Below please find daily updates pertaining to the latest in financial, business, and tax news:
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 ...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...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...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...
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...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...
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...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...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 […]...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...
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 ...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...
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...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...
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...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...
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...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...
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...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...
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. ...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. ...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. ...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. ...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. ...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. ...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. ...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. ...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. ...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. ...
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. ...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. ...Mon, Dec 10, 2018
Mexico's new president proposes $30 billion "Marshall Plan" for Central America as Trump administration has cut funding. ...
'Second Act' star Jennifer Lopez totally understands why the world is speculating whether she'll marry boyfriend Alex Rodriguez. ...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. ...Mon, Dec 10, 2018
Chrissy Teigen tweeted about her dream of curating an airline menu, and Delta Air Lines replied. ...Mon, Dec 10, 2018
One of the top relievers available on the free agent market, Adam Ottavino is certainly marketing himself well. ...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. ...
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. ...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. ...