President Trump suggested temporarily withdrawing Todd Blanche’s nomination for U.S. Attorney General after Republican Senators Cornyn and Tillis blocked a committee vote. The holdouts demand changes to a $1.8 billion IRS settlement granting Trump immunity from audits. Blanche can remain acting AG, but Trump may wait until the senators leave office next year, risking a Democratic Senate takeover.
On July 30, 2026, the Senate Finance Committee voted 14-13 along party lines to defeat a Democratic amendment that would have blocked the IRS from granting tax audit immunity to a sitting president, their family, or related entities. The amendment aimed to nullify President Trump’s existing $1.8 billion settlement, which includes a fund for victims of alleged political weaponization. Republicans argued the amendment would jeopardize a bipartisan IRS modernization bill, which advanced 26-1.
A U.S. Tax Court order in Bowen v. Commissioner has limited taxpayers' ability to recover COVID-19 pandemic-related penalties and interest. The court assumed federal tax deadlines might have been automatically postponed during the pandemic but ruled that such an extension would not eliminate accuracy-related penalties under section 6662. The taxpayers sought to rely on the Abdo and Kwong cases, which supported automatic postponement periods. However, Judge Ronald L. Buch denied their motion to amend the petition, holding that section 7508A only extends deadlines and does not waive penalties. The court also declined to address interest challenges on jurisdictional grounds. The ruling suggests a significant limitation on pandemic relief arguments, though the government's appeal in Kwong remains pending.
The IRS and Social Security Administration (SSA), both led by Commissioner Frank Bisignano, have suspended the use of advanced annual and sick leave for employees until further notice. The policy change, announced via nearly identical emails, aims to improve customer service and address cases where employees have taken excessive advanced leave, creating unsustainable debt. Pending requests will be denied, but employees can still use accrued leave, donate leave through the Voluntary Leave Transfer Program, or take unpaid leave under FMLA. AFGE Council 220 President Jessica LaPointe criticized the move, noting that advanced leave functions as de facto disability insurance for low-wage workers, many of whom struggle with medical emergencies, caregiving, and financial hardship. A union-affiliated report found 54% of frontline SSA employees earn below a living wage. The suspension will remain in effect while agencies work to reduce existing advanced leave balances.
Treasury Secretary Scott Bessent is backing a package of nonprofit disclosure bills aimed at closing tax loopholes, particularly around fiscal sponsorship arrangements that allow unregistered groups to operate under a charity's tax exemption without IRS reporting. The crackdown comes as the charitable deduction landscape shifts for 2026 filers, with standard deduction users now able to deduct up to $1,000 in cash donations ($2,000 for joint filers), while itemizers face a new 0.5% AGI floor. The Treasury is rewriting Form 990 as the House advances four disclosure bills. The policy targets a sector that represents roughly 17% of the U.S. economy, funded heavily by individual donors who gave $394.20 billion in 2025. The article highlights how current fiscal sponsorship rules create a 'massive black hole' for accountability, as donor money can flow through parent charities to unregistered groups that never file tax forms or reveal their identities to the IRS.
The IRS announced a new Automatic Exemption from Penalty (AEP) policy that will automatically waive late-filing and late-payment penalties for taxpayers with a clean three-year history of timely filings and payments. Previously, eligible taxpayers had to submit a separate appeal to receive penalty relief, which resulted in many missing out—only 220,000 of 1.5 million eligible taxpayers received waivers last year. The new policy, effective for returns beginning in 2025 and 2026 quarterly returns, applies to failure-to-file, failure-to-pay, and failure-to-deposit penalties, which can reach up to 25% of unpaid tax bills. Taxpayers with a history of late filings remain ineligible for automatic relief but can still request it with reasonable cause. IRS CEO Frank J. Bisignano stated the policy aims to simplify tax payment and reduce administrative burden. The National Taxpayer Advocate noted many eligible taxpayers previously missed relief due to lack of awareness or difficulty navigating the request process.
Acting Attorney General Todd Blanche faced a contentious Senate confirmation hearing on July 15, 2026, where he apologized for failing to redact Epstein victims' names in released documents. He backtracked on a promise to meet survivors, claiming legal prohibitions. Epstein survivor Dani Bensky testified against him, and 19 victims publicly opposed his nomination after reports revealed his role in White House meetings on Epstein file transparency.
