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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)

Weekly Report from Washington, D.C.

Mon, Dec 03, 2018

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 ...

Cryptocurrency Mining and Selling: When Do You Owe Tax?

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...

Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments

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...

IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms (Notice 2018-94)

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...

IRS Simplifies, Streamlines Procedures for Changing Accounting Method to Comply with AFS Deadline for All Events Test (Rev. Proc. 2018-60)

Fri, Nov 30, 2018

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...

Senate, House Tax Staffers Doubt Success of GOP’s Tax, IRS Package

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...

Proposed Regulations Address Foreign Tax Credit and Tax Cut and Jobs Act Changes (NPRM REG-105600-18; IR-2018-235)

Thu, Nov 29, 2018

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...

House GOP Catch-All Tax Package Likely Faces Uphill Battle in the Senate

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...

Republicans Seek to Pass 297-Page Tax, IRS Package During Lame-Duck Session

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 […]...

Electing Out of Interest Deduction Limit and Switching to ADS Is Not an Accounting Method Change

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...

Taxpayer Advocate Service Feed

Tax Notes podcast features an interview with the National Taxpayer Advocate

Fri, Apr 19, 2019

On April 11, National Taxpayer Advocate (NTA) Nina Olson sat down with a senior reporter from Tax Notes, an online publication for tax professionals, to record an interview about the filing season and other tax issues. In part one of this two-part podcast, the NTA brings her unique perspective to bear on the status of the filing season and how the government shutdown affected not only the proce...

NTA Blog: The Adoption of a Withholding Code and the Improvement of Free File Fillable Forms Would Streamline Tax Withholding and Reporting

Thu, Apr 18, 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 In last week’s blog, I discussed the potential benefits arising from an expansion of the pay-as-you-earn (PAYE) tax system to incorporate additional income item...

TAS Tax Tips for Tax Pros: Earned Income Credit Tools and Information

Fri, Apr 12, 2019

Earned Income Tax Credit (EITC) rules are complex and helping clients claim this and other refundable credits is sometimes a challenge. That is especially true while performing the Due Diligence steps needed for returns you prepare and advising clients under audit circumstances. Here are a few EITC quick reference tips, along with information on a new tool for assistance during EITC audit situa...

TAS Tax Tip: Payment and Penalty Relief Options

Thu, Apr 11, 2019

Tax time can be especially tough if taxes are owed with your tax return and even harder if penalties and interest are charged. Our website’s Get Help pages have a wealth of information about various payment options and will guide you through why penalties are charged and, when appropriate, how to request a reversal of those charges, along with steps you can take to avoid the same issues n...

NTA Blog: Expanding Pay-As-You-Earn Tax Collection Could Bring Significant Benefits

Thu, Apr 11, 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 Imagine it’s tax filing season. You’re dreading figuring out your tax liability this year, because in the last few years you’ve been earning sporadi...

TAS Tax Tip: Correcting tax returns, if you made a mistake or forgot to file

Tue, Apr 09, 2019

If you make a mistake on your taxes, do you know what to do and how to correct the mistake? There are many options on how to fix a mistake on your tax return, depending on whether you received a notice and the kind of mistake you made. If you simply forgot to file, and have a filing requirement, you should file right away as there are consequences. No IRS Notice Received Yet If you need to make...

NTA Blog: The IRS Should Redesign Its Notices Using Psychological, Cognitive, and Behavioral Science Insights to Protect Taxpayer Rights, Enhance Taxpayer Understanding, and Reduce Taxpayer Burden

Wed, Apr 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 With the filing season in full operation, many taxpayers are receiving correspondence from the IRS that convey significant taxpayer rights and require taxpayers to ta...

TAS Tax Tip: Filing, Requesting an Extension of Time to File and Payment Options

Thu, Mar 28, 2019

The tax return filing deadline is almost here. Have you filed yet? The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file th...

NTA Blog: IRS Efforts to Improve the EITC Improper Payment Rate Harm Taxpayers While Overlooking the Roles of Taxpayer Education and Paid Tax Preparers

Wed, Mar 27, 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 The Earned Income Tax Credit (EITC) is one of the primary forms of public assistance for low income working taxpayers.  However, the EITC is associated with a hi...

TAS Tax Tip: It’s Always a Good time to Check Your Tax Withholding

Fri, Mar 22, 2019

Finished with your 2018 tax return? If you are, and even if you are not, now might be a good time to check your tax withholding amount for this year, 2019, by doing a paycheck check-up now so you have the right amount of taxes withheld in your paycheck each week. No one likes surprises come tax time and this will hopefully eliminate the chance of any surprise. Why check it at all? The...

Reuters

U.S. top court buttresses company power to arbitrate disputes

Wed, Apr 24, 2019

WASHINGTON - In a decision that could further help companies limit damages in disputes with workers, the U.S. Supreme Court on Wednesday ruled against a California man who was the victim of an online scam and sought to bring claims against his employer on behalf of a group of workers instead of just himself. ...

