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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Federal Tax Headlines (CCH)

Weekly Report from Washington, D.C.

Mon, Dec 03, 2018

During the week of November 26, senior tax staff on the Senate Finance and House Ways and Means Committees doubted Republicans’ catch-all tax and IRS package’s chances of success. The IRS released guidance granting automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs […] The post Weekly Report from Washington, D.C. appeared ...

Cryptocurrency Mining and Selling: When Do You Owe Tax?

Fri, Nov 30, 2018

Taxpayers who mine, sell or exchange cryptocurrency likely owe federal income tax because of those activities.  But have they reported that income or gain? After dramatic changes in value due to volatile digital currency markets in 2018, they may even have losses. Currently, the IRS has a campaign, actively auditing for failures to report income […] The post Cryptocurrency Mining and Sell...

Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments

Fri, Nov 30, 2018

New instructions for IRS Form 8949, Sales and Other Dispositions of Capital Assets, address gain that is deferred when an investment is made in a Qualified Opportunity Fund. If a taxpayer realizes gain on a sale of an asset, but invests that gain in a QO Fund within 6 months, the taxpayer may be able […] The post Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments a...

IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms (Notice 2018-94)

Fri, Nov 30, 2018

Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage. This is a 30-day extension from the original due date of January 31, 2019. Comment: The due dates for employers and insurers to […] The po...

IRS Simplifies, Streamlines Procedures for Changing Accounting Method to Comply with AFS Deadline for All Events Test (Rev. Proc. 2018-60)

Fri, Nov 30, 2018

The IRS will grant automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs Act (P.L. 115-97). In addition, some taxpayers may make the accounting method change on their tax returns, without filing a Form 3115, Application for Change in Accounting Method. These procedures […] The post IRS Simplifies, Streamlines Procedures for C...

Senate, House Tax Staffers Doubt Success of GOP’s Tax, IRS Package

Fri, Nov 30, 2018

Senior tax staff on the Senate Finance and House Ways and Means Committees seem to doubt Republicans’ catch-all tax and IRS package’s chances of success. Whether the roadblock will come down to time or votes, the package currently faces an uphill battle in the Senate. House Ways and Means Committee Chairman Kevin Brady, R-Tex., unveiled […] The post Senate, House Tax Staffers Doubt Succes...

Proposed Regulations Address Foreign Tax Credit and Tax Cut and Jobs Act Changes (NPRM REG-105600-18; IR-2018-235)

Thu, Nov 29, 2018

Highly anticipated foreign tax credit regulations have been issued that provide guidance on the significant changes made by the Tax Cuts and Jobs Act (P.L. 115-97) to the foreign tax credit rules. The proposed regulations address: (1) the allocation and apportionment of the deductions underCode Sec. 861 through Code Sec. 865 and adjustments to the […] The post Proposed Regulations Address...

House GOP Catch-All Tax Package Likely Faces Uphill Battle in the Senate

Thu, Nov 29, 2018

House Republicans’ blazing, 297-page tax package of IRS reforms, tax extenders, disaster relief, retirement savings, and corrections to last year’s tax reform has received an icy reception from congressional Democrats. Although the ambitious and lengthy tax package contains several bipartisan proposals, Democrats appeared caught off guard by its release and have already begun voicing opposition...

Republicans Seek to Pass 297-Page Tax, IRS Package During Lame-Duck Session

Wed, Nov 28, 2018

The House is expected to vote this week on a 297-page tax and IRS oversight package. Generally, the broad legislative package addresses year-end tax extenders, retirement savings, disaster relief, IRS reform, and technical corrections to last year’s tax reform legislation, among other things. Additionally, the package contains elements of Republicans’ “Tax Reform 2.0” package approved […]...

Electing Out of Interest Deduction Limit and Switching to ADS Is Not an Accounting Method Change

Tue, Nov 27, 2018

A taxpayer that elects out of the  business interest deduction limits won’t need to file an accounting method change when switching to the MACRS alternative depreciation system (ADS), according to the IRS. During recent informal remarks, the IRS said it plans to allow electing farmers and real estate businesses to make the required switch to […] The post Electing Out of Interest Deduction...

Taxpayer Advocate Service Feed

NTA Blog: IRS Fraud Detection - A Process That is Challenging for Taxpayers to Navigate with an Outdated Case Management System Resulting in Significant Delays of Legitimate Refunds Part 1

Thu, Dec 06, 2018

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog. As we approach the filing season, I thought it would be a good idea to discuss an issue that affects many taxpayer returns, namely the IRS processes for identifying ...

