Here are the latest business news headlines:

• IRS plans to lay off 7,000 probationary workers: The Internal Revenue Service is set to lay off approximately 7,000 probationary employees across the country starting Thursday, February 221.

• Joann to close about 500 fabric stores nationwide: Fabric and crafts retailer Joann has announced the closure of around 500 stores across the United States, nearly a year after filing for bankruptcy1.

• Trump considers buying used planes for Air Force One: President Donald Trump is exploring the possibility of purchasing used Boeing aircraft, potentially from overseas sellers, to serve as Air Force One amid delays in producing specially modified planes2.

• Tesla's law firm drafts bill that could benefit Musk: Tesla's legal team has helped draft legislation that some experts believe could potentially restore Elon Musk's compensation package2.

• Unions urge Trump to boost US shipbuilding: Leaders of four major labor unions have called on President Trump to enhance American shipbuilding capabilities and implement strong measures against China's increasing dominance in the industry2.

• FireAid announces $50M for LA community organizations: FireAid, a benefit concert that raised an estimated $100 million, has announced $50 million in grants for community-based organizations supporting those impacted by the Los Angeles fires2.

• KFC relocating US corporate office to Texas: Kentucky Fried Chicken is moving its U.S. corporate office from its home state to Texas2.

These headlines reflect some of the most recent and significant developments in the business world as of February 23, 2025.