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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: Don’t Let Delays in IRS Processing Impact Your Advance Payments of the Premium Tax Credit to Help Pay for Your Health Insurance

Wed, Nov 25, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog.   If you are a recipient of Advance Payments of the Premium Tax Credit (APTC) and: you received a warning notice from your Marketplace telling you you’re in jeopardy of losing APTC benefi...

TAS Tax Tip: Is the Person at Your Door Really From the IRS?

Fri, Nov 20, 2020

In certain situations, the IRS may send an employee out to your residence or place of business to collect past due taxes or conduct an audit of your return. With in-person scams continuing to take place across the country, the Taxpayer Advocate Service wants you to know how and when the IRS may contact you in person to help you protect yourself against possible in-person scams. Eight things to...

November 10 is National EIP Registration Day: Millions of Americans still need to register no later than November 21 to get an Economic Impact Payment

Mon, Nov 09, 2020

Did you miss the deadline to register online for the Economic Impact Payment? You may still be eligible to receive a payment in 2021 if: You did not register online, by mail and did not get a payment in 2020 or, You received a payment, but it wasn’t the full amount of the Economic Impact Payment. The maximum credit is $1,200, or $2,400 if married filing jointly, plus $500 for each qual...

TAS Tax Tip: Renew Individual Taxpayer Identification Numbers before they expire

Mon, Nov 09, 2020

Earlier this year, the IRS issued a reminder to certain Individual Taxpayer Identification Numbers (ITIN) holders whose ITINs expire on December 31, 2020. An individual taxpayer’s failure to timely renew an ITIN may result in a delay of a refund claimed on a 2020 federal income tax return. The renewal process can take up to sixty days or more, so it is critical to begin the process of ren...

Blog de la NTA: ¿Cuáles son las consecuencias tributarias para los padres y trabajadores contratados para ayudar con el aprendizaje o el cuidado de niños? a distancia

Fri, Nov 06, 2020

Suscríbase al Blog de la NTA y reciba actualizaciones sobre las últimas publicaciones del blog de la Defensora Nacional del Contribuyente Erin M. Collins. Se pueden encontrar blogs adicionales en www.taxpayeradvocate.irs.gov/blog. In English Debido a la pandemia, muchas escuelas tradicionales han cambiado a la enseñanza a distancia. Sin embargo, por diversas razones, el a...

TAS Tax Tip: Taxpayers not normally required to file should register for an Economic Impact Payment by November 21, 2020

Fri, Nov 06, 2020

Did you miss the deadline to register online for the Economic Impact Payment? You may still be eligible to receive a payment in 2021 if: You did not register online, by mail and did not get a payment in 2020 or, You received a payment, but it wasn’t the full amount of the Economic Impact Payment. The maximum credit is $1,200, or $2,400 if married filing jointly, plus $500 for each qual...

NTA Blog: What are the tax consequences for parents and workers hired to help with remote learning or childcare?

Fri, Nov 06, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. en Español Because of the pandemic, many brick and mortar schools have shifted to remote instruction. However, for a variety of reasons, remote learning may not be a suitable option for every ...

TAS Tax Tip: 2020 IRS Nationwide Tax Forum Webinars Available for CPE Credit

Wed, Nov 04, 2020

Although the 2020 IRS Nationwide Tax Forums could not be held in person this year, the Forums proceeded virtually. You can still earn continuing professional education (CPE) credits for many of these courses by viewing the courses virtually. Eighteen new interactive, self-study courses are now available for view at the IRS Nationwide Tax Forums Online site, including downloadable PowerPoint sli...

TAS Tax Tip: Newly expanded ‘Closing a Business’ information provides step-by-step actions

Tue, Oct 20, 2020

Closing your business can be a difficult and challenging task. The Taxpayer Advocate Service (TAS) partnered with IRS to expand its Closing a Business page to help business owners understand the specific actions needed, from a federal tax perspective, for each type of business. However, before you make the decision to close, if it is due to financial reasons related to the coronavirus, please u...

TAS Tax Tip Unemployment Compensation is Taxable - Explore Your Options Now

Thu, Oct 15, 2020

Unemployment compensation, including special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, must generally be included in gross income. If you are receiving unemployment benefits, the benefits are taxable. Do you know you can have tax withheld so you may not owe when you file your tax return next year? How this may affect you If you...

Tax-News.com: BVI Rules Out New Taxes In 2021 Budget

Tue, Nov 17, 2020

The Government of the British Virgin Islands has announced that it will seek to boost tax collections by modernizing tax administration, not by imposing new taxes. ...

Tax-News.com: Cayman Tables Law For Digital Asset Business Regime

Tue, Nov 17, 2020

The Government of the Cayman Islands has published legislation in its Official Gazette to introduce a regulatory regime for virtual asset service providers (VASPs). ...

Tax-News.com: France To Collect Its Digital Services Tax This Year

Tue, Oct 20, 2020

French Minister of Finance Bruno Le Maire has reportedly said that France intends to collect the country's digital services tax in December 2020. ...

Tax-News.com: OECD Indicates New Focus On Virtual Currency Tax Issues

Tue, Oct 20, 2020

The OECD has released a new report on countries' tax rules for virtual currencies, alongside an announcement that the Common Reporting Standard will be expanded next year to newly cover virtual currency assets. ...

Tax-News.com: Cyprus, US To Begin Exchanging CbC Reports

Tue, Sep 22, 2020

Cyprus has announced that a deal for the exchange of country-by-country reports between the territory and the US is expected to become effective and cover reporting years starting on or after January 1, 2020....

Tax-News.com: German FM Scholz Optimistic About 2020 Digital Tax Consensus

Mon, Aug 31, 2020

German Finance Minister Olaf Scholz is optimistic that an international agreement on taxing the digital economy will be reached this year. ...

Tax-News.com: UK Treasury Rules Out Digital Tax Repeal

Mon, Aug 31, 2020

The UK Government has dismissed speculation that it will repeal its digital services tax in a bid to secure a post-Brexit free trade agreement with the United States. ...

Tax-News.com: US-Swiss Agreement Published On Mandatory Binding Arbitration

Mon, Aug 31, 2020

The US Internal Revenue Service (IRS) has released the text of an arbitration agreement between the US and Switzerland, in Internal Revenue Bulletin 2020-35, published August 24....

Tax-News.com: OECD Releases New Action 14 Peer Review Reports

Fri, Jul 31, 2020

The OECD has released peer review reports reviewing nine territories' progress towards implementing the BEPS Action 14 standard, on improving tax dispute resolution. ...

Tax-News.com: US Businesses Urge Against Starting A Digital Tax 'Trade War'

Fri, Jul 24, 2020

The United States Council for International Business has called on US authorities to focus its efforts on working with other countries to arrive at an international tax solution to the digitalized economy, rather than tackling countries' unilateral responses....