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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

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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Taxpayer Roadmap

Tue, Aug 06, 2019

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NTA Blog: NTA Farewell

Wed, Jul 31, 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 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...

NTA Blog: The Roadmap to the Roadmap: A Travelogue

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 ...

Success Story: Taxpayer Advocate Service advocates for alternative approach to expense verification in correspondence audit

Thu, Jul 18, 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. Audits can be a very scary and daunting task for taxpayers who travel for business. Recordkeeping requirements involve taxpayers keeping...

TAS TAX TIP: Filing Past Due Tax Returns

Fri, Jul 12, 2019

Did you forget to file your 2018 tax return by April 15, 2019? Have you not filed tax returns for several years? If the answer is yes to either, here’s some information to help you catch up with your filing requirements. It’s important to file past due tax returns before the IRS does it for you (see Consequences of Not Filing below). First, figure out if you need to file a federal i...

Advocate Releases EITC Special Report, Taxpayer Journey Roadmap

Wed, Jul 10, 2019

Learn more about the Taxpayers Journey Roadmap: taxpayeradvocate.irs.gov/roadmap. National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), a call to action, with recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible taxpayers. Also today, for the first time ever, th...

NTA Blog: Happy Fourth of July

Wed, Jul 03, 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 So that our staff can enjoy the Independence Day festivities with family and friends, we are taking a break this week from posting our blog. We want to wish everyone ...

NTA Blog: The IRS's Position on the Application of the Religious Freedom Restoration Act to the Social Security Requirement Under Internal Revenue Code ยง 24(h)(7) Has the Effect of Denying Child Tax Credit Benefits to the Amish and Certain Other Religious Groups

Wed, Jun 26, 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 As part of the Tax Cuts and Jobs Act (TCJA) passed in December 2017, the Child Tax Credit (CTC) (Internal Revenue Code (IRC) § 24) was amended to require a Socia...

Tax-News.com: LLB-Switzerland Signs US Non-Prosecution Agreement

Thu, Aug 08, 2019

On August 5, 2019, the US Department of Justice announced that Swiss bank LLB Verwaltung (Switzerland) AG has agreed to pay a penalty of USD10.6m to resolve a case in which it was accused of helping US clients to conceal income....

Tax-News.com: IRS Responds To Altera Ruling On Cost Sharing Arrangements

Thu, Aug 08, 2019

On July 31, 2019, the United States Internal Revenue Service issued a memorandum for all Large Business and International Division employees informing them of the withdrawal of a directive regarding cost sharing arrangements in the light of the recent Court of Appeals ruling in the Altera case....

Tax-News.com: US Senators Urge 'Fairness' Change To Capital Gains Tax Calculations

Thu, Aug 08, 2019

A group of 21 Republican members of the US Senate have signed a letter to the Treasury Secretary urging him to amend how capital gains tax liability is calculated....

Tax-News.com: Bulgaria Approves CbC Exchange Agreements With US

Thu, Aug 08, 2019

Bulgaria's Council of Ministers earlier this month approved two agreements with the United States allowing for the automatic exchange of country-by-country transfer pricing reports....

Tax-News.com: IRS Clarifies FTC Rules For French Social Taxes

Thu, Jul 25, 2019

On July 19, 2019, the United States Internal Revenue Service updated its webpage on foreign tax credits to clarify that it will not challenge foreign tax credit claims involving certain French taxes....

Tax-News.com: IRS's New Enforcement Initiatives Are Aimed At Individuals

Thu, Jul 25, 2019

On July 19, 2019, the United States Internal Revenue Service Large Business and International Division announced six additional compliance campaigns....

Tax-News.com: G7 Backs OECD In Push For Global Digital Tax Response

Thu, Jul 25, 2019

G7 finance ministers have said that there is an urgent need to address the tax challenges posed by the digitalization of the economy. ...

Tax-News.com: US Senate Approves Changes To Four Double Tax Pacts

Thu, Jul 25, 2019

The United States Senate has approved protocols to four existing bilateral double tax avoidance treaties that have been pending in the chamber for as much as a decade....

Tax-News.com: IRS Provides Additional Transition Tax Guidance

Thu, Jul 25, 2019

On July 16, 2019, the United States Internal Revenue Service announced the publication of additional information to help taxpayers meet their filing and payment requirements in respect of the Section 965 transition tax on untaxed foreign earnings....

Tax-News.com: US Senate To Vote On Tax Treaty Protocols

Tue, Jul 16, 2019

The United States Senate could soon approve ratification of four long-pending double tax avoidance treaty protocols....