Below please find daily updates pertaining to the latest in financial, business, and tax news:
Wolters Kluwer, Inc. has projected tax brackets and other inflation-adjusted amounts for the 2020 tax year. Highlights of projected 2020 amounts, including tax brackets for both ordinary income tax and capital gains tax, can be found at the following link. See Wolters Kluwer’s Projections for Inflation-Adjusted Tax Brackets and Other Amounts Tax Cuts and Jobs […] The post Wolters Kluwer P...Wed, Sep 11, 2019
Self-directed IRAs open up investment opportunities, but carry risks. A wrong move can result in current taxation of IRA income, immediate taxation of all assets in the IRA, and a variety of penalties. Although the stakes are high, a self-directed IRA might be just the thing for the IRA owner with the time, energy and […] The post Self-Directed IRAs: Risks and Opportunities appeared firs...Tue, Sep 10, 2019
The House of Representatives voted to repeal the Affordable Care Act’s (ACA) so-called “Cadillac” excise tax on high-cost employer insurance plans. Unless the Senate takes up the repeal and passes it, the tax is set to kick in 2022. The Cadillac tax is not just a tax to raise revenue. The tax will limit the […] The post ACA “Cadillac” Tax Repeal appeared first on Tax & Accou...Mon, Sep 09, 2019
Congress returns from its summer recess on Monday, September 9 and it may address several pieces of outstanding tax legislation over the next month. The federal government must pass budget appropriations soon and many are hoping that a few tax bills can hitch a ride. Otherwise, the tax bills may not be addressed until the […] The post Congress Returns to Work on Including Possible Tax Leg...Wed, Sep 04, 2019
The IRS is sending letters this summer to more than 10,000 taxpayers who may have failed to properly report their virtual currency transactions. Taxpayers should take these letters “very seriously,” warns IRS Commissioner Chuck Rettig. Types of IRS Virtual Currency Letters The IRS letters come in three versions. Each version: explains why the IRS is […] The post IRS Letters Warn Taxpayers...Tue, Aug 27, 2019
The Taxpayer First Act legislation and its implications Enacted on July 1, 2019, the Taxpayer First Act is considered the most significant tax legislation focused on Internal Revenue Service (IRS) reform since the IRS Restructuring and Reform Act of 1998. The Act addresses a number of issues that have arisen in the last thirty years […] The post Wolters Kluwer Tax & Accounting Explor...Fri, Aug 23, 2019
The IRS released a new draft of Form 1040, U.S. Individual Income Tax Return, for the 2019 tax year that reduces the schedules in the 2018 version. The IRS also released a draft a new Form 1040-SR, U.S. Tax Return for Seniors, for taxpayers who are at least 65 years old. The new Form 1040 […] The post IRS Releases Draft 2019 Form 1040 with Fewer Schedules and New Form 1040-SR appeared fir...Wed, Aug 21, 2019
The SECURE Act as passed by the House of Representatives would replace the 5-year distribution rule for inherited IRAs with a 10-year rule. It would also eliminate “stretch IRAs.” If passed by the Senate, the changes would kick in for plan participants or IRA owners who die after 2019. Limited exceptions would apply for narrow […] The post SECURE Act Would Eliminate Stretch IRAs appeared ...Mon, Aug 19, 2019
The IRS has revised its controversial draft of the 2020 Form W-4, Employee’s Withholding Allowance Certificate. When first released, the form faced controversy over: complexity; and privacy considerations. Old Form W-4 Relied on Withholding Allowances Until now, employees adjusted the amount of withholding from their paychecks by simply increasing or reducing the number of withholding [&...Fri, Aug 16, 2019
Form 1099-NEC, Nonemployee Compensation, is expected to return in 2020 after a 38-year absence. Taxpayers will use the form to report certain payments currently reported on Form 1099-MISC, Miscellaneous Income. The IRS expects Form 1099-NEC to resolve some timing issues involved in submitting Form 1099-MISC. Reporting Nonemployee Compensation Taxpayers generally must use Form 1099-MISC to [...
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. Each December, the National Taxpayer Advocate identifies the Most Serious Problems facing taxpayers and makes recommendations for addressing them in the Annual Report to Congress (ARC). Eac...
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. The mission of TAS is to help taxpayers resolve problems with the IRS and recommend changes to prevent the problems. When constituents c...
