#irs

@TheBadPlace@mastodon.ozioso.online · 2d ago

CounterPunch.org | The Trump Tax Man Goeth by Matthew Stevenson AI generated summary, Read the full article for complete information. The article explains that the Trump family’s $10 billion lawsuit against the IRS—stemming from a 2019 leak of Trump tax returns that showed he often reported huge losses and paid as little as $750 in income tax—appears to be a sham designed to extract money from the government. Because the Justice Department and Treasury, which oversee the lawsuit, are staffed by Trump appointees, the case could be “settled” internally, allowing Trump to claim a massive payout and immunity from audits while his allies in the administration approve the deal. Legal experts note the suit is likely frivolous and may be dismissed on procedural grounds, but the urgency to settle comes from the risk of a judge striking it down. Ultimately, the purported settlement would grant Trump a financial windfall, protect his businesses from further IRS scrutiny, and reinforce a precedent that a president can sue his own government and negotiate a private settlement. Read more: https://www.counterpunch.org/2026/05/15/the-trump-tax-man-goeth/ #DonaldTrump #IRS #ToddBlanche #ScottBessent #SupremeCourt #KathleenMWilliams

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The Bad Place

@TheBadPlace@mastodon.ozioso.online · 3d ago

Mother Jones | The President May Settle His Own Lawsuit With Your Money by Sophie Hurwitz AI generated summary, Read the full article for complete information. The DOJ is reportedly weighing a settlement of Donald Trump’s lawsuit against the IRS that could channel roughly $10 billion of taxpayer money into Trump’s personal coffers; the suit, filed by Trump and his sons in January, alleges the IRS failed to halt a contractor’s illegal release of his tax returns, raising conflict‑of‑interest concerns because Trump oversees the agency he is suing and the Justice Department is led by his former personal lawyer. A potential agreement would also require the IRS to drop all current and future audits of Trump, his family and businesses, prompting Democratic lawmakers to introduce legislation barring the president, vice president and their relatives from receiving government settlement payments, a move championed by Sen. Elizabeth Warren. This follows a prior effort by Trump in October 2025 to seek $230 million from the Justice Department over the seizure of classified documents and an earlier Russia‑probe investigation, which he summed up as “awfully strange…to make a decision where I’m paying myself.” Read more: https://www.motherjones.com/politics/2026/05/the-president-may-settle-his-own-lawsuit-with-your-money/ #DonaldTrump #DOJ #IRS #ElizabethWarren #Mar_a_Lago #corruption #mojowire #politics

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The Bad Place

@TheBadPlace@mastodon.ozioso.online · 4d ago

The Daily Beast Latest Articles | DOJ Plots Giant Payout for Trump in His $10B Taxpayer Shakedown by Janna Brancolini AI generated summary, Read the full article for complete information. The Department of Justice is reportedly weighing a pre‑briefing settlement that could give former President Donald Trump a taxpayer‑funded windfall before a judge decides whether to dismiss his $10 billion lawsuit against the Internal Revenue Service, which he filed after leaked tax returns were released by a former IRS contractor. The judge has ordered both sides to submit briefs by May 20, and DOJ officials – led by former Trump defense attorney Todd Blanche – are said to be considering paying Trump a portion of the requested sum (potentially doubling his net worth) and having the IRS drop any audits of Trump, his family and businesses. Legal analysts warn that even if a judge later deems the settlement collusive or made in bad faith, she may lack authority to block the payment or related benefits. The case is viewed as weak, given that the contractor who leaked the returns was convicted, and similar suits have been settled without government damages, while Trump simultaneously pursues other lawsuits against the DOJ and faces additional legal judgments. Read more: https://www.thedailybeast.com/doj-plots-giant-payout-for-donald-trump-in-his-10b-irs-lawsuit-taxpayer-shakedown/ #DOJ #DonaldTrump #TrumpOrganization #IRS #ToddBlanche #CharlesLittlejohn

