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Treasury Chief Quietly Settles Long-Running IRS Tax Dispute

Scott Bessent had used a hedge fund tax maneuver to get out of paying $910K, per Democrats

(Newser) - Treasury Secretary Scott Bessent has quietly resolved a yearslong tax dispute with the IRS tied to a hedge fund maneuver that reduced his Medicare taxes, according to a person familiar with the matter. As a fund manager before joining President Trump's Cabinet, Bessent used a structure that let him...

IRS' Auditing Cash Cow Seems to Be Drying Up

Watchdog ties 35% drop in audit collections in fiscal 2025 to staffing cuts

(Newser) - Audit dollars at the IRS didn't just dip last year under President Trump—they nosedived, a new watchdog report finds. The Treasury Inspector General for Tax Administration says that revenue from IRS audits fell 35% in fiscal 2025, to $6.5 billion from $10 billion a year earlier, after...

Trump Defends 'Anti-Weaponization Fund'

Comments could further complicate confirmation of Todd Blanche as attorney general

(Newser) - The nomination of Todd Blanche to be the next permanent attorney general has foundered in part over a controversial "anti-weaponization fund." On Friday, President Trump offered a strong defense of the fund, which could further complicate Blanche's road to confirmation, reports CNN . Blanche, the acting AG, has...

GOP Senators Block Dems' Bid to Halt Trump IRS Deal

Dems on Finance Committee cry foul, while some GOPers say they're working behind the scenes

(Newser) - A Republican-led Senate panel just gave a green light to keep alive a controversial Trump tax deal, while Democrats cried foul. On Thursday, GOP members of the Senate Finance Committee won a 14-13 vote along party lines to block a Democratic amendment that would've stopped the Trump administration from...

WSJ: IRS Chief Once Spied on His Fellow Bank Execs

Attorney for Frank Bisignano denies the allegations going back to his days at JPMorgan

(Newser) - The Wall Street Journal is out with a remarkable story about Frank Bisignano, the head of both the IRS and the Social Security Administration: The lengthy investigative piece alleges that Bisignano essentially spied on fellow executives while serving as co-chief operating officer at JPMorgan more than a decade ago. Among...

Judge Voids Trump's IRS Deal, Wants Attorneys Punished

Scathing federal ruling calls president's lawsuit against the tax agency a sham

(Newser) - A federal judge on Monday delivered a two-pronged rebuke to President Trump: She voided his controversial settlement with the IRS, and she referred his attorneys to their respective bars for possible disciplinary action, reports CNBC and Reuters . The scathing ruling from US District Judge Kathleen Williams in Florida stems from...

Anti-Weaponization Fund Dead? Maybe Not

Trump says he doesn't know: 'I'd have to ask the lawyers'

(Newser) - President Trump now sounds unsure about the fate of his own controversial "anti-weaponization" fund, NBC News reports. A day after acting Attorney General Todd Blanche told Congress the Justice Department was " not moving forward with the fund, period ," Trump said in the Oval Office he didn't...

Bessent Refuses to Answer Questions on Trump IRS Deal

But Treasury chief was willing to spill the beans on Pulte clash

(Newser) - Treasury Secretary Scott Bessent refused to say Wednesday whether President Trump and his family would still get immunity from IRS audits after the administration abandoned plans for a $1.776 billion compensation fund that would have benefited the president's allies. "There's continuing litigation, and I'm unable to comment on...

Report: Feds Plan to Drop 'Anti-Weaponization Fund'

DOJ says it will abide by ruling blocking payouts from $1.8B fund

(Newser) - The White House is backing away from a nearly $1.8 billion pot of money critics feared could become a Trump-aligned payout machine. Sources tell Axios that the administration plans to abandon the "Anti-Weaponization Fund" after legal setbacks and mounting resistance from both Republicans and Democrats on Capitol Hill....

In Line for Trump's Payout Fund: Michael Cohen

Trump's ex-lawyer says 'there is perhaps no clearer example' of fund's purpose 'than what happened to me'

(Newser) - If the Trump administration is going to start giving out cash to victims of political witchhunts, Michael Cohen is getting right in line. President Trump's ex-lawyer and fixer tells NBC News that he's drafting a letter to the DOJ seeking money from the new "anti-weaponization" fund, which...

