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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

TAS TAX TIP: Filing Past Due Tax Returns

Fri, Jul 12, 2019

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...

Advocate Releases EITC Special Report, Taxpayer Journey Roadmap

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...

NTA Blog: Happy Fourth of July

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 ...

NTA Blog: The IRS's Position on the Application of the Religious Freedom Restoration Act to the Social Security Requirement Under Internal Revenue Code § 24(h)(7) Has the Effect of Denying Child Tax Credit Benefits to the Amish and Certain Other Religious Groups

Wed, Jun 26, 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 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...

TAS Tax Tip: Use your 2018 return to get 2019 tax withholding right

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...

NTA Blog: National Taxpayer Advocate Nina Olson Issues Her Final Report to Congress Today

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...

National Taxpayer Advocate releases Fiscal Year 2020 Objectives Report

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...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 3 of 3)

Wed, Jun 12, 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 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...

TAS Tax Tip: I got an IRS notice; now what do I do?

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 ...

The Tax Lawyer journal features article by TAS Attorney Advisor

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...

Reuters

Protesters vent anger at NY mayor, U.S. DOJ after chokehold decision

Thu, Jul 18, 2019

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. ...

Illinois jury to decide death or life in prison for man convicted of beheading Chinese student

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. ...

Asylum seekers anxiously cross into U.S. as new policy kicks in

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. ...

Hawaiian protesters seek to block telescope project but state vows to proceed

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. ...

Puerto Rico faces tougher scrutiny over federal Medicaid funding

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. ...

U.S. rights groups ask courts to freeze Trump asylum rule

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. ...

U.S. FAA to again delay drone tracking rule: document

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. ...

Ohio Senate passes bill to save state's two nuclear power plants

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. ...

Jury weighs fate of Illinois man in slaying of student from China

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. ...

California settles decades-long lawsuit over lead paint, but outcome is bittersweet

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. ...

USA TODAY

Trump slams 'squad' during North Carolina rally as crowd chants 'send her back'

Wed, Jul 17, 2019

"If they don’t like it, let them leave," Trump told the crowd. "I think in some cases they hate our country."       ...

Racism. Xenophobia. Bigot. Those were just a few of Merriam-Webster's top searches on Wednesday night

Thu, Jul 18, 2019

Racism, socialism, fascism, concentration camp, xenophobia and bigot were the top searches on Merriam-Webster.com on Wednesday night.       ...

A heat wave will scorch the central and eastern US this week. Here's how you can stay cool and survive

Wed, Jul 17, 2019

The National Weather Service has issued a heat advisory for large swathes of the country where temperatures will reach triple digits this week.       ...

'It's absolutely outrageous': Jon Stewart slams Rand Paul for delaying 9/11 first responder bill

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.       ...

Howard Stern tells Kim Goldman: O.J. Simpson should be thrown off Twitter

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."       ...

New York City removed 110 trash cans. Now garbage is overflowing and the rats are 'running wild'

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.       ...

Democratic-controlled House kills articles of impeachment against Trump

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.       ...

2 years of trash in a jam jar: People striving to go 'zero-waste' say it's worth the effort

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.       ...

Pregnant Shay Mitchell opens up about her past miscarriage: 'You feel broken as a woman'

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.       ...

Manny Machado rips MLB Network analysts for hypocrisy during Instagram rant

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.       ...