IRS
Government shutdown reaches second week with IRS furloughs
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The U.S. government shutdown entered its second week on October 8, 2025, as Senate Democrats blocked Republicans' sixth attempt to pass a temporary funding bill. Nearly 34,000 IRS employees face furloughs, while essential operations continue amid a standoff over Obamacare subsidies. Political tensions escalated with heated confrontations on Capitol Hill and threats from the Trump administration over back pay for federal workers.
Treasury Secretary Scott Bessent defended the Trump administration's decision to end the IRS's Direct File program during a Senate hearing on April 22. He argued that the service, touted as free for users, actually cost taxpayers $72 million annually to serve about 300,000 people. Senator Chris Coons questioned the move, while Bessent highlighted private alternatives.
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Cryptocurrency exchange Coinbase has warned that new U.S. tax reporting requirements for digital assets impose unnecessary burdens on retail users and clutter the tax system. The company's tax experts highlighted issues with the IRS's Form 1099-DA, which reports gross proceeds from crypto transactions starting in 2025. They argue that including small transactions, stablecoins, and gas fees leads to over-reporting without real tax implications.