The IRS is boosting retirement plan contribution limits in 2026, allowing Americans to put more money in their tax-preferred 401(k) and individual retirement accounts. The tax agency, which announced the new contribution thresholds on Thursday, adjusts those account limits annually to account for inflation. Without these increases, people saving for retirement would have a harder…
How Trump’s new spending law will impact taxes How Trump’s new spending law will impact taxes 04:11 The IRS is adjusting the income limits for its federal income tax brackets to account for the impact of inflation, an annual reset that could provide relief for some Americans when they file their taxes next year. The…
Treasury Secretary Scott Bessent on Monday tapped Social Security Administration Commissioner Frank Bisignano to take on a second role as CEO of the IRS, a newly created position at the tax agency. The Treasury Department said in a statement that Bisignano will be responsible for overseeing all daily operations operations at the IRS, while also…
Electric vehicle makers like Tesla (TSLA), GM (GM), and Ford (F) will be in a world of pain when President Trump’s “One Big Beautiful Bill Act” (OBBB) ends federal EV tax credits later this month. Sales of EVs in the US are expected to be cut in half compared to current levels, at least according…
Don’t splurge just yet. Rumors spread online Friday that the U.S. government will soon be issuing stimulus checks to taxpayers in certain income brackets. But Congress has not passed legislation to authorize such payments, and, according to the IRS, no new stimulus checks will be distributed in the coming weeks. Here’s a closer look at…
Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below. Editor’s Note: This story has been updated to include a comment from an IRS spokesperson. Millions of Americans may be eligible for a $1,390 stimulus check by the U.S. Treasury Department and the Internal Revenue Service, as part…
WASHINGTON (AP) — A federal judge ordered the nation’s health department to stop giving deportation officials access to the personal information — including home addresses — of all 79 million Medicaid enrollees. The U.S. Department of Health and Human Services first handed over the personal data on millions of Medicaid enrollees in a handful of…
President Trump’s promise to eliminate taxes on worker tips could soon come to fruition as senators try to iron out the final details of a massive budget package he has dubbed the “big, beautiful bill.” One part of the legislation, the centerpiece of the Trump administration’s economic agenda, would provide workers who rely on tips for a…