The Internal Revenue Service is urging taxpayers to resolve their significant tax debts, $50,000 or more, to avoid putting their passports in jeopardy. If you owe $50,000 or more and haven’t made payment arrangements, please contact the IRS now to avoid travel delays later. Why is the State Department allowed to limit or revoke my passport due to unpaid taxes? In December 2015, Congress p...Tue, Sep 03, 2019
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. In my first blog as the Acting National Taxpayer Advocate, I’d like to address a topic that has been in the news a good deal over the past year—“passport certification.&rd...Tue, Aug 20, 2019
The Internal Revenue Service recently launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. The new Estimator features include: plain language to improve comprehension; ability to move back and forth through the steps and correct previous entries and skip questions that don&rsquo...Thu, Aug 15, 2019
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 received a congressional inquiry where a taxpayer, living in a rural area, was unable to secure a tax account transcript. Without th...Thu, Aug 08, 2019
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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 is the last day of my tenure as the National Taxpayer Advocate. It has been a wild ride over these last 18 years. It will take me years to sort out what has gon...Mon, Jul 29, 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 On July 10th, my office released the 2019 Taxpayer Roadmap—a visual representation of the taxpayer’s journey through the tax system. I am enormously ...
People in more than 180,000 homes and businesses in California could find themselves in the dark as Pacific Gas & Electric again plans to shut off power in parts of 17 counties for up to two days, as a preventive measure against wildfires. ...Wed, Oct 23, 2019
Support for impeaching U.S. President Donald Trump surged among political independents and rose by three percentage points overall since last week, according to a Reuters/Ipsos poll released on Tuesday. ...Tue, Oct 22, 2019
National Basketball Association Hall of Famer Shaquille O'Neal on Tuesday said he agreed with Houston Rockets general manager Daryl Morey, who came under fire from China after he voiced his support for Hong Kong democracy protests this month. ...Tue, Oct 22, 2019
Actress Lori Loughlin is facing a new bribery charge after federal prosecutors on Tuesday said they brought additional charges against 18 wealthy parents, university athletic officials and others accused of participating in the largest U.S. college admissions scam ever uncovered. ...Tue, Oct 22, 2019
The Trump administration’s chief environmental regulator said on Tuesday final U.S. vehicle carbon dioxide standards due out later this year could be more restrictive than current rules enacted by the Obama administration because they will eliminate certain loopholes. ...Tue, Oct 22, 2019
Democratic U.S. presidential contender Joe Biden plans to tout his economic policy credentials and double down on his attacks on President Donald Trump in a speech on Wednesday in the electoral battleground state of Pennsylvania. ...Tue, Oct 22, 2019
A New York-led probe into allegations that Facebook Inc put consumer data at risk and pushed up advertising rates has expanded to include attorneys general from 47 U.S. states and territories, New York Attorney General Letitia James said in a statement on Tuesday. ...Tue, Oct 22, 2019
President Donald Trump's G7 and trade adviser, Kelly Ann Shaw, is leaving his administration for a position in the private sector, White House officials said on Tuesday, marking the departure of one of the most senior women on the president's economic team. ...Tue, Oct 22, 2019
U.S. Democratic presidential contender Elizabeth Warren rallied with striking Chicago teachers on Tuesday, expressing support for the union's demands before the country's third-largest school system canceled classes for a fifth day. ...Tue, Oct 22, 2019
Police said a possible suspect has been apprehended after a person was shot and wounded on Tuesday just outside a high school in Santa Rosa, California. ...
Astros' George Springer was quick to defend himself for not hustling out a double in the bottom of the eighth inning of Game 1 of the World Series. ...Wed, Oct 23, 2019
Nationals outfielder Juan Soto homers and adds a two-run double off Astros ace Gerrit Cole to lead Washington to Game 1 win of the World Series. ...Wed, Oct 23, 2019
Taylor, the top Ukraine diplomat, told congressional committees that he was told aid to Ukraine was conditioned on investigations. ...Wed, Oct 23, 2019
Sailor Brinkley-Cook cried over her shocking dismissal from "Dancing With the Stars." She tells USA TODAY that mom Christie Brinkley took it hard, too ...
Documentary on Prince Harry and Duchess Meghan's trip to Africa airs, possible California power outages and more things to start your Wednesday right. ...Wed, Oct 23, 2019
Phoenix Chief Jeri Williams announced that the officer involved in a viral video stop of Dravon Ames and Iesha Harper has been fired. ...Wed, Oct 23, 2019
SoftBank Group Corp. is taking control of WeWork and providing the office-space startup with billions to keep it operating. ...
"What does lynching mean? That a mob grabs you, they don't give you a chance to defend yourself," Lindsey Graham said. ...
Congressional investigators want to ask Laura Cooper, who oversees Ukraine policy at the Pentagon, about the withholding of military aid to Ukraine. ...
Imaad Shah Zuberi solicited money from foreigners, funneled some of the money to U.S. political campaigns and concealed his work as a foreign agent. ...