Internal Revenue Service (IRS)

Kevin O’Leary, popularly known for his role in “Shark Tank”, has raised concerns about President Donald Trump‘s “One Big, Beautiful Bill” and its potential impact on small businesses. What Happened: O’Leary expressed his unease about a part of the bill ...

The Trump administration is drastically reducing the workforce at the Internal Revenue Service (IRS), a move that could potentially lead to a rise in tax evasion. What Happened: Initial cuts by the Department of Government Efficiency (DOGE), overseen by Elon Musk, have resulted in the...

The Internal Revenue Service (IRS) has agreed to share certain tax information of undocumented taxpayers with Immigration and Customs Enforcement (ICE). What Happened: The IRS's decision to share tax information with ICE was revealed in a document submitted against the court filing by the...

The Internal Revenue Service (IRS) is reportedly bracing for a substantial drop in revenue this spring amid payment evasion by individuals and businesses as well as huge staffing cuts. What Happened: Tax officials are forecasting a more than 10% dip in tax receipts by the April 15 deadline as...

Howard Lutnick, the newly confirmed Commerce Secretary under President Donald Trump‘s administration, reiterated the President’s proposal for the abolition of the Internal Revenue Service (IRS). What Happened: While appearing on Jesse Watters Primetime on Fox News, Lutnick was asked his...

The Internal Revenue Service (IRS) announced that it will issue automatic payments this month to approximately 1 million taxpayers who did not claim the 2021 Recovery Rebate Credit. The total amount of payments is expected to be around $2.4 billion, with individual payments potentially reaching up...

On Friday, the Internal Revenue Service (IRS) issued a reminder that marijuana remains classified as a Schedule I controlled substance and is thus subject to the limitations of the Internal Revenue Code, specifically Section 280E. Current Tax Rules Remain Unchanged In a press release, the IRS...

The investigation into the leak of former President Donald Trump’s tax returns was only resolved when investigators stumbled upon a suspect in an entirely different case. The suspect, a former IRS contractor, Charles Littlejohn, is set to be sentenced on Monday. What Happened: The leak of...