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Top 7 internal revenue service News Today

Trump moves to withdraw $10 billion lawsuit against IRS amid reports of new ‘slush fund’

#1 out of 70.00%

politics5h ago

Trump moves to withdraw $10 billion lawsuit against IRS amid reports of new ‘slush fund’

Ms.now and 9 more

Critics in Congress argue the settlement risks enriching Trump allies with taxpayer money and lacks adequate accountability.
The fund could entrench political divisions by channeling taxpayer dollars to Jan. 6 supporters and related investigations.
The deal is framed as a lawful redress channel for victims of 'lawfare' and weaponization, part of a 2024-2026 timeline under Acting AG Todd Blanche.

Vote 27

Inside Floyd Mayweather's extraordinary fall from $1.5bn empire

#2 out of 7

celebrities22h ago

Inside Floyd Mayweather's extraordinary fall from $1.5bn empire

Dailymail.com

Latest development shows the IRS issued a new federal tax lien worth about $7.3 million tied to 2018 and 2023 balances.
Mayweather has faced tax disputes, including a 2017 back tax of about $22.2m and 2023 settlements on $5.5m in unpaid taxes.
The report notes ongoing lawsuits and regulatory actions, including a 2018 SEC settlement over cryptocurrency promotions and a 2025 class-action related to EthereumMax.
Mayweather’s real estate and business ventures expanded to a $402 million Manhattan portfolio and large office-space ventures as part of a liquidity strategy.
The exhibition-fight model is cited as a rapid liquidity source, including a high-profile Japan bout reportedly earning around $20 million.
Mayweather is reportedly selling assets and relying on debt strategies to maintain liquidity amid mounting pressures.
A notable lawsuit alleges significant pay-per-view revenue may have been withheld or misappropriated by Showtime.
Despite scrutiny, Mayweather continues to pursue high-value exhibitions and equity-based ventures to sustain his business model.
The article portrays a paradox: more than a decade after peak earnings, Mayweather remains a central figure in modern boxing economics with complex financing.
The piece notes Mayweather’s broader portfolio includes Real estate, hospitality, and equity ventures under Vada Properties and related entities.

Vote 0

Trump admin considers nearly $1.8 billion fund to compensate allies targeted in DOJ investigations, sources say | CNN Politics

#3 out of 7

politics12h ago

Trump admin considers nearly $1.8 billion fund to compensate allies targeted in DOJ investigations, sources say | CNN Politics

Cnn.com and 1 more

A new $1.776 billion fund—created by the DOJ—aims to compensate ‘victims of lawfare and weaponization,’ signaling a high-stakes turn in the Trump-related funding narrative.
The fund would be governed by a five-member Commission appointed by the Attorney General, with one member chosen in consultation with congressional leadership and removable by the President.
This development follows reports that President Trump sought to drop an IRS lawsuit in exchange for a massive taxpayer-funded settlement to assist allies and others he deems wronged.
Rolling Stone notes that White House discussions reportedly linked the settlement to reducing audits and advancing Trump allies’ perceived political and legal protections.
The article indicates the fund’s purpose intersects with ongoing investigations into political dynamics, potentially affecting accountability and public perception.
Rolling Stone describes criticism that the plan could blur lines between legal accountability and political consideration when distributing funds.
The story emphasizes cross-referencing multiple sources to assess the fund’s significance and regulatory or legal implications.
The fund’s creation is framed as a response to perceived political weaponization, tying taxpayer money to a broader fight over accountability.
Rolling Stone highlights the potential for this fund to intersect with Trump’s legal and political strategy amid investigations and litigation trends.

Vote 1

Trump is neck deep in this despicable scam — and his own words prove it

#4 out of 7

politics8h ago

Trump is neck deep in this despicable scam — and his own words prove it

Rawstory.com

Trump is pursuing a settlement in a tax-leak lawsuit by proposing a $1.7 billion fund to pay allies through the Treasury Judgment Fund.
The proposed fund would potentially remunerate Trump’s allies whose names would be hidden from public record.
Critics question oversight, transparency, and accountability for any fund controlled by a five-member commission.
The potential settlement is discussed as a matter of legal strategy, with Justice Department involvement noted.
The article connects the case to broader claims of political weaponization of the justice system.
The reportage mentions past settlements and other cases to frame the potential scale of the payout.
The piece emphasizes that the proposal would be controversial because it benefits allies of the president.
The report notes the potential involvement of Todd Blanche, Acting Attorney General.
The article highlights the political risk and possible implications for American taxpayers.

Vote 0

Trump’s immigration crackdown could cost up to $479bn in lost taxes over 10 years

#5 out of 7

politics7h ago

Trump’s immigration crackdown could cost up to $479bn in lost taxes over 10 years

Theguardian.com

The Trump administration's immigration crackdown could cost up to $479bn in lost tax revenue over 10 years.
Proposed IRS data sharing with immigration authorities has made filing risky for undocumented immigrants.
Some families lost access to the child tax credit as policy changes took effect in 2025.
A Yale Budget Lab projection estimates losses between $147bn and $479bn over a decade.
Undocumented households may reduce tax filings due to fears of ICE enforcement.
Urban Institute survey found significant fear of deportations among immigrant families.
IRS had a data-sharing agreement with DHS that was paused and ruled unconstitutional.
Undocumented workers still pay taxes but face higher effective tax rates due to limited benefits.
Experts warn the changes could have broad economic and family stability consequences.

Vote 0

IRS Tax Refund Schedule: List of recipients from May 18-24, 2026

#6 out of 7

business6h ago

IRS Tax Refund Schedule: List of recipients from May 18-24, 2026

Marca.com

Tax refunds are usually issued within 21 days for electronically filed returns with direct deposits and no extra review.
For the week of May 18–24, refunds may arrive based on when returns were accepted, not just filing date.
Direct deposits are fastest; delays can occur if the IRS flags errors or identity issues.
The IRS Where’s My Refund tool provides a personalized refund date once processing and approval occur.
Paper checks may take longer than direct deposits, especially for older acceptance windows.
Refund timing can be delayed by errors, incomplete returns, identity theft, or additional review.
The 2026 filing season opened January 26, with refunds potentially following the standard timeline if no issues arise.
Taxpayers can track status via Where’s My Refund or the IRS2Go app, with daily updates.
Direct deposit remains fastest; incorrect banking details can delay refunds.
The piece frames May 18–24 as a crossover period for different acceptance windows.

Vote 0

House Democrats accuse Trump of ‘corruption unparalleled’ over IRS settlement talks

#7 out of 7

politics5h ago

House Democrats accuse Trump of ‘corruption unparalleled’ over IRS settlement talks

Ms.now

Democrats object to a potential Trump-IRS settlement, calling it a risk of unprecedented corruption.
The brief urges dismissal of the case and close scrutiny of any agreement.
Democrats warn a settlement could violate the Domestic Emoluments Clause and misallocate taxpayer funds.
The Democrats highlight a possible $1.7 billion fund tied to the case as inappropriate.
Democrats say Congress must control the purse and oppose any fund undermining fiscal norms.
Neguse and other leaders frame the lawsuit as a focal point of their oversight agenda.
The filing notes judge Williams’s May 20 deadline to address the case’s hearability.
The Democrats’ amicus brief is led by Rep. Joe Neguse and supported by 93 Democrats.
Democrats argue the president’s dual role on both sides of the suit undermines agency autonomy.
The Democrats vow to keep rooting out corruption if they win the midterms.

Vote 0

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