The Daily Money: Visa, Mastercard, and American Express to break out gun store sales

Well, it's Monday. But it's Charisse Jones with your Daily Money headlines to help get the week started off right. 

First, let's talk about taxes. I know. Those aren't the words that necessarily lift your mood. But the good news is the Internal Revenue Service is looking at potentially giving consumers the option of filing their federal taxes online for free.

The Inflation Reduction Act, signed into law last month, will give $15 million to the IRS to study how it could create an e-filing platform that would allow taxpayers at any income level to file their federal returns directly to the agency and at no cost.

It's far from a done deal. The IRS needs to determine if such a platform is feasible, how much it may cost and if taxpayers will want to use it.  The agency's report, including the opinion of an independent third party, must be submitted to Congress within nine months of the Inflation Reduction Act's passage. 

Visa, Mastercard, American Express plan to break out gun shop sales

Gun control advocates have sought ways to flag suspicious surges in gun sales that could be the build up to a mass shooting. On Saturday, the world's largest payment processor Visa Inc. said it intends to separately break out sales at gun stores which could make such tracking easier.  

Previously gun shop sales were deemed "general merchandise.'' But Visa is adopting the new gun sales merchant code announced last week by the International Organization for Standardization. Mastercard and American Express say they will also separate gun shop purchases. 

The change will likely anger gun rights advocates and lobbyists who have said carving out gun sales is unfair since most purchases don't result in mass shootings. 

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About The Daily Money

Each weekday, The Daily Money delivers the best consumer news from USA TODAY. We break down financial news and provide the TL;DR version: how decisions by the Federal Reserve, government and companies impact you.

Follow Charisse Jones on Twitter: @charissejones.