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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)

House Approved Bipartisan IRS Reform Package

Thu, Apr 19, 2018

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...

2017 Filing Deadline Extended One Day; IRS Processing Systems Back Online

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...

House Approves First Round of IRS Reform Bills

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...

Taxpayers Will Not be Penalized for Tax Day Filing Glitch, IRS Chief Says

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 ...

2018 Fiscal-Year Blended Tax Rates for Corporations (IR-2018-99; Notice 2018-38)

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...

Weekly Report from Washington, D.C.

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...

Updated FAQs Issued on Filing 2017 Tax Returns Including Transition Tax (FAQs)

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...

Treasury, OMB Agree to Increased Oversight of Tax Regulations

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 ...

Kautter Updates Lawmakers on 2018 Tax Filing Season, IRS Operations

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...

Tax Reform Guidance Will Take Years, IRS Chief Says

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...

Taxpayer Advocate Service Feed

NTA Blog: The IRS Refuses to Provide Mandatory Employee Training on Taxpayer Rights

Wed, Oct 10, 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 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...

Nuevo Sitio Web Sobre Cambios en la Reforma de Impuestos que Explica qué está Cambiando y qué no

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...

NTA Blog: Measuring the Taxpayer Experience – External Evaluations Show the IRS is Failing to Provide the Quality of Customer Service Expected by Taxpayers (Part 2 of 2)

Wed, Oct 03, 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 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 ...

NTA Blog: Measuring the Taxpayer Experience – The IRS’s Level of Service Measure Fails to Adequately Show the Experience of Taxpayers Seeking Assistance Over the Phone (Part 1 of 2)

Wed, Sep 26, 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 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...

NTA Blog: TAS Research Shows that Education Improves EITC Compliance

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...

Get information on TAS office closures related to Hurricane Florence

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....

NTA Blog: The IRS Might Recover EITC Using Its Newly Discovered Post-Processing Math Error Authority, but Is It Constitutional?

Thu, Sep 13, 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. 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...

Help us spread the news about our new Tax Reform Changes website

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...

NTA Blog: As a Result of TAS Advocacy, the IRS is Working to Address a Computer Glitch That Allowed Collection Activity on Accounts with Expired Collection Statute Expiration Dates but Many Issues Remain Unresolved

Fri, Sep 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. 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...

New tax law brings changes to tax withholding for 2018; here’s what you need to know

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...

Reuters

Record $667 million U.S. Mega Millions jackpot up for grabs

Tue, Oct 16, 2018

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. ...

Senior FBI official improperly accepted gifts from reporter: report

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. ...

Heated U.S. congressional races on pace to break fundraising records

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. ...

Death toll from Florida hurricane at least 29, hundreds missing

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. ...

Minnesota accuses insulin makers of deceptive drug pricing

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. ...

'Treason' remark stirs hotly contested Senate race in Arizona

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. ...

Nevada brothel owner, dubbed 'Trump from Pahrump,' dies: sheriff

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. ...

Special Report: The Trump trap - Republicans duck president in key House races

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. ...

Senate will not vote on new North America trade pact in 2018: McConnell

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. ...

Ex-State Street exec gets prison in U.S. for defrauding clients

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. ...

USA TODAY

USA Gymnastics interim CEO Mary Bono resigns under pressure

Tue, Oct 16, 2018

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.        ...

Can the U.S.-Saudi relationship survive journalist Jamal Khashoggi’s presumed killing?

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.        ...

Why the NBA - not the NFL or MLB - is America's favorite pastime

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.        ...

Dow mounts 548-point rebound after earnings reports come in strong

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.        ...

Hurricane Michael death toll rises to as many as 26 after more bodies found in Florida

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.        ...

Boston - not New York - has the best pizzeria, according to TripAdvisor

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.        ...

Dennis Hof, 'Cathouse' star and Nevada brothel owner-turned-politician, dies at 72

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.        ...

Freed Pastor Andrew Brunson: 'I’m one of the most hated men in Turkey, probably'

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.        ...

Dodgers' Enrique Hernandez turns tables on critics with humorous 'ED' tweet to fans

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 says Saudi prince ‘totally denied any knowledge’ of events leading to Saudi journalist's disappearance in Turkey

Tue, Oct 16, 2018

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.        ...