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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

TAS Pre-Filing Season Outreach

Mon, Dec 09, 2019

Ready to file your federal tax return? Stop by one of these events first and get tips to avoid delays! Want to avoid delays this filing season, including refund delays? Find out how by visiting us at one of the locations below during the week of January 13 – 17. If you prepare your own tax returns, whether it’s through software or on paper, come visit us before you file that fed...

NTA Blog: Highlights of the Taxpayer First Act and Its Impact on TAS and Taxpayer Rights

Thu, Nov 21, 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. On July 1, 2019, the Taxpayer First Act (TFA) was signed into law. The TFA makes the most significant changes to IRS administrative procedures since the IRS Restructuring and Reform Act of ...

Tax Pros: Don't risk your PTIN expiring by Dec. 31, 2019

Thu, Oct 31, 2019

If you prepare or help prepare federal tax returns for compensation, you must have a valid Preparer Tax Identification Number (PTIN) from the IRS. It only takes 15 minutes to renew your Preparer Tax Identification Number or PTIN. Find out how to renew in just a few easy steps. The IRS PTIN system also allows you to update your account information, view your continuing education credits, and mor...

NTA Blog: Volume 2 of NTA Objectives Report Features IRS Responses to Most Serious Problems

Thu, Sep 19, 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. 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...

Success Story: TAS's advocacy helps taxpayer get refund using wire deposit to a foreign bank account

Fri, Sep 06, 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. The mission of TAS is to help taxpayers resolve problems with the IRS and recommend changes to prevent the problems. When constituents c...

Alert: Planning to travel outside of the U.S. this year? Don’t risk a passport revocation - arrange to settle large IRS debts now

Wed, Sep 04, 2019

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...

NTA Blog: IRS Agrees to Temporary Exclusion from the Passport Certification Program for TAS Cases

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...

TAS Tax Tip: It’s Time to Check Your Tax Withholding

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...

Success Story: Taxpayer Advocate Service's Advocacy Helps Taxpayer Keep Housing Subsidy

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...

Tax Tips Page

Thu, Aug 08, 2019

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Tax-News.com: IRS Issues Final Foreign Tax Credit Regulations

Fri, Dec 06, 2019

On December 2, 2019, the United States Internal Revenue Service issued final regulations on the foreign tax credit following major changes to the US tax code. ...

Tax-News.com: US Considers Retaliation Against French Digital Services Tax

Fri, Dec 06, 2019

The United States may impose additional duties of up to 100 percent on certain French products in retaliation for France's digital services tax, which a newly published report by the US Trade Representative has concluded discriminates against certain US companies. ...

Tax-News.com: IRS Issues Estate Tax Regulations

Mon, Dec 02, 2019

On November 22, 2019, the United States Internal Revenue Service issued final regulations confirming that individuals taking advantage of the increased gift and estate tax exclusion amounts in effect from 2018 to 2025 will not be adversely impacted after 2025 when the exclusion amount is scheduled to drop to pre-2018 levels. ...

Tax-News.com: Costa Rica Ratifies Updated TIEA With US

Mon, Nov 25, 2019

On November 12, 2019, a law was published in the official gazette of Costa Rica which ratifies the updated Tax Information Exchange Agreement with the United States. ...

Tax-News.com: American Firms Concerned By Canadian Digital Tax Plan

Mon, Nov 25, 2019

Representatives from US trade and industry associations have voiced concern about a digital services tax proposal floated during the recent Canadian election which they argue will "impose discriminatory requirements on the digital economy."...

Tax-News.com: New Zealand Tops World Bank's 'Doing Business' 2020

Fri, Nov 08, 2019

New Zealand is the easiest place in the world to do business, according to the World Bank's new Doing Business 2020 report, which looks at the simplicity of setting up, operating, and paying taxes in 190 territories around the world....

Tax-News.com: Warren Announces US Corporate Tax And Wealth Tax Plans

Fri, Nov 08, 2019

On November 1, 2019, the presidential campaign of United States Senator Elizabeth Warren (D-MA) published plans for a system of universal Medicare that will be partially funded by tax increases on large corporations and wealthy individuals, as well as by stricter anti-tax avoidance rules. ...

Tax-News.com: IRS Expands Virtual Currency Tax Guidance

Fri, Oct 11, 2019

On October 9, 2019, the United States Internal Revenue Service issued two new pieces of guidance for taxpayers who engage in transactions involving virtual currency. ...

Tax-News.com: IRS Grants Relief For US Persons Affected By Section 958 Repeal

Fri, Oct 04, 2019

On October 1, 2019, the United States Treasury Department and the Internal Revenue Service announced a relief for certain US persons that own stock in certain foreign corporations....

Tax-News.com: Sanders Unveils US Wealth Tax

Fri, Sep 27, 2019

United States Senator Bernie Sanders (D-VT), a leading contender for the Democratic presidential nomination, has proposed a new tax, as well as a series of enforcement measures, targeting America's wealthiest individuals. ...