The IRS will lay off thousands of probationary workers in the middle of tax season, according to two sources familiar with the agency’s plans, and cuts could come as soon as next week.

This comes as the Trump administration intensified sweeping efforts to shrink the size of the federal workforce, by ordering agencies to lay off nearly all probationary employees who had not yet gained civil service protection. IRS employees involved in the 2025 tax season were told they will not be allowed to accept a buyout offer from the Trump administration until after the taxpayer filing deadline, according to a letter sent recently to IRS employees.

The parent company of President Donald Trump’s social networking site Truth Social says it lost $400.9 million last year and its annual revenue declined 12% to $3.6 million.

Trump Media and Technology Group reported its earnings late Friday, blaming the losses in part on a revenue-sharing agreement with an undisclosed advertising partner. After winning the presidential election in November, Trump in December transferred all of his shares — worth around $4 billion on paper — as a “bona fide gift” to the Donald J. Trump Revocable Trust. Trump’s shares amounted to more than half of the company’s stock.

Donald Trump Jr., the oldest of the president’s five children, is the sole trustee and has sole voting and investment power over all securities owned by the trust.

Trump created Truth Social after he was banned from Twitter and Facebook following the Jan. 6, 2021, Capitol riot.