Wilson Perry Kirby, a 76-year-old farmer from Coopertown, Tennessee, received an erroneous $20,000 tax refund from the IRS in May 2022. He immediately tried to return the money with his accountant's help, but the IRS has since charged him over $2,500 in interest and threatened to seize his property. Despite contacting the president, governor, mayor, and Senator Marsha Blackburn's office, Kirby has received no resolution. The IRS refuses to discuss the case due to privacy laws but agreed to contact Kirby directly after a reporter's inquiry. Kirby, who never spent the refund, has been reduced to tears and is now working with a Nashville tax attorney. The article also provides guidance on what to do if you receive an erroneous tax refund.
Wilson Perry Kirby, a 76-year-old farmer from Coopertown, Tennessee, received an erroneous $20,000 tax refund from the IRS on May 10, 2022. He immediately attempted to return the money with the help of his accountant, but the IRS has since charged him interest on the amount and threatened to seize his property if he does not pay over $2,500 in interest. Despite contacting the president, governor, mayor, and Senator Marsha Blackburn's office, Kirby has been unable to resolve the issue. The IRS cited privacy laws in declining to discuss the case but agreed to contact Kirby directly. A Nashville tax attorney has been brought in to explore legal options. The article also provides guidance on what to do if one receives an erroneous refund.
A group of Senate Democrats led by Senator Elizabeth Warren has accused Internal Revenue Service (IRS) chief Frank Bisignano of potentially lying to Congress about staffing levels at the tax agency. In a letter shared exclusively with CNBC, the lawmakers point to a discrepancy between Bisignano's public testimony—where he stated he felt 'good' about current employee numbers—and recent reports that the IRS is urgently hiring due to severe staffing shortages. The agency's inspector general confirmed that the IRS lost over 31,000 employees as of January due to Trump administration cuts. An internal memo reportedly warned that ongoing shortages put the 2026 filing season at risk. The letter cites federal law that makes knowingly making false statements to Congress a potential crime. This controversy adds to Bisignano's recent troubles, including allegations that he used his security authority to spy on former colleagues at JPMorgan Chase, which he denies.
Spain has won the 2026 FIFA World Cup, earning a $50 million prize. However, the celebration is tempered by complex U.S. tax laws known as 'jock taxes,' which apply to players, coaches, and referees. The IRS is entitled to a portion of the earnings due to games played in the United States, creating unexpected financial and administrative burdens for the Spanish team. The article highlights the intricate tax rules that professional athletes face when earning income in multiple jurisdictions, particularly in the U.S., where state and federal taxes can significantly reduce net winnings.
The article analyzes acting Attorney General Todd Blanche's confirmation hearing testimony defending a controversial settlement between the Justice Department and Donald Trump. The deal allegedly gives Trump a $1.776 billion fund for January 6 defendants and tax audit relief worth $100 million, in exchange for dropping a lawsuit deemed worthless. Under questioning from Senator John Cornyn, Blanche admitted the settlement is an enforceable contract, meaning Trump could legally compel the DOJ to provide the fund. Blanche simultaneously claimed he could unilaterally terminate the fund, creating a logical contradiction. The article argues this reveals the deal as collusive, as the DOJ and Trump were never true adversaries. Two federal courts have already ruled against the settlement, finding it potentially bogus and collusive. The analysis concludes Blanche offered no coherent legal principle to justify enforcing the tax amnesty while abandoning the fund.
On Wednesday, July 22, 2026, Bitcoin opened at $66,508.87 (up 2% from Tuesday) and Ethereum opened at $1,928.62 (up 1.3%), but both cryptocurrencies moderated by mid-morning, with Bitcoin falling to $65,556.99 and Ethereum to $1,918.35. The positive opening was attributed to six consecutive days of inflows into U.S. spot Bitcoin ETFs and progress on the Digital Asset Market Clarity Act, which had been stalled over an ethics provision. Despite short-term gains, both assets are down significantly year-over-year: Bitcoin by 43.4% and Ethereum by 48.7%. The article also provides tax guidance for crypto transactions and notes all-time highs of $126,198.07 for Bitcoin (Oct. 2025) and $4,953.73 for Ethereum (Aug. 2025).
A 61-year-old working individual inherited an $850,000 traditional IRA from his father. Under the SECURE Act, non-spouse beneficiaries must empty the account within 10 years and take annual Required Minimum Distributions (RMDs) in years one through nine. If he defers distributions and withdraws the full balance in year 10, the federal tax bill could exceed $400,000 due to high marginal rates (32% and 35%). By spreading withdrawals evenly to fill the 24% bracket each year, the tax bill drops to roughly $210,000 less. The article recommends projecting future income, distributing enough to fill the 24% bracket annually, and accelerating withdrawals during low-income retirement years to minimize taxes.
