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...
National Taxpayer Advocate Nina E. Olson releases her 2018 Annual Report to Congress, describing challenges the IRS is facing as a result of the recent government shutdown and recommending that Congress provide the IRS with additional multi-year funding to replace its core 1960s-era information technology (IT) systems. Ms. Olson notes IT funding as her top legislative recommendation. The resour...Thu, Feb 07, 2019
The tax return filing season is here. Do you need help with filing information and options? Here are some useful tips from the Taxpayer Advocate Service. Options for Filing a Tax Return Each year, most people who work are required to file a federal income tax return. If you must file, you have two options: Filing an electronic tax return (often called electronic filing or e-filing), or Filing ...
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. TAS is an advocate for protecting taxpayers’ rights. This success story is an example of how TAS's advocacy protected a taxpayer&r...Thu, Jan 31, 2019
It’s filing season! The IRS’s new Form 1040 for 2018, its corresponding Schedules 1-6, and instructions are now available. Taxpayer Advocate Service’s Tax Reform Changes website contains updated references to the new 2018 form and schedules now as well. There’s no denying this year’s new Form 1040 and schedules are very different than the tax form and schedules you...Mon, Jan 28, 2019
As of January 28, 2019, all TAS offices are open. Some offices may be closed due to weather or other emergencies as updated on our Contact Us page. As always, the Taxpayer Advocate Service is committed to helping our taxpayers. All cases matter greatly to us and we need to make sure we are addressing the most serious cases first. Due to the prolonged government shutdown, we will need some time ...Thu, Dec 20, 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. As we wrap up this year with putting the finishing touches on the National Taxpayer Advocate’s Annual Report to Congress, we are taking a break this week and n...
It’s the holidays and is anyone really thinking about taxes? We hope you are, because there are certain things you will want to know now, and some you may need to act upon before the end of the calendar year.For individuals, the Taxpayer Advocate Service’s Tax Reform Changes website, in both English and Spanish, has information for you about what is changing and what is not for the ...Thu, Dec 13, 2018
NEW (12/13/2018): The 2018 Form 1040, schedules and instructions are now available. Our Tax Reform Changes website shows where the new tax law items can be found on the 2018 form, in addition to the 2017 form. Promote Our SiteIs your business or association involved in helping others understand federal income taxes and the ramifications of changes to those laws each y...Thu, Dec 13, 2018
English NUEVO (12/13/2018):El formulario 1040 de 2018, los anexos y las instrucciones ya están disponibles. Nuestro sitio web de Cambios en la Reforma de Impuestos muestra dónde se pueden encontrar los nuevos elementos de la reforma de impuestos legislación fiscal en el formulario de 2018, además del formulario de 2017. 0 de 2018, los an...Thu, Dec 13, 2018
En Español NEW (12/13/2018): The 2018 Form 1040, schedules and instructions are now available. Our Tax Reform Changes website shows where the new tax law items can be found on the 2018 form, in addition to the 2017 form. You may know that Congress approved major tax reform in the Tax Cuts and Jobs Act (TCJA) on Dec. 22, 2017. The IRS is currently working on...
A high school student from Covington, Kentucky, sued the Washington Post for defamation on Tuesday, claiming the newspaper falsely accused him of racist acts and instigating a confrontation with a Native American activist in a January videotaped incident at the Lincoln Memorial. ...Wed, Feb 20, 2019
A Colorado man accused of murdering his fiancé last November beat the young mother to death with a baseball bat before burning her body, a homicide investigator told a hearing on Tuesday, a court official said. ...Tue, Feb 19, 2019
A union for West Virginia teachers vowed on Tuesday to continue their strike to oppose charter schools, expressing distrust of lawmakers despite scoring a legislative victory. ...Tue, Feb 19, 2019
President Donald Trump plans to nominate Jeffrey Rosen as the next deputy U.S. attorney general, the White House said on Tuesday night, the latest shuffle in the Justice Department at a time when it faces close scrutiny over its Russia investigation. ...Tue, Feb 19, 2019
The governor of Illinois vowed on Tuesday to seek tighter gun control measures after learning the man who shot five co-workers dead last week was wrongly granted a firearms permit but never forced to surrender his weapon. ...Tue, Feb 19, 2019
Alabama elected officials and journalism organizations condemned as hateful on Tuesday a small town newspaper's editorial calling for the Ku Klux Klan to "ride again," as pressure mounted on the publisher to resign. ...Tue, Feb 19, 2019
The U.S. Transportation Department said on Tuesday it will cancel $929 million in federal funds awarded by the Obama administration for a California high-speed rail project and is "actively exploring every legal option" to seek the return of $2.5 billion the state has already received. ...Tue, Feb 19, 2019
President Donald Trump expressed confidence on Tuesday that he would prevail against a lawsuit filed by 16 U.S. states seeking to block his declaration of a national emergency to fund a wall along the U.S. border with Mexico. ...Tue, Feb 19, 2019
The mother of a Mississippi man who died in jail within 24 hours of his arrest on a trespassing charge last year filed a lawsuit on Monday, saying that he was beaten and pepper-sprayed while handcuffed and accusing local jailers of "routinely" using "barbaric measures." ...Tue, Feb 19, 2019
North Carolina poll workers told election officials on Tuesday they illegally viewed early election results last year, the latest evidence in a probe of voting irregularities in a still unsettled congressional race. ...
Transportation official nominated as deputy attorney general at Justice Dept ...
Researchers discovered a giant cavity inside Thwaites Glacier, considered one of the most dangerous in the world. What happens if it collapses? ...Tue, Feb 19, 2019
Over the weekend, Chicago police said the "trajectory" of their investigation had shifted to include the possibility that the Jan. 29 attack on "Empire" actor Jussie Smollett was faked. Here's where things currently stand. ...Tue, Feb 19, 2019
Milliken first appeared on TLC's "My 600-lb Life" in 2016 when he weighted over 900 lbs. ...Tue, Feb 19, 2019
Airlines are canceling flights and expanding their rebooking waivers ahead of a new winter storm that looks increasingly likely to disrupt flights. ...
Critics got a first peek at "Captain Marvel" on Tuesday night, and immediately hit Twitter with their opinions on the Brie Larson superhero movie. ...Tue, Feb 19, 2019
After clashing with President Trump over his "SNL" impression, Alec Baldwin addressed criticism from another member of the family – Donald Trump Jr. ...Tue, Feb 19, 2019
Southwest Chief Operating Officer Mike Van de Ven apologized to travelers and said the union that represents its mechanics has a "history of work disruptions.'' ...Tue, Feb 19, 2019
It started when friends of Joel Boyers called Metro police after they said they received strange texts from him about taking drugs. ...Tue, Feb 19, 2019
The Vatican acknowledges it has a set of guidelines for dealing with priests who father children, according to reports. ...