump is seeking to change that.
Why Does Harvard Have Tax-Exempt Status and Can the IRS Revoke It? What to Know.

The university, like many colleges and charities, is exempt from federal income and property taxes, saving it billions of dollars. President Trump has questioned whether it should enjoy that status.
Some Online Scam Victims Can Now Seek Tax Relief on Firmer Ground

The Internal Revenue Service issued a memo last month that said victims of certain impersonation and investment schemes might be eligible for a tax break.
I.R.S. Audits Are at a Record Low. Trump’s Cuts Could Make Them Even Rarer.

The Biden plan to increase tax revenue through more enforcement is being reversed.