Acting Attorney General Todd Blanche has reversed his earlier pledge that Donald Trump's $1.8 billion slush fund was dead. In written answers to the Senate Judiciary Committee, Blanche refused to rule out using taxpayer funds as reparations for Trump's political allies, including those convicted of assaulting police during the January 6 Capitol attack. He declined to answer whether DOJ discussed payouts with convicted January 6 participants, whether granting Trump criminal immunity was appropriate, or whether the IRS was pressured into a settlement. A federal judge, Kathleen Williams, previously nullified the settlement underlying the fund, ruling it was an unlawful attempt to use the court to legitimize conferring immunity and earmarking billions in taxpayer money for undefined grievances.
Frank Bisignano, CEO of the IRS and head of the Social Security Administration, dismissed a Wall Street Journal report alleging he spied on colleagues while at JPMorgan over a decade ago. Bisignano told CNBC the claims were 'none of it's true' and that he and one of the alleged surveillance subjects, Wells Fargo CEO Charlie Scharf, 'had a good laugh about it.' The report claimed Bisignano surveilled rivals to maintain control. Bisignano, a Trump administration appointee, also faces a shareholder lawsuit related to his tenure at Fiserv, whose shares have dropped 78% from their peak. He recently was tasked with overseeing Trump account savings vehicles.
A Florida federal judge, Kathleen Williams, ruled that President Donald Trump’s $10 billion lawsuit against the IRS was filed for an improper purpose—to legitimize a corrupt settlement with the Justice Department. The settlement included a $1.8 billion “Anti-Weaponization Fund” and sweeping immunity for Trump and his family, later abandoned after backlash. The judge referred Trump’s lawyer to the Florida Bar and sent rulings to bar associations in New York and D.C., where top Justice officials are members.
A new bill introduced by the House Ways and Means Committee, the Tax Relief for Fraud Victims Act, aims to provide financial relief to scam victims. Currently, victims who withdraw money from retirement accounts before age 59½ face income taxes, a 10% IRS early withdrawal penalty, and limited ability to deduct losses. The Tax Cuts and Jobs Act (2017) and the Big Beautiful Bill (2025) restricted personal casualty and theft deductions to federally or state-declared disasters. The proposed bill would eliminate these limitations, allowing victims to deduct theft losses exceeding 10% of their adjusted gross income, including losses from romance and imposter scams. It also waives the 10% early withdrawal penalty regardless of the withdrawal purpose. Victims could claim losses in the year incurred or discovered and have one year to file amended returns. The bill is supported by AARP as a measure to mitigate tax consequences for fraud victims.
A new bill introduced in the U.S. House of Representatives, the Tax Relief for Fraud Victims Act, aims to provide financial relief to victims of scams. Currently, victims who withdraw money from retirement accounts before age 59½ face a 10% IRS early withdrawal penalty and income taxes, and losses from non-investment scams (like romance or imposter scams) are not tax-deductible. The proposed legislation would waive the 10% penalty for any purpose of withdrawal and allow victims to deduct personal theft losses exceeding 10% of their adjusted gross income. It would also permit victims to claim losses in the year incurred or discovered and file amended returns within one year of discovery. The bill seeks to reverse limitations imposed by the Tax Cuts and Jobs Act and the Big Beautiful Bill, which restricted casualty and theft deductions to federally or state-declared disasters.
This Yahoo Finance article, published July 21, 2026, addresses a Reddit user's question about managing a 401(k) upon retiring at age 55. It explains the IRS Rule of 55, which allows penalty-free withdrawals from an employer's 401(k) if separation occurs in or after the year the account holder turns 55, though ordinary income taxes still apply. The article warns that rolling funds into an IRA forfeits this protection. It advises retirees to assess their risk tolerance, considering how long they can wait for portfolio recovery after a market correction. A gradual shift to more conservative investments is recommended, such as a 45% stocks/55% bonds allocation based on the age-minus-100 formula. The piece includes a sponsored section promoting SmartAsset's free advisor matching service.
This Yahoo Finance article, published July 21, 2026, addresses a Reddit user's question about managing a 401(k) upon retiring at age 55. It explains the IRS Rule of 55, which allows penalty-free withdrawals from an employer's 401(k) if separation occurs in the year the account holder turns 55, but warns that rolling funds into an IRA forfeits this protection. The article advises retirees to assess their risk tolerance, considering how long they can wait for portfolio recovery after a market downturn. It recommends gradually shifting to a more conservative allocation, such as a 45% stocks and 55% bonds split based on the 'age minus 100' formula, rather than exiting equities abruptly. The piece emphasizes consulting a financial advisor for personalized planning.
