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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)

Wolters Kluwer Projects 2020 Tax Brackets and Other Amounts

Thu, Sep 12, 2019

Wolters Kluwer, Inc. has projected tax brackets and other inflation-adjusted amounts for the 2020 tax year. Highlights of projected 2020 amounts, including tax brackets for both ordinary income tax and capital gains tax, can be found at the following link. See Wolters Kluwer’s Projections for Inflation-Adjusted Tax Brackets and Other Amounts Tax Cuts and Jobs […] The post Wolters Kluwer P...

Self-Directed IRAs: Risks and Opportunities

Wed, Sep 11, 2019

Self-directed IRAs open up investment opportunities, but carry risks.  A wrong move can result in current taxation of IRA income, immediate taxation of all assets in the IRA, and a variety of penalties. Although the stakes are high, a self-directed IRA might be just the thing for the IRA owner with the time, energy and […] The post Self-Directed IRAs: Risks and Opportunities appeared firs...

ACA “Cadillac” Tax Repeal

Tue, Sep 10, 2019

The House of Representatives voted to repeal the Affordable Care Act’s (ACA) so-called “Cadillac” excise tax on high-cost employer insurance plans.  Unless the Senate takes up the repeal and passes it, the tax is set to kick in 2022. The Cadillac tax is not just a tax to raise revenue.  The tax will limit the […] The post ACA “Cadillac” Tax Repeal appeared first on Tax & Accou...

Congress Returns to Work on Including Possible Tax Legislation

Mon, Sep 09, 2019

Congress returns from its summer recess on Monday, September 9 and it may address several pieces of outstanding tax legislation over the next month. The federal government must pass budget appropriations soon and many are hoping that a few tax bills can hitch a ride. Otherwise, the tax bills may not be addressed until the […] The post Congress Returns to Work on Including Possible Tax Leg...

IRS Letters Warn Taxpayers to Report Past Virtual Currency Transactions

Wed, Sep 04, 2019

The IRS is sending letters this summer to more than 10,000 taxpayers who may have failed to properly report their virtual currency transactions. Taxpayers should take these letters “very seriously,” warns IRS Commissioner Chuck Rettig. Types of IRS Virtual Currency Letters The IRS letters come in three versions. Each version: explains why the IRS is […] The post IRS Letters Warn Taxpayers...

Wolters Kluwer Tax & Accounting Explores the Taxpayer First Act

Tue, Aug 27, 2019

The Taxpayer First Act legislation and its implications Enacted on July 1, 2019, the Taxpayer First Act is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998. The Act addresses a number of issues that have arisen in the last thirty years […] The post Wolters Kluwer Tax & Accounting Explor...

IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR

Fri, Aug 23, 2019

The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the 2018 version. The IRS also released a draft a new Form 1040-SR, U.S. Tax Return for Seniors, for taxpayers who are at least 65 years old. The new Form 1040 […] The post IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR appeared fir...

SECURE Act Would Eliminate Stretch IRAs

Wed, Aug 21, 2019

The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would also eliminate “stretch IRAs.” If passed by the Senate, the changes would kick in for plan participants or IRA owners who die after 2019. Limited exceptions would apply for narrow […] The post SECURE Act Would Eliminate Stretch IRAs appeared ...

Revised Draft Form W-4 Acknowledges Privacy Concerns, but Remains Complex

Mon, Aug 19, 2019

The IRS has revised  its controversial draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. When first released, the form faced controversy over: complexity; and privacy considerations. Old Form W-4 Relied on Withholding Allowances Until now, employees adjusted the amount of withholding from their paychecks by simply increasing or reducing the number of withholding [&...

Form 1099-NEC Revived for Separate Reporting of Nonemployee Compensation

Fri, Aug 16, 2019

Form 1099-NEC, Nonemployee Compensation, is expected to return in 2020 after a 38-year absence. Taxpayers will use the form to report certain payments currently reported  on Form 1099-MISC, Miscellaneous Income. The IRS expects Form 1099-NEC to resolve some timing issues involved in submitting Form 1099-MISC. Reporting Nonemployee Compensation Taxpayers generally must use Form 1099-MISC to [...