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The Bad Place

@TheBadPlace@mastodon.ozioso.online · 6d ago

US Top News and Analysis | IRS may owe millions of taxpayers refunds for pandemic-era penalty relief. How to file a claim AI generated summary, Read the full article for complete information. Millions of Americans could still receive refunds for pandemic‑era IRS penalties and interest after a federal court ruled in Kwong v. United States that the agency improperly assessed those charges for the period from Jan. 20, 2020 through July 10, 2023. To claim a refund or a penalty waiver, taxpayers must act by July 10, 2026— filing a paper Form 843 (preferably by certified mail) and providing documentation that the penalties were assessed during the disallowed window. The relief is not automatic; it applies to a broad cross‑section of filers—including individuals, small businesses, corporations, estates and trusts—who may have incurred failure‑to‑file (up to 5% monthly, capped at 25%) or failure‑to‑pay (up to 0.5% monthly, capped at 25%) penalties. With the IRS having levied millions of such penalties in fiscal‑year 2023, tax professionals warn this could become one of the largest waves of refund claims in recent years, urging affected taxpayers to review their IRS account, consider a “protective claim,” and consult a qualified tax advisor promptly. Read more: https://www.cnbc.com/2026/05/11/kwong-v-united-states-tax-refund-deadline.html #IRS #Kwong #ErinCollins #TaxpayerAdvocate #Form843 #

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Aceset Securities

@AcesetSecurities@flipboard.social · May 06, 2026

Did the IRS hit you with late fees during the pandemic? A landmark court ruling just opened a massive window for millions of Americans to claim a hidden COVID-era tax refund. Relief isn't automatic, and you must file a protective claim before the strict July 10, 2026 deadline. Don't leave your money on the table—read our complete 7-step guide to find out if you qualify and exactly how to submit Form 843. https://www.acesetsecurities.com/irs-covid-refund-claim-guide/ #Finance #Tax #IRS

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The Bad Place

@TheBadPlace@mastodon.ozioso.online · Apr 28, 2026

The Atlantic | So Nobody Is Going to Pay Taxes Now? by Annie Lowrey AI generated summary, Read the full article for complete information. The article warns that America’s fiscal foundation is eroding as Congress runs trillion‑dollar deficits while simultaneously encouraging a nationwide tax revolt, slashing rates and expanding loopholes that make many Americans view income‑tax bills as unfair. It traces how both Republicans and Democrats have perpetuated a system that favors the wealthy—through historic tax cuts, targeted deductions, and recent proposals to eliminate taxes for specific groups—while the tax base shrinks due to an aging population and rising mandatory spending on Social Security, Medicare, and other services. This combination of reduced revenue, soaring interest costs on existing debt, and politically driven tax policies jeopardizes the nation’s long‑term solvency, making it increasingly difficult to fund essential programs or pursue ambitious policy initiatives without broadening the tax base or raising rates on high‑income earners. Read more: https://www.theatlantic.com/ideas/2026/04/tax-revolt-irs/686926/?utm_source=feed #IRS #FederalReserve #SocialSecurity #Medicare #Reagan #Trump #Republicans #Democrats #

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Kim Perales

@KimPerales@toad.social · Apr 17, 2026

"And🚨🚨🚨there it is.... Update in Trump's🚨$10 billion lawsuit against his own IRS, in which he seeks taxpayer-funded damages for the prior release of his tax records. Trump🚨legal filing says he's in "discussions" with his own IRS to "avoid protracted litigation." -S MacFarlane Another reason for immediate #impeachment‼️If Congressional #Republicans refuse, which is likely, they'll be on record for misusing taxpayer💰. It'd be a⚡made-for-TV ad for Dems. #Corruption #IRS #DOJ #TrumpRegime #USPol