Know how getting married changes your tax situation

Tue, Dec 04, 2018

When you get married, your tax situation changes. Your marital status as of Dec. 31 determines your tax filing options for the entire year. If you’re married at year-end, you have two filing status choices: filing jointly with your new spouse, Married Filing Jointly, or filing separate from your spouse, Married Filing Separately Most married couples file jointly because it is simpler an...

NTA Blog: As the IRS Redesigns Form W-4, Employee’s Withholding Allowance Certificate, Stakeholders Raise Important Questions

Thu, Nov 29, 2018

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog. The IRS is redesigning Form W-4, Employee’s Withholding Allowance Certificate. The changes to this form will affect nearly every employee and employer, potenti...

NTA Blog: Thanksgiving

Wed, Nov 21, 2018

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog. So that our staff can enjoy the Thanksgiving holiday with family and friends, we are taking a break this week from posting our blog. We want to wish each and every o...

NTA Blog: Veterans Face Challenges in Claiming Refunds for Taxes Improperly Withheld from Disability Severance Pay

Fri, Nov 16, 2018

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog. With having celebrated Veteran’s Day this week, it is worth reflecting on the continuing challenges military taxpayers face. Background In December 2016, lawma...

Success Story: Taxpayer Advocate Service’s persistence reduces tax debt

Thu, Nov 08, 2018

Every year, the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This story is only one of many examples of how TAS helps resolve taxpayer’s tax issues. All personal details are removed to protect the taxpayer’s privacy. Sometimes taxpayers contact TAS for help with one issue and, in resolving that issue, multiple issues arise – some of them quite c...

NTA Blog: When Evaluating its Pilot Program on the Participation of Counsel and Compliance in Conferences, Appeals Should be Transparent and Should Consider Both Objective and Subjective Data

Wed, Nov 07, 2018

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog. Over the years, I have expressed significant concern with the continuing erosion of taxpayers’ right to appeal an IRS decision in an independent forum. (IRC &s...

The 2018 Nationwide Tax Forums a Success for TAS

Fri, Nov 02, 2018

Each year, the IRS sponsors the Nationwide Tax Forums, a three-day series of tax education and networking conferences for tax professionals in cities around the country. The 2018 Tax Forums featured the latest information from the IRS, news about tax law changes, a chance to meet with software vendors, and the opportunity to attend seminars presented by IRS and TAS employees in addition to memb...

NTA Blog: Now is the Perfect Time for the IRS to Make Improvements to the Individual Taxpayer Identification Number Program

Wed, Oct 31, 2018

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog. For years, I’ve been writing about the problems with how the IRS runs the Individual Taxpayer Identification Number (ITIN) program.  ITINs are required fo...

National Taxpayer Advocate Nina E. Olson honored in Accounting Today’s top 100 list

Wed, Oct 31, 2018

Accounting Today magazine honored National Taxpayer Advocate Nina E. Olson by selecting her for its annual list of Top 100 Most Influential People in Accounting. According to the magazine, the honor is “a clear-eyed assessment by our editors of the individuals who are having the biggest impact on the current state and the future direction of the profession.” As part of its selection...

Reuters

Los Angeles Fire Dept. reports natgas pipeline rupture at Woodland Hills

Mon, Dec 10, 2018

An underground natural gas pipeline ruptured due to an overturned vehicle causing a leak in the Woodland Hills area of Los Angeles, the city's fire department reported on its website on Monday. ...

U.S. arrests religious leaders, activists at border protest

Mon, Dec 10, 2018

Kneeling in front of riot police, 32 religious leaders and activists were arrested at the U.S. border fence in San Diego on Monday during a protest to support the Central American migrant caravan. ...

Heavy snow kills three, snarls travel in U.S. Southeast

Mon, Dec 10, 2018

An intense snowstorm headed out to sea on Monday after dumping up to 2 feet (60 cm) of snow on parts of the Southeastern United States, leaving three people dead in North Carolina and some 138,000 customers in the region still without power. ...

Indiana boy, 16, charged with murder of pregnant classmate

Mon, Dec 10, 2018

A 16-year-old Indiana boy, who police say confessed to killing a classmate who was carrying his baby, was charged on Monday with murder and feticide, prosecutors said. ...

