Chester County News and Community Website
Social Security is often one of the most important income sources in retirement. Yet widespread myths about how it works can lead to confusion, unnecessary worry and poor planning decisions. …
Debunking Five Common Social Security Myths Read More
WASHINGTON, D.C. — The U.S. Department of the Treasury and Internal Revenue Service have finalized regulations classifying certain charitable remainder annuity trust (CRAT) arrangements as listed tax-avoidance transactions, requiring taxpayers …
IRS Targets CRAT Tax Shelters With New Disclosure Rules Read More
WASHINGTON, D.C. — The Internal Revenue Service will begin automatically withholding certain penalties from eligible taxpayers this summer, replacing a request-based program with a system intended to reduce paperwork and …
IRS Automates Penalty Relief for Compliant Taxpayers Read More WASHINGTON, D.C. — The Internal Revenue Service has finalized regulations classifying certain arrangements marketed as Charitable Remainder Annuity Trusts (CRATs) as listed transactions, increasing disclosure requirements and potential penalties for …
IRS Classifies Certain Charitable Trust Tax Strategies as Abusive Read More
WASHINGTON, D.C. — The Internal Revenue Service and Treasury Department have issued guidance exempting certain contributions to newly created Trump accounts from federal gift tax reporting requirements, a move aimed …
IRS Eases Gift Tax Reporting Rules for Contributions to Trump Accounts Read More
WASHINGTON, D.C. — The Internal Revenue Service successfully processed nearly 139 million individual tax returns and issued more than 90 million refunds during the 2026 filing season despite staffing reductions …
IRS Filing Season Runs Smoothly but Refund Delays Persist, Watchdog Says Read More WASHINGTON, D.C. — An Internal Revenue Service advisory committee issued 18 recommendations aimed at modernizing tax administration, improving taxpayer services, and strengthening fraud prevention, including calls for Congress to simplify …
IRS Advisory Panel Urges Tax Simplification, Stable Funding Read More WASHINGTON, D.C. — Twenty-seven states have elected to participate in a new federal scholarship tax credit program created under the One Big Beautiful Bill Act, allowing eligible taxpayers to receive …
IRS Opens Scholarship Tax Credit Program in 27 States Read More
WASHINGTON, D.C. — The Internal Revenue Service is restructuring its decade-old Security Summit partnership to strengthen information sharing and expand coordination with payroll providers as identity thieves increasingly target taxpayer …
IRS Revamps Security Summit to Counter Evolving Tax Fraud Threats Read More WASHINGTON, D.C. — The Internal Revenue Service has released a new calculation tool for businesses and tax professionals handling long-term construction and manufacturing contracts, a move that could simplify compliance …
IRS Releases Calculator Aimed at Reducing Contract Tax Errors Read More