Below please find daily updates pertaining to the latest in financial, business, and tax news:
The House on April 18 approved the two largest bills of a bipartisan IRS reform package. The bills aim to restructure the IRS for the first time in 20 years. The 21st Century IRS Bill (HR 5445) was approved 414-to-0. In addition, the Taxpayer First Bill (HR 5444) passed by a 414-to-3 vote. The bipartisan […] The post House Approved Bipartisan IRS Reform Package appeared first on Tax & Acc...Wed, Apr 18, 2018
The IRS extended the 2017 filing deadline one day. The IRS provided the additional day for taxpayers to file and pay their taxes following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of April 17 now have until midnight on Wednesday, April 18. Taxpayers do not need to […] The post 2017 Filing Deadline Extended One Day; IRS Pro...Wed, Apr 18, 2018
The House approved seven IRS reform bills on April 17 by voice vote. The bills are part of a larger bipartisan IRS reform package that was approved by the Ways and Means Committee last week. IRS Reform Bills These seven bills include proposals to: establish a single point of contact for tax-related identity theft victims, expand the use […] The post House Approves First Round of IRS Refor...Wed, Apr 18, 2018
Acting IRS Commissioner David Kautter told House lawmakers that taxpayers will not be penalized for the technical difficulties the IRS was having on Tax Day with its direct payment and e-filing systems. Kautter testified in a joint hearing on April 17 before the House Oversight Health Care, Benefits, and Administrative Rules and Government Operations Subcommittees. […] The post Taxpayers ...Tue, Apr 17, 2018
The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) and on the application of the Code Sec. 15 tax proration rules in determining […] The post 2018 Fiscal-Year Blended Tax Rates for Corporations (IR-2018-99; No...Mon, Apr 16, 2018
The House Ways and Means Committee approved a bipartisan IRS reform package. A House floor vote is expected the week of April 16. White House The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, (TAXDAY, 2018/04/09, W.1). Congress Senate. Acting IRS Commissioner David Kautter provided members of the […] The post Weekly Report from Wa...Mon, Apr 16, 2018
The IRS has provided updated answers to frequently asked questions (FAQs) about filing 2017 returns and making tax payments relating to the transition tax under Code Sec. 965. The instructions in the FAQs cover filing 2017 tax returns with an amount required by Code Sec. 965. Background Generally, U.S. shareholders pay tax on the untaxed foreign earnings of certain […] The post Updated FA...Mon, Apr 16, 2018
Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) within OMB will review future tax regulations. The MOA […] The post Treasury, OMB Agree to ...Fri, Apr 13, 2018
Acting IRS Commissioner David Kautter on April 12 provided lawmakers with an update on the 2018 tax filing season and IRS operations. Kautter, testifying before the Senate Finance Committee (SFC), told lawmakers that the 2018 filing season has gone well with regard to tax return processing and IT systems operations. 2018 Tax Filing Season “It […] The post Kautter Updates Lawmakers on 2018...Thu, Apr 12, 2018
Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to implement this new law are already underway,” Kautter said during a House Appropriations Financial Services Subcommittee hearing. The Tax Cuts and Jobs Act (TCJA) […] The post Tax Reform G...
The Internal Revenue Service is advising certain veterans who received disability severance payments after Jan. 17, 1991, and included that payment as income, that they should file an IRS Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. This is a result of the Combat-Injured Veterans Tax Fairn...Wed, Jul 18, 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. Last week, I returned from vacation to read a press release from a newly formed organization consisting of private debt collection (PDC) agencies working IRS account...Tue, Jul 17, 2018
July 22, 2018 marks the 20th anniversary of Low Income Tax Clinics (LITC). Low Income Tax Clinics were enacted by Congress on July 22, 1998 as part of the IRS Restructuring and Reform Act of 1998. The LITC program today consists of 134 clinics in 48 states and the District of Columbia. From 2013 to 2016, LITCs: represented more than 100,000 low income taxpayers with IRS controversies; and educ...Tue, Jul 17, 2018
Didn’t make it to the 3rd International Conference on Taxpayer Rights? Catch up on what you missed and enhance your knowledge of taxpayer rights on a global scale. Videos are now available from each panel discussion and presentation conducted during the 3rd International Conference on Taxpayer Rights. Experience conversations held among international tax leaders in their fields throughout...
