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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)

Recent Cases Clarify Penalty Supervisory Approval Requirement

Thu, Mar 26, 2020

In 2017, court decisions gave penalty relief to certain taxpayers. Since then, the courts have clarified the scope of these decisions.  Second Circuit Sets the Standard Under Code Sec. 6751(b) , certain penalties require that the immediate supervisor of the individual making the determination, or designated hig...

Taxpayer Implications Regarding Coronavirus: Examining Congressional Response to COVID-19

Wed, Mar 18, 2020

U.S. Congress acts to help businesses and individuals As the spread of the Coronavirus COVID-19 starts to have a greater impact on the economy, U.S. Congress is taking some initial action to help businesses and individuals. The U.S. House of Representatives has passed bi-partisan legislation to address paid sick and family leave, including tax credits […] The post Taxpayer Implications Re...

UBIA Limits Section 199A Deduction: What is UBIA & How Does it Work?

Wed, Mar 18, 2020

UBIA is the basis in a partnership’s property, and it can work to limit a partner’s section 199A deduction. If a partner recently bought their partnership interest, the partner may find their section 199A deduction limited by a percentage of both: UBIA, and wages. This limitation will be relevant to taxpayers or partners who own […] The post UBIA Limits Section 199A Deduction: What is UBI...

SECURE Act Changes for Employers and Retirement Plans

Fri, Mar 13, 2020

The Setting Every Community Up for Retirement Enhancement (SECURE) Act was passed in December 2019. Many of its changes are already affecting employers and plan sponsors. Some of these changes are discussed here. Small Business Tax Credits for Retirement Plans Increased The SECURE Act increases credits for small businesses with retirement plans. A small business […] The post SECURE Act Ch...

2020 Whole Ball of Tax: Your ‘Go-To’ Tax Season Resource

Mon, Mar 09, 2020

Annual collection of resources aid the preparer and taxpayer alike The annual 2020 Whole Ball of Tax (WBOT) from Wolters Kluwer Tax & Accounting is now available to help journalists, reporters, and media in general better understand the nuances of the 2020 tax filing season. Filled with valuable information, WBOT is a comprehensive collection of […] The post 2020 Whole Ball of Tax: Yo...

IRS Beefs Up Resources for Gig Economy Workers and Platforms

Mon, Mar 02, 2020

The IRS has some new resources for taxpayers navigating the gig economy. These include: a recent Gig Economy webinar, and a new Gig Economy Tax Center page on the IRS website. IRS Gig Economy Webinar The IRS presented a webinar on the gig economy on February 20. The session was aimed at gig workers, businesses, […] The post IRS Beefs Up Resources for Gig Economy Workers and Platforms appe...

SECURE Act: IRA Contributions and Charitable Distributions by 70+ Somethings

Wed, Feb 26, 2020

The SECURE Act ended the prohibition against IRA contributions after age 70½.  It also preserved the ability to make qualified charitable distributions (QCDs) at age 70½ even though the required minimum distribution age was bumped to 72.  Should post-70½-somethings start making IRA contributions?  Should those age 70½ and 71 stop making QCDs?   Retiree Earners IRA [R...

How to Elect the Allocable Parental Tax for Kiddie Tax Calculation in 2018 or 2019

Tue, Feb 25, 2020

The IRS has provided guidance on the election to calculate the kiddie tax for 2018 and 2019 using the child’s allocable parental tax instead of the tax rates for trusts and estates. The election is generally made on the taxpayer’s return or by attaching a statement to the return. A taxpayer can choose whichever method […] The post How to Elect the Allocable Parental Tax for Kiddie Tax Cal...

Exempt Organization Electronic Filing Requirements Expanded

Tue, Feb 11, 2020

The 2020 tax season expands  electronic filing requirements for exempt organizations. The Taxpayer First Act requires tax exempt organizations to electronically file information returns and related forms. The new law affects tax exempt organizations in tax years beginning after July 1, 2019. Taxpayers may receive transitional relief for certain forms as discussed below in form-by-form [...

IRS Finalizes Form 8997, Form 8949 and Schedule D for Reporting QOF Investments

Wed, Feb 05, 2020

Taxpayers must report their investments in Qualified Opportunity Funds (QOF) on new IRS Form 8997, Initial and Annual Statement of Qualified Opportunity Fund (QOF) Investments. Individuals who dispose of any QOF investments during the year must also report the gain or loss on Form 8949, Sales and Other Dispositions of Capital Assets; and on Schedule […] The post IRS Finalizes Form 8997, F...

