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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Tax News United States

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....

Tax-News.com: Seychelles Signs US FATCA Agreement

Tue, Jul 16, 2019

On July 3, 2019, the Seychelles Government announced that it has signed an intergovernmental agreement with the United States to implement the requirements of the US Foreign Account Tax Compliance Act....

Tax-News.com: US Senate Finance Committee Approves Four Treaties

Fri, Jul 05, 2019

On June 25, 2019, the United States Senate Foreign Relations Committee approved amendments to four double tax avoidance agreements which have been pending in the Senate for several years....

Tax-News.com: US Senate Finance Committee Seeks Response To French Digital Tax

Fri, Jul 05, 2019

The leaders of the United States Committee on Finance have written Treasury Secretary Steven Mnuchin urging him to use "all tools available" to counter France's proposed digital services tax, which they argue unfairly discriminates against US companies....

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....

Taxpayer Advocate Service Feed

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...

TAS Tax Tip: Use your 2018 return to get 2019 tax withholding right

Tue, Jun 25, 2019

Done with taxes this year? Then use your 2018 return to get your 2019 tax withholding right. It’s very important to have the correct amount of taxes withheld from your paycheck. Use the IRS Withholding Calculator and your 2018 tax return information to adjust your withholdings to ensure you don’t have too little or too much withheld.  Checking and then adjusting tax withholding...

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 ...

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