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...
Did you forget to file your 2018 tax return by April 15, 2019? Have you not filed tax returns for several years? If the answer is yes to either, here’s some information to help you catch up with your filing requirements. It’s important to file past due tax returns before the IRS does it for you (see Consequences of Not Filing below). First, figure out if you need to file a federal i...Wed, Jul 10, 2019
Learn more about the Taxpayers Journey Roadmap: taxpayeradvocate.irs.gov/roadmap. National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), a call to action, with recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible taxpayers. Also today, for the first time ever, th...Wed, Jul 03, 2019
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 Independence Day festivities with family and friends, we are taking a break this week from posting our blog. We want to wish everyone ...
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 part of the Tax Cuts and Jobs Act (TCJA) passed in December 2017, the Child Tax Credit (CTC) (Internal Revenue Code (IRC) § 24) was amended to require a Socia...Tue, Jun 25, 2019
Done with taxes this year? Then use your 2018 return to get your 2019 tax withholding right. It’s very important to have the correct amount of taxes withheld from your paycheck. Use the IRS Withholding Calculator and your 2018 tax return information to adjust your withholdings to ensure you don’t have too little or too much withheld. Checking and then adjusting tax withholding...Thu, Jun 20, 2019
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 Today I am issuing my 37th, and final, Report to Congress as National Taxpayer Advocate. With my pending July 31 retirement creeping ever closer, I have approached th...Thu, Jun 20, 2019
The National Taxpayer Advocate released her Fiscal Year 2020 Objectives Report to Congress today. In the report, she addresses key IRS challenges, reviews the 2019 filing season, and identifies TAS’s priority issues for fiscal year (FY) 2020. Key IRS Challenges Taxpayer Service: The report says poor taxpayer service remains the biggest challenge taxpayers face in dealing with the I...
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 Two weeks ago, I discussed how the Flora rule blocks access to judicial review by low income taxpayers and those subject to “assessable penalties.” Last w...Fri, Jun 07, 2019
The IRS will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, explain changes to your account, ask for more information, or request a payment. You can handle most of this correspondence without calling or visiting an IRS office if you follow the instructions in the notice. However, sometimes these communications can be ...Thu, Jun 06, 2019
An article written by a Taxpayer Advocate Service Attorney Advisor is featured in the Spring 2019 issue of The Tax Lawyer, a tax law journal published quarterly by the American Bar Association. What’s Wrong with Strict Liability and Nonmonetary Penalties? The Case for Reasonable Fault-Based Civil Tax Penalties and Procedural Protections was authored by Eric LoPresti, a Senior Attorney Adv...
Several hundred people took to the streets of New York on Wednesday to protest the U.S. Department of Justice's decision not to bring charges against a New York City policeman in the chokehold death of an unarmed black man in 2014. ...Thu, Jul 18, 2019
An Illinois jury of five women and seven men will continue deliberations on Thursday to decide if a man convicted of abducting and beheading a Chinese scholar will face a death sentence or spend the rest of his life behind bars. ...Wed, Jul 17, 2019
Fear over new U.S. curbs on almost all asylum seekers spread this week among migrants at its southern border, but some on waiting lists in Mexican cities found the gates to the United States stayed open, despite a much higher bar to stay. ...Wed, Jul 17, 2019
Protesters led by a group of native Hawaiian elders delayed the start of construction on Wednesday for a giant new telescope atop Hawaii's tallest mountain, but state officials began making arrests and vowed the project would ultimately proceed. ...Wed, Jul 17, 2019
U.S. lawmakers on Wednesday called for heightened scrutiny of Puerto Rico's Medicaid program as the bankrupt territory seeks increased federal healthcare funding while it deals with repercussions from a government corruption scandal. ...Wed, Jul 17, 2019
The American Civil Liberties Union and other groups that sued to block the Trump administration's latest initiative to bar almost all asylum-seekers at the U.S.-Mexico border have asked courts to freeze the measure while their cases are heard. ...Wed, Jul 17, 2019
The Federal Aviation Administration has again delayed plans to propose new rules requiring the remote identification of drones, according to records and a member of Congress on Wednesday. ...Wed, Jul 17, 2019
The Ohio Senate passed a bill on Wednesday that will create financial subsidies to stop the state's two nuclear power reactors from retiring early, according to market analysts tracking the legislation. ...Wed, Jul 17, 2019
A U.S. court jury on Wednesday began deliberating whether life in prison or the death penalty should be imposed on an Illinois man convicted of the abduction and decapitation murder of a Chinese graduate student two years ago. ...Wed, Jul 17, 2019
When Californian counties and cities first sued paint makers in 2000, they wanted the companies to pay billions to remove dangerous old lead paint from hundreds of thousands of homes. ...
"If they don’t like it, let them leave," Trump told the crowd. "I think in some cases they hate our country." ...
Racism, socialism, fascism, concentration camp, xenophobia and bigot were the top searches on Merriam-Webster.com on Wednesday night. ...
The National Weather Service has issued a heat advisory for large swathes of the country where temperatures will reach triple digits this week. ...Wed, Jul 17, 2019
Sen. Rand Paul, R-Ky., objected to the projected cost of the bill that would reauthorize the 9/11 first responders compensation fund. ...Wed, Jul 17, 2019
While speaking to Kim Goldman during Wednesday's episode of his SiriusXM radio show, Howard Stern called O.J. Simpson's account "maddening." ...Wed, Jul 17, 2019
Rats are populating the Upper West Side thanks to the removal of trash cans by the New York City Department of Sanitation. ...Wed, Jul 17, 2019
The House voted to kill a measure seeking to impeach President Donald Trump – the first vote on such a measure since Democrats took the majority and since the release of former special counsel Robert Mueller's report. ...Wed, Jul 17, 2019
Living waste-free, or waste-free-ish, isn't as hard as you'd think. We spoke to zero wasters to see how people can get started. ...Thu, Jul 18, 2019
During the first episode of her YouTube series, "Almost Ready," Shay Mitchell revealed that she suffered a miscarriage at 14 weeks. ...Wed, Jul 17, 2019
San Diego Padres third baseman Manny Machado tore into MLB Network commentators Dan Plesac and Eric Byrnes during an Instagram Live rant on Tuesday. ...