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...
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 many years, I urged the IRS to adopt a Taxpayer Bill of Rights (TBOR) and for Congress to add the list of fundamental taxpayer rights to the Internal Revenue Cod...Thu, Oct 04, 2018
English Puede saber que el Congreso aprobó una importante reforma tributaria en la Ley de Recortes y Empleos (TCJA, por sus siglas en inglés) el 22 de diciembre de 2017. El IRS actualmente está trabajando en la implementación de esta compleja legislación tributaria que afectará tanto a individuos como a empresas. A la luz de la extensa lista de art&iacu...
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 last week’s blog, I discussed how the Level of Service (LOS) measure used by the IRS paints a misleading picture of the taxpayer experience because it does ...
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 a series of blogs I published earlier this year, Telephone Service in an Omnichannel Environment - The IRS Must Make Communicating with the IRS Over the Phone Eas...Thu, Sep 20, 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. Recently, the IRS provided its response to my Most Serious Problem addressing EITC issues in the 2017 Annual Report to Congress. I want to reiterate my recommendatio...Mon, Sep 17, 2018
The Taxpayer Advocate Service temporarily closed some offices due to Hurricane Florence. The following offices in South Carolina and North Carolina will resume regular business operation hours on Tuesday, Sept. 18: Charlotte, North Carolina Greensboro, North Carolina Columbia, South Carolina For a listing of all TAS offices, visit our Contact Us page....
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. My June Report to Congress included an Area of Focus entitled: “The IRS Has Expanded Its Math Error Authority, Reducing Due Process for Vulnerable Taxpayers, W...Tue, Sep 11, 2018
Is your business or association involved in helping others understand federal income taxes and the ramifications of changes to those laws each year? If yes, we invite you to visit our new site and then help us spread the word about the Taxpayer Advocate Service's Tax Reform Changes website. After your visit, we think you’ll see the value it might have for those in the tax community and ev...
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. About two years ago, TAS received cases where either the taxpayer or the Power of Attorney (POA) correctly questioned the validity of a collection statute expiration...Fri, Aug 31, 2018
Major tax reform was approved by Congress in the Tax Cuts and Jobs Act (tax reform) on Dec. 22, 2017. One change directly affected the rate at which taxes are withheld from paychecks. Our federal income tax is a pay-as-you-go tax system and there are two ways to pay as you go, either through withholding or estimated tax payments. Note: For more information on what other items changed or didn&rs...
Six little numbered balls on Tuesday night could yield someone a fortune, as a record $667 million U.S. Mega Millions jackpot goes up for grabs. ...Tue, Oct 16, 2018
An unnamed senior official at the FBI improperly accepted tickets to professional sporting events from a reporter and later misled investigators when confronted about it, the Justice Department's internal watchdog said on Tuesday. ...Tue, Oct 16, 2018
This year's U.S. congressional campaign season is on pace to break fundraising records, driven in part by unprecedented hauls by at least five candidates from both major parties, according to a Reuters analysis of campaign finance disclosures. ...Tue, Oct 16, 2018
The death toll from Hurricane Michael rose to at least 29 on Tuesday as crews scoured debris for hundreds of people reported missing in the Florida Panhandle, nearly a week after the storm flattened whole communities. ...Tue, Oct 16, 2018
Minnesota's attorney general on Tuesday filed a lawsuit accusing drug manufacturers Sanofi SA, Novo Nordisk and Eli Lilly and Co of deceptively raising prices for insulin. ...Tue, Oct 16, 2018
Republican Congresswoman Martha McSally accused her opponent in the hotly contested U.S. Senate race in Arizona, Democratic U.S. Representative Kyrsten Sinema, of "being OK with treason" as the two faced off in their only debate. ...Tue, Oct 16, 2018
The brothel-owning, evangelical Christian-backed Republican Nevada state legislature candidate who nicknamed himself the "Trump from Pahrump," died on Tuesday, a local sheriff's office said. ...Tue, Oct 16, 2018
Leonard Lance is a Republican congressman seeking re-election in a Republican district. But he has little to say about the Republican president. ...Tue, Oct 16, 2018
The U.S. Senate's top Republican said on Tuesday that senators will not vote to approve a revised North American trade pact in 2018, leaving the issue to the next Congress. ...Tue, Oct 16, 2018
A former State Street Corp executive was sentenced on Tuesday to 18 months in prison after being convicted of taking part in a scheme to overcharge customers of the bank by applying secret commissions on billions of dollars' worth of trades. ...
With calls for her resignation mounting since taking over USA Gymnastics just five days ago, former Congresswoman Mary Bono has resigned under pressure as interim CEO and president of the embattled national governing body. ...Tue, Oct 16, 2018
Saudi journalist Jamal Khashoggi is presumed dead. The case has renewed scrutiny of U.S.-Saudi relations involving oil, arms sales and terrorism. ...Mon, Oct 15, 2018
The NBA does the best job of tapping into the country’s cultural psyche and keeping pace with the way it is moving. ...Tue, Oct 16, 2018
Strong profits from stocks in the Dow Jones industrial average-- Goldman Sachs and Johnson & Johnson -- gave a boost to the bruised market. ...Tue, Oct 16, 2018
Almost a week after Hurricane Michael smashed into the Florida Panhandle, authorities reported that 12 people have been found dead in Bay County. ...Tue, Oct 16, 2018
A restaurant in Boston, called Regina Pizzeria, earns the No. 1 ranking on TripAdvisor, pushing NYC's Bleecker Street Pizza to No. 2. ...Tue, Oct 16, 2018
The "Cathouse" star and Moonlite Bunny Ranch proprietor-turned-political candidate was running for a Nevada state assembly seat when he died in his sleep early Tuesday. ...Tue, Oct 16, 2018
Andrew Brunson, who returned to the United States over the weekend after two years of detainment in Turkey, spoke to "Good Morning America" on Tuesday. ...Tue, Oct 16, 2018
After Enrique Hernandez took heat over comments about the Dodgers' passive Game 3 crowd, he shared a tweet about 'Energy Deficiency.' ...
Trump said the Saudi crown prince “totally denied any knowledge” of events leading to journalist Jamal Khashoggi's disappearance after his consulate visit in Istanbul. ...