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The Bad Place

@TheBadPlace@mastodon.ozioso.online · Apr 06, 2026

US Top News and Analysis | Robinhood, BNY to build Trump Accounts app Robinhood, BNY to build Trump Accounts app The U.S. Department of the Treasury announced Monday that Bank of New York Mellon (BNY) will be the designated financial agent for Trump accounts. BNY will manage the initial accounts and has partnered with Robinhood to develop a yet-to-be-released Trump Accounts app, according to an announcement on CNBC's "Squawk on the Street." The initiative, launched on July 4, provides tax-deferred investing accounts for children born between 2025 and 2028, featuring a one-time $1,000 Treasury deposit for eligible participants. As of March 31, more than 4 million children had been signed up for Trump accounts, with over 1 million eligible for the Treasury’s $1,000 pilot program contribution, per the IRS. Parents or guardians can enroll by filing IRS Form 4547 with their 2025 tax returns or via TrumpAccounts.gov. The authentication process is expected in May, with seed money arriving on July 4. BNY, alongside other large employers, previously pledged to match the Treasury’s $1,000 contribution for employees’ children, reinforcing the program’s goal of expanding financial opportunity. Robinhood CEO Vlad Tenev affirmed the company’s support for Trump accounts “from the very beginning,” citing its technology resources and commitment to the program’s success. Contributors can add up to $5,000 annually in after-tax dollars, with employers able to deposit up to $2,500 pre-tax yearly for employees’ children. The contribution limit is indexed for inflation after 2027, and philanthropists in multiple states have committed to seeding accounts for qualifying families. The IRS emphasized collaboration with the Treasury to simplify enrollment through a one-page tax return form. Read more: https://www.cnbc.com/2026/04/06/treasury-trump-accounts-bny-robinhood.html #robinhood #bny #trumpaccounts #u.s.departmentofthetreasury #irs

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The Bad Place

@TheBadPlace@mastodon.ozioso.online · Mar 31, 2026

yahoo news | The IRS Lost a Quarter of its Staff & Called Palantir The Internal Revenue Service has shed roughly a quarter of its workforce in recent years, prompting the agency to turn to private‑sector technology to shore up its audit capabilities. In 2025 the IRS awarded Palantir a $1.8 million contract to improve a custom “Selection and Analytic Platform” (SNAP), a pilot tool meant to pinpoint the most valuable cases for audits, collections and potential criminal investigations. Agency officials said the existing maze of more than 100 business systems and 700 methods was producing duplicated effort, high costs and poor case selection, so they turned to Palantir’s data‑layer technology—distinct from its flagship Gotham or Foundry products—to streamline and prioritize work as tax season approaches. Palantir’s expanding role inside the federal government stems from the Heritage Foundation’s “Project 2025,” a 900‑page blueprint aimed at shrinking the “administrative state” and substituting private tech firms for under‑staffed agencies. The plan, backed by a coalition of conservative organizations, advocates attrition‑driven cuts that make agencies appear ineffective, then invites contractors to fill the gaps. Pew Research reported a 10.3 % reduction in the federal workforce in 2025, equating to about 238,000 jobs lost. Palantir, whose leadership and investors have long aligned with Trump‑era politics, was a natural pick for the IRS, mirroring similar privatization pushes at the TSA and other departments. The partnership carries an ironic twist: Palantir co‑founder Peter Thiel has a well‑documented history of tax avoidance, having built a multi‑billion‑dollar tax‑free war chest through a Roth IRA maneuver. He now helps craft the very tool meant to hunt down such strategies. Moreover, Palantir’s SNAP will likely run third‑party AI models—such as those from OpenAI, Anthropic or others—through its Maven Smart System, potentially feeding those companies massive amounts of confidential taxpayer data. Whether that represents a breakthrough in efficiency or a privacy vulnerability depends on the lens through which it is viewed. Read more: https://www.yahoo.com/news/articles/irs-lost-quarter-staff-called-192053162.html?fr=sycsrp_catchall #irs #palantir #heritagefoundation #project2025 #trump

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Boosted by

Philip C James @PhilipCJames@mas.to

Kim Perales

@KimPerales@toad.social · Mar 08, 2026

"Biden said partnerships were evading $100B in taxes. Trump says🚨they shouldn’t have to report the transactions. The Trump admin signaled a plan Fri🚨to revoke a 2-year-old tax rule designed to crack down on an arcane but highly lucrative tax avoidance tactic used by some of the largest & most complicated bus'." The #TrumpRegime steals💰from the US Treasury in numerous ways, & may deplete it further to benefit the 1%. #Corruption #IRS #TaxEvasion #Treasury #Protest #USPol https://www.washingtonpost.com/business/2026/03/07/trump-tax-loophole-partnership-basis-shifting/

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Nonilex

@Nonilex@masto.ai · Feb 11, 2026

This has to be a #DOGE Easter Egg. #IRS “improperly” [accidentally-on-purpose] disclosed #confidential #immigrant tax data to #DHS  The #tax agency only recently discovered the “mistake” & is working with other federal agencies on a response. #law #privacy #immigration #InfoSec #Trump https://www.washingtonpost.com/business/2026/02/11/immigrants-irs-dhs-tax-data/

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