Core Insights - The IRS is undergoing significant changes in leadership and operational structure, with Frank Bisignano appointed as CEO while retaining his role as commissioner of the Social Security Administration [1] - The 2026 tax season is expected to have unique characteristics due to job cuts and leadership turnover within the IRS in 2025, potentially leading to delays in tax refunds for early filers [2][3] - New tax rules introduced by the One Big Beautiful Bill Act are expected to significantly impact tax refunds, with projections indicating that average refunds could increase substantially for many taxpayers [12][17] IRS Leadership and Structure - Frank Bisignano has been named CEO of the IRS, reporting to Treasury Secretary Scott Bessent, who is currently acting IRS commissioner [1] - The IRS has faced significant job cuts and turnover in leadership, which may affect its operations during the upcoming tax season [2] Tax Season 2026 Expectations - The official start date for the 2026 tax season has not yet been announced, but it is typically revealed in January [4] - Tax experts anticipate a possible delay in the kickoff of the tax season, which could affect the timing of tax refunds for early filers [3] Changes in Tax Refund Processing - The IRS will no longer issue tax refunds by paper check for most individual taxpayers, requiring direct deposit for refunds [5] - Taxpayers will need to file a new Schedule 1-A to claim key tax breaks, which will only be available in finalized form [5][12] New Tax Breaks and Deductions - Significant changes in tax rules for 2025 federal income tax returns include new deductions for overtime pay, tip income, and auto loan interest, which may lead to larger refunds for some taxpayers [11][20] - The new tax breaks come with specific income thresholds and phase-out rules that taxpayers must navigate [20] Projected Refund Changes - The Tax Foundation estimates that average refunds could increase by $300 to $1,000 due to the new tax cuts, potentially raising average refunds to upwards of $4,000 under favorable conditions [17][18] - The IRS has not adjusted withholding tables following the new law, meaning many taxpayers may receive larger refunds at tax filing rather than through increased take-home pay during the year [15] Direct Deposit Requirements - Taxpayers will be required to provide direct deposit information for their refunds, with options available for those without bank accounts [19][21] - Failure to provide direct deposit information may result in delayed refunds, as the IRS will issue paper checks only after certain conditions are met [22][24]

To get tax breaks on their savings, Brits should have to put some of their money into UK companies, writes @hughes_chris (via @opinion) https://t.co/vyZxMNW5GZ ...

Group 1 - The article discusses the increasing importance of charitable donations during the year-end season, highlighting that many organizations rely on these contributions to achieve financial stability [1] - The 2017 Tax Cuts and Jobs Act (TCJA) has led to a decline in donor participation by nearly doubling the standard deduction and limiting itemized deductions, which has reduced the number of taxpayers who itemize their deductions [2][3] - The Dells' recent pledge of $6.25 billion for "Trump Accounts" represents one of the largest philanthropic commitments in U.S. history, aimed at supporting children's accounts created by the One Big Beautiful Bill Act (OBBBA) [5][6] Group 2 - The Trump accounts, established under OBBBA, allow contributions of up to $5,000 per year, with additional contributions possible from employers, which do not count towards the annual limit [8][7] - The Employee Retention Credit (ERC) program, designed to assist businesses during the pandemic, has faced significant delays and complexities, with the National Taxpayer Advocate urging the IRS to resolve outstanding claims by the end of 2025 [23][27][28] - The IRS has been criticized for its handling of ERC claims, with many businesses still awaiting refunds, highlighting the need for timely processing and clarity in eligibility [24][26][27]

Core Insights - Federal income-tax refunds for Americans are projected to increase significantly in 2026, influenced by President Trump's tax law, with individual refunds expected to rise by hundreds of dollars and total refunds by billions [1][2][5] Refund Projections - Average tax refunds could increase by an estimated $675, bringing the typical refund to nearly $3,800 per filer [3] - Intuit's TurboTax estimates suggest taxpayers might receive up to $1,000 more per refund next year, with current averages exceeding $3,000 [4] - Piper Sandler analysts project a collective increase of around $91 billion in refunds for 2025 taxes, translating to approximately $1,000 more per refund for taxpayers [5] Tax Breaks and Legislation - The anticipated increase in refunds is attributed to new and enhanced tax breaks under the One Big Beautiful Bill Act, including provisions like "no tax on tips" and a "senior bonus," which are retroactive to 2025 tax returns [6]

Quebec’s finance minister revised the province’s deficit and borrowing downward, and will introduce tax breaks for workers and certain industries affected by US tariffs https://t.co/I92KjlWahy ...

Core Insights - The IRS announced significant changes to 401(k) contribution limits, impacting retirement savers across various age groups [1][2][5]. Contribution Limits - The annual contribution limit for 401(k) plans will increase to $24,500 in 2026, up from $23,500 in 2025, allowing an additional $1,000 pre-tax contribution [5][6]. - For workers aged 50 and older, the total contribution limit will rise to $32,500, which includes an $8,000 catch-up contribution [5][6]. Impact on Retirement Planning - These changes are designed to reflect cost of living adjustments, similar to those seen in social security payments, thereby providing more opportunities for retirement savings [3][6]. - The increased contribution limits are expected to benefit both high-income earners, who can gain substantial tax breaks, and younger investors, who can leverage a longer investment horizon for retirement growth [7]. Focus on Older Investors - Notable changes have been made specifically for investors aged 50 and above, emphasizing the importance of maximizing retirement savings as they approach retirement [9][10].

The Trump administration is making big moves to help big business and at the same time they are pulling back on some key things that help everyday Americans. Tonight, the president hosted a dinner for some top Wall Street executives. According to reports, the list includes Jaime Diamond of JP Morgan and two of the biggest names in the private equity industry, Steve Schwarzman and Mark Rowan.This comes after we found out that the IRS and Treasury Department are giving tax breaks to some of these big companie ...

Economic Policy - The opposition party in Hungary plans to reverse significant tax breaks for foreign companies as part of their economic reform agenda [1] Political Landscape - The opposition party aims to unseat Hungarian Prime Minister Viktor Orban in the upcoming election [1]

Public Sentiment & Political Impact - Public backlash against perceived tone-deaf actions by Donald Trump and his aides, including lavish parties and use of government benefits, is breaking through to regular citizens [1][2][3] - The contrast between Trump's opulent lifestyle and the struggles of everyday Americans is being likened to a "Great Gatsby" scenario, resonating with public concerns about wealth inequality [1][2] Policy & Economic Implications - Republican policies, particularly during the Trump administration, are characterized as benefiting the wealthy through measures like tax breaks for billionaire donors [5][6] - These policies are linked to cuts in social programs such as Medicaid and SNAP (Supplemental Nutrition Assistance Program), with SNAP cut by $186 billion, impacting vulnerable populations [4][5] - The administration is accused of prioritizing the lifestyles of the rich while harming working-class and middle-class Americans [6]

Joining us now is Democratic Congressman Jason Crowe of Colorado. He's on the Armed Services Committee. Great to have you here.Although crickets on Capitol Hill today, right, both the House and the Senate are out of session, so presumably no negotiating, no votes happening, what message is that sending to families trying to put food on the table. Well, because Donald Trump and the House Republicans have decided to shut down Congress, and Donald Trump just spent the last week overseas, you know, eating brown ...