Taxpayer Advocate Service Feed

TAS Tax Tip: Avoid scams offering Economic Impact Payments

Thu, Apr 02, 2020

We know everyone is eager to get more information on the recent Coronavirus Tax Relief and to receive an Economic Impact Payment, if they qualify. While it’s tempting, don’t fall victim to scams that promise to get you payments faster in exchange for your personal information or for a fee – they can’t do that. Don’t believe scammers pretending to be the Internal R...

Coronavirus (COVID-19) Tax Updates

Tue, Mar 31, 2020

GET HELP The Taxpayer Advocate Service (TAS) remains commited to assisting taxpayers and championing their taxpayer rights. TAS will continue to offer help to qualified taxpayers by telephone. Visit www.taxpayeradvocate.irs.gov/contact-us and use the digital map to find a local telephone number in your area. Check this page frequently for tax-related changes as new information is made availabl...

TAS welcomes new National Taxpayer Advocate, Erin M. Collins

Mon, Mar 30, 2020

  The Taxpayer Advocate Service (TAS) is pleased to announce that Erin M. Collins has joined the Taxpayer Advocate today as the new National Taxpayer Advocate. Erin has more than 35 years of experience in tax law. She began her career as an attorney in the IRS Office of Chief Counsel, where she worked for nearly 15 years in the Los Angeles District Counsel office. She then spent 20 years ...

NTA Blog: TAS is open and ready to virtually serve taxpayers

Fri, Mar 27, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. The health and safety of our employees, taxpayers and tax practitioners are the Taxpayer Advocate Service’s highest priorities. Despite the challenges presented by the National Emerge...

TAS Tax Tip: Where is my refund?

Tue, Mar 24, 2020

  If you’ve already filed your tax return in the last month or so, but haven’t gotten your refund yet, you may be wondering: Where is my refund? The IRS, in general, processes refunds in approximately 21 days, if you filed electronically, and six weeks if you filed a paper tax return. However, there are several things that could delay or stop you from receiving the refund, in ...

NTA Blog: The Taxpayer Advocate Service Celebrates 20 Years of Advocating for Taxpayers

Fri, Mar 13, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. This week marks a major milestone for the Taxpayer Advocate Service (TAS). On March 12, TAS celebrated its 20th anniversary. Although the IRS previously had procedures in place to assist ta...

The Taxpayer Advocate Service Celebrates 20 Years of Driving Advocacy Forward

Thu, Mar 12, 2020

2020 marks 20 years of the Taxpayer Advocate Service (TAS) working as your “Voice at the IRS,” helping taxpayers solve problems and protecting taxpayers’ rights.   The Restructuring and Reform Act of 1998 (RRA ‘98) established the Taxpayer Advocate Service. On March 12, 2000, the Taxpayer Advocate Service was established as an independent organization within ...

NTA Blog: Implementation of New TAS Case Acceptance Procedures for Non-Identity Theft Refund Fraud Cases During Filing Season 2020

Wed, Mar 04, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. The IRS uses certain “filters” to detect and prevent tax refund fraud. While these filters do stop a substantial amount of fraud, they also flag hundreds of thousands of returns...

TAS Tax Tip: Keep safe on social media at tax time

Tue, Mar 03, 2020

Waiting on your tax refund can be difficult. It can be even more so when you are unsure about the status or why there might be a delay beyond the timeframe you expected your refund. While you are checking the status of your refund or responding to any IRS requests for additional information, the Taxpayer Advocate Service urges you to protect your personal and tax account information. Social med...

Success Story: 235 tax tip sessions held nationwide to help avoid refund delays

Fri, Feb 28, 2020

Every year the Taxpayer Advocate Service (TAS) helps thousands of people with tax problems. This is only one of many examples of how TAS helps resolve taxpayer issues. Taxpayer advocates from coast to coast, including Puerto Rico, held a combined two hundred and thirty-five events just before the start of the tax filing season. These free tax sessions invited taxpayers to visit and get tax fili...

Reuters

African-Americans dying of coronavirus at higher rates, preliminary data shows

Wed, Apr 08, 2020

The new coronavirus is killing African-Americans at a higher rate than the U.S. population at large, according to preliminary numbers from Louisiana, Michigan and Illinois that officials say point to disparities in health and healthcare access. ...