Accused Russian agent Butina poised to plead guilty: U.S. court papers

Mon, Dec 10, 2018

Accused Russian agent Maria Butina, suspected of trying to infiltrate the National Rifle Association and influence U.S. policy toward Russia, is expected to plead guilty this week following a deal between her lawyers and U.S. prosecutors, according to court filings on Monday. ...

U.S. top court, Kavanaugh spurn Planned Parenthood defunding case

Mon, Dec 10, 2018

The U.S. Supreme Court on Monday rejected appeals by Louisiana and Kansas seeking to end their public funding to women's healthcare and abortion provider Planned Parenthood through the Medicaid program, with President Donald Trump's appointee Brett Kavanaugh among the justices who rebuffed the states. ...

Trump calls hush money payments a 'simple private transaction'

Mon, Dec 10, 2018

Donald Trump on Monday defended hush money payments reported by his former lawyer, responding a day after Democratic lawmakers said the U.S. president could face impeachment and jail time if the transactions are proven to violate campaign finance laws. ...

Accused Russian agent Butina to cooperate with prosecutors: ABC News

Mon, Dec 10, 2018

Accused Russian agent Maria Butina, who is suspected of trying to influence U.S. policy toward Russia, has agreed to plead guilty to conspiracy and cooperate with U.S. federal, state and local authorities, ABC News reported on Monday. ...

Dylann Roof admirer charged with Ohio bomb plot

Mon, Dec 10, 2018

An Ohio woman who corresponded with Charleston, South Carolina church shooter Dylann Roof was charged on Monday with planning to bomb a Toledo, Ohio, bar, prosecutors said. ...

U.S. has arrested 170 immigrants who tried to claim migrant children

Mon, Dec 10, 2018

U.S. immigration authorities arrested 170 people between early July and late November who came forward to claim migrant children in government custody, according to official data released on Monday, a crackdown advocates say is discouraging relatives from volunteering to take in some of the 14,000 detained children. ...

USA TODAY

'I can't breathe': Transcript of recording details Khashoggi's final moments before murder

Mon, Dec 10, 2018

Journalist Jamal Khashoggi repeatedly said, "I can't breathe'' in his final moments as he was attacked at the Saudi consulate in Turkey, CNN reported.        ...

Criminal justice system reform: Trump, senators on board, so what's the holdup?

Mon, Dec 10, 2018

Key senators say momentum is building for a bipartisan criminal justice reform bill, but they have to convince Mitch McConnell to bring it to a vote.        ...

Mexico to pump $30 billion into Central America to halt migrant flow

Mon, Dec 10, 2018

Mexico's new president proposes $30 billion "Marshall Plan" for Central America as Trump administration has cut funding.        ...

Jennifer Lopez totally gets the Alex Rodriguez marriage talk: 'Everyone wants a fairy tale'

Mon, Dec 10, 2018

'Second Act' star Jennifer Lopez totally understands why the world is speculating whether she'll marry boyfriend Alex Rodriguez.        ...

Comey says voters need to hold Trump accountable in 2020 'landslide,' opposes impeachment

Mon, Dec 10, 2018

"The people who can hold him accountable for that is us. That's not the Department of Justice's job. That's our job," Comey said.        ...

Chrissy Teigen's Twitter clout may have just gotten her a new airline gig

Mon, Dec 10, 2018

Chrissy Teigen tweeted about her dream of curating an airline menu, and Delta Air Lines replied.        ...

Free-agent reliever Adam Ottavino: 'I would strike Babe Ruth out every time'

Mon, Dec 10, 2018

One of the top relievers available on the free agent market, Adam Ottavino is certainly marketing himself well.        ...

'This is our birth journey': Gabrielle Union shares video of the journey to parenthood

Mon, Dec 10, 2018

Gabrielle Union says Dwyane Wade got his first-ever tattoo to commemorate the moment they let go of fear and had faith they'd finally be parents.        ...

'It would be instinct': Woman, man die in separate attempts to rescue their dogs from icy ponds

Mon, Dec 10, 2018

A woman also drowned Saturday in Michigan as she tried to rescue her golden doodle from a park pond. The dog survived and headed home.        ...

'Baby It's Cold Outside' gets a #MeToo era rewrite

Mon, Dec 10, 2018

"Baby It's Cold Outside" is getting a revamp for the #MeToo era. Penn Holderness has put a 2018 spin on the classic song.        ...