Below please find daily updates pertaining to the latest in financial, business, and tax news:
Both the House of Representatives and the Senate Finance Committee passed their respective US tax reform bills on November 16....Fri, Nov 17, 2017
The Internal Revenue Service on November 16 issued a reminder to employers and other businesses of the January 31 filing deadline that now applies to filing wage statements and independent contractor forms with the government....Thu, Nov 16, 2017
China's Ministry of Foreign Affairs has announced that it has been again decided that US distiller's dried grains with solubles should be exempt from the 11 percent value-added tax....Thu, Nov 16, 2017
The National Federation of Independent Business in the United States has said that it "strongly supports" the proposed measures in the Senate's tax reform plan, which would provide tax relief to small businesses....Wed, Nov 15, 2017
An amendment has been included in the US Senate's tax reform proposals that will effectively repeal the Affordable Care Act's individual mandate....Mon, Nov 13, 2017
The Senate Finance Committee released its tax reform plan on November 9, presenting a draft bill with marked differences to that agreed by the House Ways and Means Committee on the same day....Mon, Nov 13, 2017
French aircraft manufacturer Dassault Aviation has issued a statement on its tax arrangements in response to media coverage of the so-called "Paradise Papers."...Fri, Nov 10, 2017
The House Ways and Means Committee has passed the Tax Cuts and Jobs Act after a final markup, including in it a lower tax rate for pass-through income introduced as part of a second package of amendments....Thu, Nov 09, 2017
The Internal Revenue Service Large Business and International division has announced that it will launch 11 additional compliance campaigns....Thu, Nov 09, 2017
Australia and Peru confirmed that they will sign a free trade agreement, in an announcement at the ongoing APEC ministers' meeting....
If you did not attend the 2017 Nationwide Tax Forums this year, it's not too late to earn continuing professional education (CPE) credits. There are 17 interactive, self-study courses now available for view at the IRS Nationwide Tax Forums Online site, including downloadable PowerPoint slides and transcripts for each seminar. Certain courses may be viewed at no cost, allowing you to obtain pert...Wed, Nov 15, 2017
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 this blog post, I will discuss how the IRS has been dealing with a growing sector of our economy called the “sharing” economy (also known as the gig e...Wed, Nov 08, 2017
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. Unlike private creditors, the IRS has wide discretion to exercise its administrative levy powers. Internal Revenue Code (IRC) § 6331(a) says the IRS can general...Wed, Nov 01, 2017
Appeals Is Needlessly Turning Away Even Good-Faith Taxpayers Who Seek Administrative Review of Rejected IRC § 6702 Penalty Abatement Requests 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&rsquo...Thu, Oct 26, 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. The IRS penalized a taxpayer for missing the 60-day deadline for rolling over an Individual Retirement Account (IRA). The taxpayer was adamant that th...Thu, Oct 26, 2017
All NTA Blog Posts ...Wed, Oct 25, 2017
The IRS Should Specifically Identify Potentially Frivolous Positions in the Letters It Mails to Taxpayers, So As to Give Them a Better Opportunity to Correct the Positions and Comply with the Tax Laws 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 ...Mon, Oct 23, 2017
Are you ready to secure health insurance coverage for 2018? Everyone will have an opportunity to sign-up for health coverage for next year starting on November 1, running through December 15, 2017. Whether you’re ready now or not , the Healthcare.gov website is equipped to help prepare you and direct you where to go for 2018 coverage once the sign-up window opens. Taxpayer Advocate Servic...Fri, Oct 20, 2017
Taxpayers affected by the wildfires in California that began October 8, 2017 may qualify for tax relief from the Internal Revenue Service. The President declared that a major disaster exists in the state of California and as of October 16, 2017, the following counties are impacted: Butte Lake Mendocino Napa Nevada Sonoma Yuba Taxpayer who reside or have a business in these counties may qualif...
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. With the open enrollment period for the Health Insurance Marketplace beginning November 1st, it is the appropriate time to remind taxpayers and preparers of the vari...
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