NRA sues Los Angeles over law requiring that contractors reveal ties to gun group

Wed, Apr 24, 2019

The National Rifle Association sued Los Angeles on Wednesday over a new law requiring that contractors seeking to do business in the second most-populous U.S. city must disclose their ties to the gun rights group. ...

U.S. federal judge to block Trump's new abortion rule: media, activists

Wed, Apr 24, 2019

A federal judge in the U.S. state of Oregon will block a move by the Trump administration to cut off federal money to family planning clinics that offer abortion or refer women to abortion providers, activists and media reports said late on Tuesday. ...

Ex-University of Texas tennis coach to plead guilty in college admissions scandal

Wed, Apr 24, 2019

The former head coach of the men's tennis team at the University of Texas at Austin is scheduled to plead guilty on Wednesday to accepting a bribe to help a wealthy father secure admission for his son at the school, as part of the U.S. college admissions scandal. ...

Fire mostly contained after ethanol train derailment in Texas: Union Pacific

Wed, Apr 24, 2019

A fire that broke out early Wednesday after 25 cars of a Union Pacific train hauling ethanol derailed at Fort Worth, Texas, has been "mostly contained", a company spokeswoman said. ...

Leader of U.S. border armed militia group attacked in jail: attorney

Wed, Apr 24, 2019

The leader of an armed militia group that spent the past two months detaining migrants at the U.S.-Mexico border has been hospitalized after he was attacked in the prison where he was awaiting trial on federal firearms charges, his attorney said. ...

After drug distributor charged, Trump sets speech on opioid fight

Wed, Apr 24, 2019

President Donald Trump is expected to tout his fight against opioid abuse in remarks in Atlanta on Wednesday, a day after his administration brought its first related criminal charges against a major drug distributor and company executives. ...

White supremacist to be executed in Texas for dragging death of black man

Wed, Apr 24, 2019

A white supremacist convicted of killing James Byrd Jr. in 1998 by dragging the 49-year-old black man behind a truck in one of the most notorious hate crimes in modern times is scheduled to be executed in Texas on Wednesday. ...

Self-styled U.S. citizen border patrol unravels after leader's arrest

Tue, Apr 23, 2019

A group of armed Americans who have been stopping migrants illegally crossing the U.S.-Mexico border abandoned their New Mexico camp on Tuesday, days after its leader was arrested and allies deserted them during a storm of criticism. ...

ST Engineering wins up to $1.9 billion contract to build icebreakers for U.S. Navy

Tue, Apr 23, 2019

Singapore Technologies Engineering Ltd said on Wednesday it has won a contract worth up to $1.94 billion to build as many as three icebreaker ships for the U.S. Navy. ...

USA TODAY

Hundreds of former Boy Scouts reveal new sexual abuse claims, exposing 150 alleged pedophiles

Wed, Apr 24, 2019

More than 200 individuals allege sexual abuse by members of the Boy Scouts of America, identifying 150 alleged pedophiles never before accused.        ...

CDC confirms Delaware girl was bitten on the face by a treacherous 'kissing bug'

Wed, Apr 24, 2019

The "kissing bug," which bites people around their mouths, can pass along the fatal disease Chagas.        ...

Jennifer Garner thinks her face on cover of People's Beautiful Issue is 'so ridiculous'

Wed, Apr 24, 2019

"That's the first time I've seen it, I can't look at it," Jennifer Garner said after catching a glimpse of her People magazine's Beautiful cover.        ...

Most cold-blooded shot 'ever': Damian Lillard's 3-pointer leaves NBA world in awe

Wed, Apr 24, 2019

The Trail Blazers are moving on to the second round after taking down the Thunder in Game 5 Tuesday night, and they have Damian Lillard to thank.        ...

President Trump says if Democrats try to impeach him, he'll take it to the Supreme Court

Wed, Apr 24, 2019

If Democrats tried to impeach, the president says he would "first head to the U.S. Supreme Court."        ...

Why Natalie Portman was at the 'Avengers: Endgame' premiere and Tom Holland wasn't

Wed, Apr 24, 2019

Natalie Portman, who played Chris Hemworth's love interest in the first two "Thor" movies, turned up on the red carpet at the "Avengers: Endgame" premiere. But Tom Holland, who plays Spider-Man, wasn't. Her'e's why.        ...

Texas school's dress code for parents bans 'sagging pants,' pajamas, hair rollers and more

Wed, Apr 24, 2019

James Madison High School in Houston said parents would need to conform to a dress code, including no "leggings that are showing your bottom."        ...

Man claiming innocence gets life in prison without parole in killing of New York jogger who was sexually abused

Wed, Apr 24, 2019

Chanel Lewis was convicted earlier this month in the 2016 killing of Karina Vetrano, who was out running when she was sexually abused and killed        ...

Facebook while black: Users call it getting 'Zucked,' say talking about racism is censored as hate speech

Wed, Apr 24, 2019

Black Facebook users complain they can't talk about racism without being censored for hate speech. Civil rights groups want Facebook to fix it.        ...

Sri Lankan president shakes up defense forces, says attack warnings went unheeded

Wed, Apr 24, 2019

Sri Lanka’s president has demanded that the defense secretary and national police chief resign after the Easter Sunday suicide bombings.        ...