Taxpayer Advocate Service Feed

TAS Tax Tip: Before you file that federal tax return: Stop and follow these tips to help avoid unnecessary delays

Fri, Jan 17, 2020

The Taxpayer Advocate Service wants to help you avoid delays this filing season, including refund delays. If you missed attending one of our local events and you prepare your own tax return, whether it’s through software or on paper, STOP and follow these tax tips (English/Spanish), or watch our video, before you file that federal tax return. Be aware of tax software that imports prior y...

NTA Blog: National Taxpayer Advocate Releases Annual Report to Congress and Purple Book

Fri, Jan 10, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. Earlier this week, I submitted to Congress the 2019 Annual Report to Congress and the third edition of the National Taxpayer Advocate’s Purple Book, which presents legislative recomme...

National Taxpayer Advocate Delivers Annual Report to Congress

Wed, Jan 08, 2020

Each year's Annual Report to Congress identifies the ten most serious problems facing taxpayers and offers recommendations to fix them. ...

TAS Tax Tip: Important information you need to know about refunds

Mon, Jan 06, 2020

Planning for a refund this year? Use these tax tips and find out what you need to know and understand about tax refund timing, when you could receive it and why you may only get part or none at all. General Information Different factors can affect the timing of a refund. The IRS and partners in the tax industry continue to strengthen tax security reviews to help protect against identity theft a...

TAS Tax Tip: Wait to receive your W-2 form or other income statements to file your tax return

Mon, Dec 30, 2019

The Taxpayer Advocate Service (TAS) wants to help you be prepared for the tax filing season. One way to avoid tax processing or refund delivery delays is to wait until you’ve received all of your final wage and income statements, such as Forms W-2 or 1099. Why? The IRS checks the income amounts you claim against the forms and information filed by others, like employers. This can include w...

Save the date and attend a free pre-filing season tax tips event in your area, January 13-17, 2020

Fri, Dec 27, 2019

Planning to file your tax return soon? Before you file your 2019 federal tax return, get tax tips from the Taxpayer Advocate Service (TAS) and avoid delays this tax filing season. The Taxpayer Advocate Service is offering pre-filing season events nationwide and in Puerto Rico, during the week of January 13 – 17, 2020. During those events, Local Taxpayer Advocates will share tips to help y...

TAS Tax Tip: See this important information about child and dependent-related tax benefits

Fri, Dec 27, 2019

If you have children or other dependents, and qualify to claim them on your tax return, there are a few things you need to know now, and some you may need to act on before you file your 2019 federal tax return. General Information Child and dependent-related tax benefits are some of the most common claimed on federal tax returns each year. If you don’t know which ones you may qualify for,...

NTA Blog: Holiday Cheer and All the Best in the New Year

Fri, Dec 20, 2019

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. From all of us at Taxpayer Advocate Service to all of you, we wish you much holiday cheer and all the best in the New Year! We’ll be back after the New Year with a fresh round of blog...

NTA Blog: IRS Publication Error May Have Caused Certain Married Taxpayers Filing Separately to Fail to File Required Tax Returns

Fri, Dec 13, 2019

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. TAS’s statutory mission is to resolve problems taxpayers encounter as a result of the way the IRS administers the nation’s tax code. In this blog, I would like to call attention...

TAS Pre-Filing Season Outreach

Mon, Dec 09, 2019

Ready to file your federal tax return? Stop by one of these events first and get tips to avoid delays! Want to avoid delays this filing season, including refund delays? Find out how by visiting us at one of the locations below during the week of January 13 – 17. If you prepare your own tax returns, whether it’s through software or on paper, come visit us before you file that fed...

Reuters

Trump impeachment: What happens next?

Fri, Jan 24, 2020

U.S. House of Representatives Democrats presenting the case to remove President Donald Trump from office wrap up their impeachment case on Friday. ...

Actress Rosie Perez backs up Sciorra account in Weinstein rape trial

Fri, Jan 24, 2020

Actress Rosie Perez took the stand in the rape trial of Harvey Weinstein on Friday to bolster the account of friend and fellow actress Annabella Sciorra, who said she was raped by the former Hollywood producer in the early 1990s. ...

