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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: National Taxpayer Advocate Nina Olson Issues Her Final Report to Congress Today

Thu, Jun 20, 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 I am issuing my 37th, and final, Report to Congress as National Taxpayer Advocate. With my pending July 31 retirement creeping ever closer, I have approached th...

National Taxpayer Advocate releases Fiscal Year 2020 Objectives Report

Thu, Jun 20, 2019

The National Taxpayer Advocate released her Fiscal Year 2020 Objectives Report to Congress today. In the report, she addresses key IRS challenges, reviews the 2019 filing season, and identifies TAS’s priority issues for fiscal year (FY) 2020.  Key IRS Challenges Taxpayer Service: The report says poor taxpayer service remains the biggest challenge taxpayers face in dealing with the I...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 3 of 3)

Wed, Jun 12, 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 Two weeks ago, I discussed how the Flora rule blocks access to judicial review by low income taxpayers and those subject to “assessable penalties.” Last w...

TAS Tax Tip: I got an IRS notice; now what do I do?

Fri, Jun 07, 2019

The IRS will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, explain changes to your account, ask for more information, or request a payment. You can handle most of this correspondence without calling or visiting an IRS office if you follow the instructions in the notice. However, sometimes these communications can be ...

The Tax Lawyer journal features article by TAS Attorney Advisor

Thu, Jun 06, 2019

An article written by a Taxpayer Advocate Service Attorney Advisor is featured in the Spring 2019 issue of The Tax Lawyer, a tax law journal published quarterly by the American Bar Association. What’s Wrong with Strict Liability and Nonmonetary Penalties? The Case for Reasonable Fault-Based Civil Tax Penalties and Procedural Protections was authored by Eric LoPresti, a Senior Attorney Adv...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 2 of 3)

Wed, Jun 05, 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 In last week’s blog, I discussed how the Flora rule harms low income taxpayers who were not part of the tax system when it was established and sometimes elimina...

National Taxpayer Advocate Congressional Testimony

Tue, Jun 04, 2019

NTA Testimony ...

TAS wants to hear from Practitioners at the 2019 Tax Forums – Join our Focus Groups

Tue, Jun 04, 2019

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. Taxpayer Advocate Service (TAS) holds focus groups at the forums because it is interested in tax practitioners’ thoughts, experiences, and ideas about tax administration. This year TAS wants to talk about IRS notices...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 1 of 3)

Wed, May 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 Taxpayers have the right to appeal a decision of the IRS in an independent forum. Consistent with this right, in the 2018 Annual Report to Congress (ARC) I recommende...

NTA Blog: The IRS is Not Doing Enough to Protect Taxpayers Facing Economic Hardship

Fri, May 24, 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 The Taxpayer Bill of Rights (TBOR) grants taxpayers the rights to privacy and to a fair and just tax system. The Internal Revenue Service’s official explanation...

Tax-News.com: IRS Opens US Compliance Assurance Program To Applicants

Fri, Jun 21, 2019

On June 14, 2019, the US Internal Revenue Service announced that it is looking for new applicants for the Compliance Assurance Process (CAP), a cooperative compliance program aimed at publicly traded corporate taxpayers....

Tax-News.com: US Congress Passes IRS Reform Bill

Fri, Jun 21, 2019

On June 13, 2019, the US Senate approved the Taxpayer First Act, which is intended to overhaul the Internal Revenue Service and strengthen taxpayer rights. ...

Tax-News.com: US House Passes IRS Reform Bill

Thu, Jun 13, 2019

On June 10, 2019, the United States House of Representatives approved legislation which would reform the rules governing the Internal Revenue Service....

Tax-News.com: IRS To Probe Deeper Into Cost-Sharing Arrangements

Thu, Jun 13, 2019

The US Internal Revenue Service has directed its transfer pricing examiners to resume reviewing taxpayers' transfer pricing positions with respect to cost-sharing agreements in certain circumstances....

Tax-News.com: US IRS Commits To Resolve Transition Tax Issues

Wed, Jun 05, 2019

A review of the deemed repatriation tax under the United States Tax Cuts and Jobs Act 2017 by the Treasury Inspector General for Tax Administration has found that the Internal Revenue Service encountered significant problems administering the retroactive components of the tax....

Tax-News.com: Democrats Introduce US Anti-Offshoring Bills

Wed, Jun 05, 2019

Three Democratic members of the United States Senate have introduced two tax bills designed to discourage US companies from shifting their operations overseas and establishing arrangements in low-tax jurisdictions....

Tax-News.com: IRS Proposes Extra Controlled Foreign Company Rules

Wed, Jun 05, 2019

The United States Internal Revenue Service has proposed rules regarding the attribution of ownership of stock or other interests for purposes of determining whether a person is a related person with respect to a controlled foreign corporation (CFC) under section 954(d)(3)....

Tax-News.com: Wyden Bill Would Close US Carried Interest 'Loophole'

Fri, May 31, 2019

On May 23, 2019, the Ranking Member of the United States Senate Finance Committee, Ron Wyden (D-OR), introduced a bill to change the tax treatment of income earned by investment fund managers....

Tax-News.com: IMF Advises Luxembourg On Coping With International Tax Changes

Fri, May 31, 2019

The IMF has welcomed Luxembourg's efforts to meet international tax standards but cautioned that international tax reform could hit the country's tax base....

Tax-News.com: US Companies Urge Senate To Approve Tax Treaties

Fri, May 10, 2019

In a letter published on April 29, 2019, the United States National Foreign Trade Council urged the Senate to approve several pending double tax avoidance treaties....