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. In my most recent Annual Report to Congress, I focused on Taxpayer Assistance Centers (TACs) as one of the Most Serious Problems facing taxpayers. My concerns about ...Fri, Jul 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. Around five months ago, in my 2017 Annual Report to Congress, I identified IRS audit rates and the distinction between “real” and “unreal” au...Thu, Jul 05, 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. A taxpayer came to TAS for assistance because the IRS assessed a penalty for not reporting income accurately. The taxpayer relied on a t...Wed, Jun 27, 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. In lieu of posting a blog this week I would ask that you check out my June Report to Congress instead. In my preface you will find some extraordinary information, st...Wed, Jun 27, 2018
The National Taxpayer Advocate released her Fiscal Year 2019 Objectives Report to Congress today. In it, she reviews the 2018 filing season, addresses challenges facing the IRS, and identifies TAS’s priority issues for fiscal year (FY) 2019. Taxpayer Service Challenges In her preface to the report, the NTA focuses on the IRS’s customer service challenges. She states in the cu...Wed, Jun 27, 2018
The duck boat that sank in a Missouri lake last week, killing 17 people, was set to be raised on Monday and taken to a secure facility as part of a federal investigation into one of deadliest U.S. tourist accidents for years. ...Sun, Jul 22, 2018
Los Angeles police named a 28-year-old man on Sunday as the suspect who took hostages and barricaded himself for three hours inside a Trader Joe's grocery store in which he fatally shot a woman. ...Sun, Jul 22, 2018
A raging California mountain blaze that has already killed one firefighter grew over the weekend and bore down on Yosemite National Park, prompting the closure of some smoke-choked campgrounds and roads at the popular tourist destination. ...Sun, Jul 22, 2018
Police in Los Angeles arrested a man who took hostages and barricaded himself inside a Trader Joe's grocery store on Saturday, ending a three-hour standoff during which he fatally shot a woman, authorities said. ...Sat, Jul 21, 2018
A woman whose nine family members were among the 17 people killed when a tourist duck boat capsized in a storm on a Missouri lake said on Saturday she is not sure if there is any way to recover from such a loss. ...Sat, Jul 21, 2018
Houston police are studying surveillance video and following up on tips in the killing of a cardiologist who once treated former U.S. President George H.W. Bush and was fatally shot while riding a bicycle in the city's medical center, authorities said on Saturday. ...Sat, Jul 21, 2018
A man will not be charged after fatally shooting another man in front of his girlfriend and son at a Florida convenience store during an argument over a handicapped parking spot, because of the state's Stand Your Ground law, according to authorities. ...Sat, Jul 21, 2018
Nine members of the same family were among 17 people killed when a "duck boat" sank during a storm on Thursday on a Missouri lake in one of the deadliest U.S. tourist tragedies in years. ...Fri, Jul 20, 2018
A federal judge said on Friday the U.S. government had made "very promising" progress toward reuniting some 2,500 immigrant children separated from their parents at the U.S.-Mexico border as part of a crackdown on illegal immigration. ...Fri, Jul 20, 2018
Ohio Governor John Kasich on Friday commuted the death sentence of a convicted double murderer after a former juror in the man's trial asked he not be put to death because the panel was not given key information during sentencing about his troubled childhood. ...
Amphibious duck tours like the one that killed 17 people in Branson, Missouri, last week should be banned, the former head of the National Transportation Safety Board said Sunday. ...Sun, Jul 22, 2018
With a tie for sixth at British Open, Tiger Woods had his best finish at a major championship since 2013 ...Sun, Jul 22, 2018
Democratic and Republican Senators called for release of a Pentagon-commissioned study that rates the risk of sexual assault at military installation. ...Sun, Jul 22, 2018
Mesut Ozil, a key member of Germany's World Cup-winning team in 2014, cited racism and double standards as reasons for retiring from the national team. ...Sun, Jul 22, 2018
After the FBI released more than 400 pages of documents related to ex-Trump aide Carter Page, President Trump and his allies focused on the fact that a controversial "dossier" was used to obtain a wiretap. ...Sun, Jul 22, 2018
Katharine McPhee, 34, newly engaged to David Foster, 68, says her engagement ring symbolizes her last memories of her dad Daniel, who died last week. ...Sun, Jul 22, 2018
While life jackets are a normal accessory in aquatic recreational activities, they weren't required to be worn by passengers on the Ride the Ducks boats in Branson, Missouri and some experts argue that the safety equipment could actually have made escaping the sinking vessel even harder. ...Sun, Jul 22, 2018
A man who allegedly shot his grandmother and led police on a chase to a Trader Joe's grocery store where a woman was shot and killed has been arrested on suspicion of murder, authorities said Sunday. Gene Evin Atkins, 28, was being held Sunday morning on $2 million bail. ...
An out-of-state couple's plan to flip two homes in Indiana ended up with them the potential victims of a scam and out of more than $32,000. ...Sun, Jul 22, 2018
Maria Butina, the Russian citizen accused of attempting to infiltrate U.S. political organizations, received financial support from a Russian billionaire. ...