The Office of Personnel Management (OPM) has reduced its workforce by 35% between December 2024 and March 2026, according to a Government Accountability Office report. More than half of departing employees had 11+ years of service, raising concerns about institutional knowledge loss. Nearly 60% left via the deferred resignation program (DRP), with layoffs accounting for 10%. OPM is now offering another DRP round to its healthcare and insurance division, with a July 13 deadline (Aug. 27 for those 40+). Accepted employees will go on paid leave in August and separate in March 2027. The cuts have caused retirement processing delays, with former employees reporting months-long waits for checks, forcing some to drain savings. OPM says it is confident in staffing levels and is modernizing its retirement system.
Independent arbitrator Christopher Shulman ordered the Internal Revenue Service (IRS) to restore telework and remote work agreements to their 2024 status, ruling that the agency unlawfully repudiated its collective bargaining agreement with the National Treasury Employees Union (NTEU). The IRS had unilaterally canceled telework agreements in March 2025, despite a contract requiring case-by-case review. The agency later withdrew from grievance proceedings, citing President Trump's 2025 executive orders banning unions at federal agencies. Shulman conducted a hearing with the agency in absentia, noting that the dispute arose before the contract termination and that telework arrangements address where work is performed, not management rights. He rejected the Office of Personnel Management's claim that telework provisions are unenforceable, calling it an overstatement of law. The ruling is the latest in a series of arbitration decisions restoring telework for federal employees amid ongoing legal challenges to the anti-union executive orders.
An independent arbitrator, Christopher Shulman, has ordered the Internal Revenue Service (IRS) to restore telework and remote work agreements that were in effect prior to March 2025, ruling that the agency unlawfully repudiated its union contract with the National Treasury Employees Union (NTEU). The IRS had unilaterally cancelled telework agreements en masse in March 2025, despite a collective bargaining agreement requiring case-by-case review. The agency later withdrew from arbitration proceedings, citing President Trump's executive orders banning unions at federal agencies. Shulman conducted the hearing with the agency in absentia, noting that the dispute arose before the contract termination and that telework arrangements concern where work is performed, not management rights over work duties. He ordered the IRS to make whole any employees who suffered financial losses due to the unlawful cancellation.
Independent arbitrator Christopher Shulman ordered the Internal Revenue Service (IRS) to restore telework and remote work agreements to their 2024-era status, ruling that the agency unlawfully repudiated its collective bargaining agreement with the National Treasury Employees Union (NTEU). The IRS had unilaterally canceled telework agreements in March 2025, despite a contract requiring case-by-case review. The agency later withdrew from grievance proceedings, citing President Trump's 2025 executive orders banning unions at federal agencies for national security reasons. Shulman conducted a hearing with the IRS in absentia, noting that the contract termination occurred after the telework cancellations, so obligations under the contract survived. He rejected the agency's argument that telework is a management right, stating it only concerns where work is performed, not what or how. The ruling requires the IRS to make whole employees who suffered financial losses.
This financial analysis article warns that retirees with large traditional 401(k) balances face a narrow window (ages 62-72) to convert to Roth IRAs before Required Minimum Distributions (RMDs) begin at age 73 under SECURE 2.0. Using a scenario of a 62-year-old with $1.5 million in a 401(k), the article projects the balance grows to $2.85 million by 73, forcing a $107,000 first-year RMD. This triggers a 'tax cascade' where ordinary income rates, Social Security taxation (up to 85% taxable), and IRMAA Medicare surcharges combine to create an effective marginal tax rate near 40%, even for those nominally in the 22% bracket. The article recommends converting up to $239,000 annually between 62 and 72 at the 22% rate to avoid being forced into higher brackets (24-32%) plus Medicare penalties starting at 73. It includes a sponsored section promoting SmartAsset's financial advisor matching service.
A commentary article analyzes National Security Presidential Memorandum NSPM-7, issued on September 25, 2025, which authorizes preemptive law enforcement measures against Americans based on political or ideological beliefs. The directive has become the legal basis for a wave of terrorism prosecutions targeting left-wing protesters, with the Justice Department creating task forces and the FBI establishing an NSPM-7 mission center. On July 16, 2026, Secretary of State Marco Rubio hosted a summit with over 65 countries, informally called the 'Antifa summit,' to launch a global offensive against 'radical left terrorism.' Critics raise concerns about executive power and civil liberties, as the memorandum was not passed by Congress and allows limited oversight.