U.S. Justice Dept. plans to hold meeting to discuss tech industry liability: sources

Fri, Jan 24, 2020

The U.S. Justice Department is planning to hold a conference to discuss the future of a federal law which largely exempts online platforms from legal liability for the material their users post, sources familiar with the plans said on Friday. ...

How Joe Biden went from slumping to surging in Democratic presidential race in Iowa

Fri, Jan 24, 2020

Iowa resident Carolyn Miller had long harbored doubts about Joe Biden's candidacy, believing the former vice president was too old and too fumbling to beat President Donald Trump in November's election. ...

Blast at machine shop rips through Houston neighborhood, killing two

Fri, Jan 24, 2020

A massive explosion at a machine shop ripped through a Houston neighborhood early on Friday morning, killing at least two people and damaging homes while sending out blast waves for miles. ...

Sanders touts controversial comedian's 2020 support, sparking criticism

Fri, Jan 24, 2020

U.S. Democratic presidential hopeful Bernie Sanders' decision to highlight an unofficial endorsement from Joe Rogan drew criticism on Friday due to the comedian's brand of humor that some see as dismissive of issues like equal pay and transgender rights. ...

At anti-abortion rally, Trump assails Democrats, draws applause

Fri, Jan 24, 2020

Donald Trump became the first U.S. president to attend the annual March for Life in Washington on Friday, unleashing a fierce attack on his Democratic rivals during a rally in an election-year show of support for opponents of abortion rights. ...

U.S. says 34 troops diagnosed with traumatic brain injury after Iran strike

Fri, Jan 24, 2020

The Pentagon said on Friday that 34 service members had been diagnosed with traumatic brain injury following missile strikes by Iran on a base in Iraq earlier this month, a number higher than the military had previously announced. ...

Trump administration says California can't require insurers to cover abortion

Fri, Jan 24, 2020

The Trump administration said on Friday that California cannot require health insurers to cover abortions and threatened to cut some federal healthcare funds unless it pulls that requirement. ...

'Denial of justice': Britain rebukes U.S. for not giving up diplomat's wife

Fri, Jan 24, 2020

Britain criticized the United States on Friday for refusing to extradite a U.S. diplomat's wife who was involved in a car crash that killed a British teenager, saying it amounted to a "denial of justice". ...

USA TODAY

President Trump's impeachment

Tue, Jan 21, 2020

Senate trial, explained      ...

Like Super Bowl ads? Come vote!

Thu, Jan 16, 2020

📺 + 🏈 + ✔️ = 📈      ...

2020 Grammy Awards

Thu, Jan 23, 2020

Who should and will win      ...

Social Security changes

Thu, Jan 23, 2020

What to expect in 2020      ...

34 Americans injured in missile blast at Iraqi base, Pentagon says, tripling earlier estimates

Fri, Jan 24, 2020

The Pentagon says 34 U.S. service members were diagnosed with traumatic brain injuries stemming from an Iranian missile strike on troops in Iraq       ...

Rosie Perez testifies at Harvey Weinstein trial: Annabella Sciorra said 'I think it was rape'

Fri, Jan 24, 2020

Prosecutors in Harvey Weinstein's sex-crimes trial called a witness who testified Weinstein wanted Rose McGowan and Annabella Sciorra "investigated."      ...

Recording shows Trump called for firing of former Ukraine ambassador, report says

Fri, Jan 24, 2020

A recording of President Trump calling for former Ambassador Marie Yovanovitch's firing a year before she was recalled was reported Friday.       ...

Gabrielle Union tweets about being thrown 'under the bus' after Terry Crews defends 'AGT'

Fri, Jan 24, 2020

Terry Crews talks about the controversial exit of former "America's Got Talent" judge Gabrielle Union, saying he didn't experience the same treatment.       ...

Trump recording reignites Senate debate on witnesses- Trump impeachment trial latest

Fri, Jan 24, 2020

House impeachment managers make their final opening arguments for President Trump's conviction and removal from office.       ...

If you want to ban fetal tissue research, sign a pledge to refuse its benefits

Fri, Jan 24, 2020

Severe Trump administration restrictions mean millions of Americans of all political and religious stripes won't benefit from fetal tissue research.       ...