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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Taxpayer Advocate Service Feed

NTA Blog: Participants in the Sharing Economy Lack Adequate Guidance From the IRS

Wed, Jun 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. In my most recent Annual Report to Congress, I included the IRS’s efforts to reach out to participants in the sharing economy (also know as the “gig econ...

NTA Blog: The IRS’s Continued Refusal to Exclude Already Open TAS Cases From the Passport Certification Program Violates Taxpayer Rights

Thu, Jun 14, 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. In January, I wrote my third blog about the IRS’s new program to certify the seriously delinquent tax debts of taxpayers for the purposes of passport denial, l...

NTA Blog: One Year Later, The IRS Has Not Adjusted Its Private Debt Collection Initiative To Minimize Harm To Vulnerable Taxpayers

Wed, Jun 06, 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. Since the IRS implemented the private debt collection (PDC) initiative last year, I have been concerned that taxpayers whose debts are assigned to private collection...

IRS Announces Webinar on the 2019 Low Income Taxpayer Clinic (LITC) Grant Application Process

Thu, May 31, 2018

The IRS announced today that the Low Income Taxpayer Clinic Program Office will host two webinars on Tuesday, June 5, 2018, and Tuesday, June 12, 2018. The webinars are to provide potential applicants with information about the application requirements and process. The intended audience for this webinar include applicant’s proposing to open or expand the work of existing: Clinical progra...

NTA Blog: The Flood That Didn’t Materialize When the IRS Removed the Two-Year Period for Requesting Equitable Innocent Spouse Relief and Granted Relief More Frequently

Wed, May 23, 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. Innocent spouse relief, which has been available under IRC § 6015 since 1998 (and was available prior to that, in a more limited way, under IRC § 6015(e)),...

Success Story: TAS Advocates for Taxpayer Facing Economic Burden

Mon, May 21, 2018

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. A taxpayer under audit requested TAS assistance because his tax refund was being held and he needed the money to make an urgent auto rep...

Practitioner’s ideas wanted in the 2018 Tax Forum focus groups

Fri, May 18, 2018

Each year the IRS sponsors the Nationwide Tax Forums, a three-day series of tax education and networking conferences for tax professionals in cities around the country. These events feature the latest information from the IRS, news about tax law changes, the chance to meet with software vendors and the opportunity to attend nearly 50 seminars presented by IRS employees and members of profession...

IRS Accepting Applications for 2019 Low Income (LITC) Taxpayer Clinic grants

Thu, May 17, 2018

The IRS has announced the application period for Low Income Taxpayer Clinic (LITC) grants for calendar year 2019 is now open and will run through June 27, 2018. A listing of the 2018 LITC grant recipients is available on IRS.gov. The mission of LITCs is to ensure the fairness and integrity of the tax system for taxpayers who are low income or speak English as a second language: By providing p...

Tax Scholars and Officials Gather for the 3rd International Conference on Taxpayer Rights in The Netherlands

Thu, May 17, 2018

  National Taxpayer Advocate Nina E. Olson convened the 3rd International Conference on Taxpayer Rights in Amsterdam, the Netherlands on May 3 and 4. Hosted by the International Bureau on Fiscal Documentation (IBFD), the conference connected government officials, scholars, and practitioners from around the world to explore how taxpayer rights globally serve as the foundation for effective...

NTA Blog: A Problem of the IRS’s Own Making - Automatic Revocations of 1023-EZ Exempt Organizations

Wed, May 16, 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. The IRS introduced Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, in July 2014. IRS record...

Tax-News.com: Mauritius's FATCA Filing Deadline July 31

Thu, Jun 14, 2018

The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by July 31, 2018....

Tax-News.com: DeFazio Tables US Anti-Profit Shifting Bill

Thu, Jun 14, 2018

US congressman Peter DeFazio (D-OR) has introduced legislation designed to amend the Tax Cuts and Jobs Act so that incentives for US corporations to shift income and production overseas are reduced....

Tax-News.com: TCJA Encourages Firms To Shift Profits Offshore, Says ITEP

Tue, Jun 12, 2018

Aspects of the tax reform legislation in the United States continue to provide an incentive for companies to shift profits offshore by providing more favorable tax treatment to foreign income than domestic profits, the Institute on Taxation and Economic Policy has said....

Tax-News.com: Canada Told To Sharpen Corporate Tax Competitiveness

Tue, Jun 12, 2018

The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment. ...

Tax-News.com: AICPA Urges IRS To Augment Virtual Currency Guidance

Mon, Jun 04, 2018

The American Institute of CPAs has urged the Internal Revenue Service to supplement its guidance on the tax treatment of virtual currency transactions with answers to a set of frequently asked questions....

Tax-News.com: Surveys Suggest Taxpayers Satisfied With TCJA, Says Hatch

Tue, Jun 05, 2018

Both large and small businesses in the United States expect the measures included in the recently enacted tax reform legislation, the Tax Cuts and Jobs Act of 2017, to have a positive effect on their operations, according to Senate Finance Committee Chairman Orrin Hatch....

Tax-News.com: IRS Issues New Strategic Plan

Mon, Jun 04, 2018

Ensuring the successful implementation of the Tax Cuts and Jobs Act of 2017 remains the US Internal Revenue Service's highest priority, according to its new five-year Strategic Plan....

Tax-News.com: Global Carbon Tax Take Up 50 Percent In 2017

Mon, May 28, 2018

Governments raised about USD33bn in carbon pricing revenue last year, a 50 percent increase from 2016, according to a new update by the World Bank....

Tax-News.com: US CPAs Recommend Easing Tax Rules On Partners Of Audited Firms

Tue, May 22, 2018

The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners....

Tax-News.com: IRS Proposes To Prioritize Tax Cuts And Jobs Act Guidance

Thu, May 03, 2018

The United States Treasury Department and the Internal Revenue Service will delay a number of guidance projects until later years as they prioritize guidance connected with the tax reform provisions in the Tax Cuts and Jobs Act....