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.
55-year-old faces tax issues with unfiled returns and crypto holdings
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A 55-year-old individual who hasn't filed taxes in 20 years is concerned about potential liabilities, especially with $1 million in cryptocurrency assets and an impending layoff. The situation highlights risks of long-term tax non-compliance in the U.S. Financial experts advise immediate action to mitigate penalties.
IRS taxes forgiven truck loan as income
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A man's brother-in-law had a $19,000 truck loan written off after job loss, but the IRS treated the forgiven amount as taxable income, resulting in a $3,300 tax bill. The family views this as unfair, prompting questions about debt forgiveness rules. Financial experts explain the IRS policy and potential exceptions.
IRS claims $14,000 owed for unreported Social Security income
A taxpayer received an IRS notice demanding $14,000 for failing to declare Social Security benefits as income. The individual vows not to let the government 'walk all over' them and seeks guidance on next steps. This case highlights common tax pitfalls with retirement benefits.