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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

IRS Frequently Asked Questions Can Be a Trap for the Unwary

Wed, Jul 26, 2017

At a recent hearing before the Subcommittee on Oversight of the Committee on Ways and Means, I was asked a seemingly simple question about what types of guidance taxpayers can rely on. Unfortunately, the answer is not simple at all. Generally speaking, there are three buckets of tax guidance: 1. Regulations – Treasury (tax) regulations are subject to a public notice-and-comment period...

TAS assistance offered at local Problem Solving Days

Tue, Jul 25, 2017

    The Taxpayer Advocate Service (TAS) will conduct Problem Solving Day events in communities throughout the country in the coming months and year. During these events, TAS employees from a local office will be available to assist taxpayers in person with tax problems they have not been able to resolve with the IRS. Generally, TAS can assist taxpayers whose problems with the...

Private Debt Collection: Recent Debts (Part 3 of 3)

Wed, Jul 19, 2017

In an earlier blog I discussed my concern about how the IRS’s private debt collection (PDC) program affects taxpayers who are likely experiencing economic hardship. In this blog, I want to share my concern that the IRS is not making good business decisions as it implements the PDC initiative. Since 2004, Internal Revenue Code (IRC) § 6306 has authorized the IRS to ou...

Success Story: TAS Advocates for Return of Levied Proceeds

Fri, Jul 14, 2017

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 issues. All personal details are removed to protect the privacy of the taxpayer. TAS assisted a taxpayer who had been waiting over two years for the IRS to return levied funds. The IRS levied a large amount of the taxpayer's state ...

Private Debt Collection: Hardship (Part 2 of 3)

Wed, Jul 12, 2017

I have always had concerns about outsourcing tax debts to private collection agencies (PCAs). First, I believe tax collection is an “inherently governmental function” within the meaning of section five of the 1998 FEAR Act that should be performed only by federal employees. Second, as a TAS study of the last private debt collection (PDC) initiative showed, ...

Success story: Victim of Preparer Fraud Receives Refund

Fri, Jul 07, 2017

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 issues. All personal details are removed to protect the privacy of the taxpayer. TAS advocated on behalf of a taxpayer who was the victim of tax return preparer fraud. The taxpayer was very frustrated, since the first time she beca...

Private Debt Collection Program

Wed, Jul 05, 2017

Since 2004, when Internal Revenue Code (IRC) § 6306 was enacted as part of the American Jobs Creation Act, the IRS has had the statutory authority to outsource the collection of tax debt. The IRS exercised this authority in its prior private debt collection program from about 2006 to 2009, but the program was ended due to concerns about its return on investment. Congress amended the st...

Success story: NBC12 helps taxpayer get TAS assistance

Fri, Jun 30, 2017

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 issues. All personal details are removed to protect the privacy of the taxpayer. A cancer patient says she tried numerous times to find out what happened to her missing tax return, but she says she could not get an actual person on...

TAS Focus Groups on Installment Agreements and TAS Services at 2017 Tax Forums

Thu, Jun 29, 2017

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 professiona...

NTA releases FY2018 Objectives Report

Wed, Jun 28, 2017

Today the National Taxpayer Advocate released her Fiscal Year (FY) 2018 Objectives Report to Congress, identifying the priority issues she and TAS will address during FY 2018. In her preface to the report, the National Taxpayer Advocate praised the IRS for a generally successful filing season, but indicated that taxpayers who require assistance from the IRS are continuing to face significant ch...

Tax-News.com: Bipartisan Support For Territorial US Tax System, BEPS Measures

Tue, Jul 25, 2017

Orrin Hatch (R - UT) has said that members of Congress from both parties support replacing the US worldwide tax basis system for a territorial tax system....

Tax-News.com: UK, US 'Laying Groundwork' For Future Trade Deal

Tue, Jul 25, 2017

US and UK officials have held their first meeting to discuss a post-Brexit free trade agreement between the countries....

Tax-News.com: IRS's Appeals Function To Offer Online Consultations

Tue, Jul 25, 2017

The Internal Revenue Service Office of Appeals will soon pilot a new web-based virtual conference option for taxpayers and their representatives....

Tax-News.com: NAFTA Talks To Start August 16

Mon, Jul 24, 2017

The United States has said talks to renegotiate the North American Free Trade Agreement will start on August 16. ...

Tax-News.com: Ibec Publishes Irish Budget Wish List

Mon, Jul 24, 2017

Business group Ibec has said that the Irish Government must "Brexit proof" its 2018 Budget, improve its foreign direct investment model, and implement a range of tax reforms to compete with the UK....

Tax-News.com: US Publishes Objectives For NAFTA Update

Tue, Jul 18, 2017

The United States has published its objectives for the renegotiation of the North American Free Trade Agreement....

Tax-News.com: Senate Republicans Propose 'Fairer' Health Care Bill

Tue, Jul 18, 2017

Changes in the redrafted Senate Republican health care bill would make the changes less regressive, according to analysis of the bill from the Tax Policy Center. ...

Tax-News.com: Canada Ready To Work On NAFTA

Tue, Jul 18, 2017

The Canadian Government has said it will be ready to work with the US and Mexico to modernize the North American Free Trade Agreement, in response to the publication of the US Government's objectives for renegotiation. ...

Tax-News.com: US House Committee Discusses Small Business Tax Reform

Mon, Jul 17, 2017

Small business owners have given evidence before the Ways and Means Tax Policy Subcommittee that lower tax rates, a simpler tax code, and certainty are critical elements of any tax reform package....

Tax-News.com: IMF Urges Canada To Review Tax System

Mon, Jul 17, 2017

The IMF has recommended that the Canadian Government undertake a "holistic" review of the tax system, to identify areas for improving efficiency while maintaining the country's competitiveness. ...