This commentary analyzes National Security Presidential Memorandum NSPM-7, issued by President Trump on September 25, 2025, which has become the legal basis for a wave of terrorism prosecutions targeting left-wing activists in the United States. The directive authorizes preemptive law enforcement measures based on ideological beliefs rather than planned violence. The Justice Department has created counterterrorism task forces, the FBI established an NSPM-7 mission center, and the IRS is involved in investigating nonprofit groups. The domestic campaign gained an international dimension on July 16, 2026, when Secretary of State Marco Rubio hosted an 'Antifa summit' with representatives from over 65 countries, accusing Iran and Cuba of financing the movement without providing evidence. Critics raise concerns about executive power and civil liberties, as the memorandum was not passed by Congress and allows limited oversight.
This commentary analyzes National Security Presidential Memorandum NSPM-7, issued by President Trump on September 25, 2025, which authorizes preemptive law enforcement measures against Americans based on political or ideological beliefs rather than planned violence. The directive has become the legal foundation for a wave of terrorism prosecutions targeting left-wing protesters, with the Justice Department creating task forces and the FBI establishing an NSPM-7 mission center. The domestic campaign gained an international dimension on July 16, 2026, when Secretary of State Marco Rubio hosted an 'Antifa summit' with representatives from over 65 countries, accusing Iran and Cuba of bankrolling the movement without providing evidence. Critics raise concerns about executive power and civil liberties, as the memorandum was not passed by Congress and allows the president to direct law enforcement with minimal oversight.
This article analyzes the tax pitfalls of inheriting an IRA under the SECURE Act, which requires most non-spouse heirs to fully drain the account within 10 years. The most common Year 1 mistake is withdrawing the entire balance immediately, pushing the heir into a higher tax bracket, or taking no distributions and forgetting the 10-year clock. A February 2022 IRS clarification added that heirs inheriting from owners already taking RMDs must also take annual distributions. The article advises spreading withdrawals evenly over 10 years to minimize taxes and allow tax-deferred growth. It cites Fidelity data showing an average IRA balance of $146,400 and notes current economic pressures like a 3.9% personal savings rate and 21% average credit card APR that may tempt heirs to cash out early.
President Trump threatened to temporarily withdraw Todd Blanche’s nomination for U.S. Attorney General after Republican Senators Cornyn and Tillis blocked a committee vote. The two senators are demanding changes to a $1.8 billion IRS settlement that grants Trump immunity from audits. Blanche can continue serving as acting AG, but Trump indicated he may wait until the senators leave office next year, a move that risks a Democratic takeover of the Senate.
President Trump suggested temporarily withdrawing Todd Blanche’s nomination for U.S. Attorney General after Republican Senators Cornyn and Tillis blocked a committee vote. The holdouts demand changes to a $1.8 billion IRS settlement granting Trump immunity from audits. Blanche can remain acting AG, but Trump may wait until the senators leave office next year, risking a Democratic Senate takeover.
Acting Attorney General Todd Blanche faced a contentious Senate confirmation hearing on July 15, 2026, where he apologized for failing to redact Epstein victims' names in released documents. He backtracked on a promise to meet survivors, claiming legal prohibitions. Epstein survivor Dani Bensky testified against him, and 19 victims publicly opposed his nomination after reports revealed his role in White House meetings on Epstein file transparency.
Acting Attorney General Todd Blanche faces a contentious Senate Judiciary Committee confirmation hearing on July 14-15, 2026, to become President Trump’s fourth confirmed attorney general. The hearing covers controversies including the Jeffrey Epstein investigation, immigration crackdown, criminal cases against Trump critics, and a $1.8 billion settlement fund. The nomination hinges on undecided Republicans Sens. Cornyn and Tillis, with a partisan 11-10 split after Sen. Graham’s death. Advocacy groups and Epstein victims oppose Blanche.
A Florida federal judge, Kathleen Williams, ruled that President Donald Trump’s $10 billion lawsuit against the IRS was filed for an improper purpose—to legitimize a corrupt settlement with the Justice Department. The settlement included a $1.8 billion “Anti-Weaponization Fund” and sweeping immunity for Trump and his family, later abandoned after backlash. The judge referred Trump’s lawyer to the Florida Bar and sent rulings to bar associations in New York and D.C., where top Justice officials are members.
On July 4, 2026, the Trump administration launched "Trump Accounts" (530A accounts), providing $1,000 government seed money for children born 2025-2028, plus $250 for lower-income children born 2016-2024. Managed by Bank of New York Mellon and Robinhood, accounts invest in U.S. stock funds, convert to IRAs at age 18, and allow up to $5,000 annual contributions. Major donors include Michael Dell and Micron. Critics warn the program may worsen wealth inequality.