Trump removes top coronavirus watchdog, widens attack on inspectors general

Tue, Apr 07, 2020

President Donald Trump removed the inspector general who was to oversee the government's $2.3 trillion coronavirus response, a spokeswoman for the official's office said on Tuesday, fueling concerns in Congress about oversight of the relief package. ...

'Hardest day': New York's Cuomo sees virus slowing despite record death toll

Tue, Apr 07, 2020

Even as medical teams struggled to save an onslaught of gravely ill coronavirus patients and deaths hit new highs, the number of COVID-19 hospitalizations seemed to be leveling off in New York state, the U.S. epicenter of the pandemic, Governor Andrew Cuomo said on Tuesday. ...

Aggressive restrictions notably slow coronavirus in California tech hub

Tue, Apr 07, 2020

California's Santa Clara County, the technology hub hit hard by some of the first American cases of the coronavirus, dramatically slowed the illness with early and aggressive shelter-at-home rules, public health officer Sara Cody said on Tuesday. ...

Trump says WHO is China-centric, 'really blew it' on coronavirus

Tue, Apr 07, 2020

U.S. President Donald Trump sharply criticized the World Health Organization on Tuesday, accusing it of being too focused on China and issuing bad advice during the new coronavirus outbreak and saying he would put a hold on U.S. funding for the agency. ...

White House looks to bolster small business lending program

Tue, Apr 07, 2020

The White House hopes Congress will nearly double the size of its program to support ailing small businesses by the end of the week, as some of the nation's largest lenders still sit on the sidelines and others remain unable to access the system. ...

Trump administration seeks $250 billion more in aid for small U.S. businesses: Mnuchin

Tue, Apr 07, 2020

The Trump administration on Tuesday asked Congress for an additional $250 billion in emergency economic aid for small U.S. businesses reeling from the coronavirus pandemic, as Senate Majority Leader Mitch McConnell pushed for passage as soon as Thursday. ...

Alaska's RavnAir may face bankruptcy fight over jets grounded by coronavirus

Tue, Apr 07, 2020

Alaska's North Slope Borough government has moved to seize the assets of RavnAir Group after it declared bankruptcy due to the coronavirus, aiming to protect its region's air service but also setting up a potential legal battle with the airline's lender. ...

U.S. appeals court allows abortion curbs in Texas during coronavirus outbreak

Tue, Apr 07, 2020

A U.S. appeals court ruled on Tuesday that Texas could enforce limits on the ability of women to obtain abortions as part of the state's policy requiring postponement of non-urgent medical procedures during the coronavirus pandemic. ...

'I own it:' U.S. Navy secretary resigns over handling of coronavirus-hit carrier

Tue, Apr 07, 2020

Acting Navy Secretary Thomas Modly resigned on Tuesday after he faced mounting backlash for firing and ridiculing the commander of a U.S. aircraft carrier who pleaded for help stemming a coronavirus outbreak onboard. ...

USA TODAY

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Wed, Mar 18, 2020

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Wed, Mar 11, 2020

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Support Local

Thu, Mar 26, 2020

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'It's not fancy, but it works': Mississippi doctor uses garden hose, lamp timer and electronic valve to create makeshift ventilators

Wed, Apr 08, 2020

The makeshift Robertson Ventilator can be assembled with hardware-store supplies in 20-30 minutes at a cost of less than $100.       ...

Black people are overwhelmingly dying from coronavirus in cities across the US

Tue, Apr 07, 2020

With coronavirus cases and deaths soaring in cities with significant black populations, civil rights groups are urging the release of racial data.       ...

John Prine: Sheryl Crow, Jason Isbell remember legendary songwriter on Twitter

Wed, Apr 08, 2020

John Prine, a legendary songwriter, died Tuesday at age 73, his family confirmed.       ...

John Prine, the Mark Twain of modern songwriting, dies at age 73

Wed, Apr 08, 2020

Legendary singer-songwriter John Prine died Tuesday from COVID-19 complications. He was 73.       ...

Opinion: Don't play games with unrealistic ideas to return sports amid pandemic

Tue, Apr 07, 2020

Talk of the PGA Tour, NBA and Major League Baseball returning to play in May or June is "wishful thinking," according to public-health experts.       ...

New data on New York coronavirus deaths: Most had these underlying illnesses; 61% were men

Tue, Apr 07, 2020

The majority of New York's more than 4,700 coronavirus deaths were men, and 86% of all deaths were among people who had underlying illnesses.       ...