Trump Pick Resigns at Treasury After 'Anti-Weaponization Fund'

General counsel Brian Morrissey steps down after creation of $1.8B fund for Trump allies, J6ers

(Newser) - A senior Treasury official is out just as a controversial new pot of money comes in. Brian Morrissey, the department's general counsel, stepped down on Monday, mere hours after the Trump administration rolled out a $1.8 billion "anti-weaponization fund," three people familiar with the situation tell...

Trump Drops $10B Lawsuit Against the IRS

President had sued in January over the leak of his tax returns

(Newser) - President Trump has quietly pulled the plug on a multibillion-dollar legal fight with the IRS. A federal filing in Miami on Monday shows the president, his two eldest sons, and the Trump Organization have dropped their $10 billion lawsuit against the agency—and did so "with prejudice," meaning...

Trump's Car-Loan Tax Break Isn't Proving Very Popular

Complex rules, small savings blamed for weak taxpayer interest

(Newser) - President Trump's auto-loan interest tax perk is sputtering out of the gate. The new deduction, which lets taxpayers write off up to $10,000 in car-loan interest, has been claimed by just over 1.1 million filers as of April 8—far fewer than expected and a fraction of...

Refunds Are Up, IRS Reports, but They're Not Nearly $1K

Static withholding after Trump changes drives increase

(Newser) - Tax season is delivering fatter checks than last year, but not quite as hefty as the White House once hinted. IRS data through March 27 shows the average refund at $3,521, about $350 higher than a year ago, based on 88.4 million individual returns processed so far. The...

IRS Chief in Bitter Court Fight Over Muhammad Ali's Shorts

Dispute over alleged loan collateral centers on $800K memorabilia from boxer's last MSG match

(Newser) - The trunks that Muhammad Ali wore to his last Madison Square Garden fight in 1977 are now at the center of a long-running feud between a top federal official and a sports memorabilia collector. The Wall Street Journal reports that IRS and Social Security Administration chief Frank Bisignano is battling...

IRS: More Than $1.2B in 2022 Refunds Still Unclaimed

Time is running out ahead of April 15 deadline

(Newser) - Roughly 1.3 million Americans may be leaving money on the table—about $1.2 billion worth—and the clock is ticking. The IRS says people who never filed a federal return in 2023 for the 2022 tax year have until April 15 to claim refunds with a median value...

Your Tax Refund This Year May See a Nice Boost

Early filers see benefits under tax law overhaul, with average refunds up 11% from 2025

(Newser) - Tax season just started, and early birds are already seeing fatter checks from the IRS. As of Feb. 6, the average refund has been coming in at $2,290, almost 11% higher than at this point last year, according to new IRS data . The agency says refund amounts are "...

Filing: IRS Mistakenly Shared Taxpayer Info With DHS

News comes amid deal between agencies to share info to identify, deport undocumented immigrants

(Newser) - The IRS erroneously shared the taxpayer information of thousands of people with the Department of Homeland Security, as part of the agencies' controversial agreement to share information on immigrants for the purpose of identifying and deporting people who are illegally in the US, according to a new court filing. The...

IRS Watchdog: Tax Season Will Likely Be a Rough One

Report warns taxpayers will have to contend with challenges like new laws, IRS staff exodus

(Newser) - The national taxpayer advocate is cautioning that the 2026 tax filing season is likely to present challenges for taxpayers who encounter problems with filing their taxes, given the exodus of IRS workers since the start of the Trump administration. Erin M. Collins released her annual report to Congress on Wednesday,...

Suit Aims to Let Americans Claim Pets as Dependents

A golden retriever named Finnegan is at the center of complaint filed by attorney Amanda Reynolds

(Newser) - Golden retriever Finnegan Mary Reynolds has her name on a federal lawsuit that aims to change how the IRS treats America's pets at tax time. Finnegan and her owner, New York attorney Amanda Reynolds, are suing the tax agency in a bid to let people claim their dogs, cats,...

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