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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: IRS Clarifies Tax Treaty References To NAFTA

Thu, May 28, 2020

On May 19, 2020, the United States Treasury Department and the Internal Revenue Service issued an Announcement which clarifies the interpretation of references in US income tax treaties to the North American Free Trade Agreement once it is replaced by the Agreement between the United States, Mexico and Canada. ...

Tax-News.com: US House Passes COVID-19 Stimulus Bill With Tax Measures

Thu, May 28, 2020

On May 15, 2020, the United States House of Representatives approved the HEROES Act, which amends previous COVID-19-related stimulus legislation by changing loss carryback rules and providing further tax support for businesses and individuals. ...

Tax-News.com: France To Press On With Digital Tax

Thu, May 28, 2020

French Finance Minister Bruno Le Maire has said that the Government intends to introduce a digital services tax this year. ...

Tax-News.com: US IRS Sets Out Details Of COVID-19 Tax Breaks

Fri, May 15, 2020

On May 7, 2020, the United States Internal Revenue Service issued a reminder to employers affected by COVID-19 about the tax credits made available to them under the Coronavirus Aid, Relief, and Economic Security Act....

Tax-News.com: Bill Would Exclude US Territories, Possessions From GILTI Regime

Fri, May 15, 2020

On May 4, 2020, a bill was introduced in the United States House of Representatives to limit the impact of the Global Intangible Low Tax Income regime on businesses based in US territories and possessions. ...

Tax-News.com: US IRS Announces TCJA Compliance Campaign

Fri, May 15, 2020

On May 1, 2020, the United States Internal Revenue Service Large Business and International Division announced a new compliance campaign focusing on the 2017 Tax Cuts and Jobs Act and the recently enacted Coronavirus Aid, Relief and Economic Security Act. ...

Tax-News.com: US Taxpayers Can Apply Online For COVID-19 Economic Impact Payments

Fri, May 01, 2020

On April 15, 2020, the United States Internal Revenue Service unveiled the "Get My Payment" online tool that will allow taxpayers to receive economic impact payments under the Coronavirus Aid, Relief, and Economic Security Act. ...

Tax-News.com: IRS Publishes Transfer Pricing FAQs

Fri, May 01, 2020

On April 16, 2020, the United States Internal Revenue Service issued a set of frequently asked questions and answers to help inform taxpayers about transfer pricing documentation best practices. ...

Tax-News.com: OECD Releases Cross-Border Int'l Tax Guidance On COVID-19 Issues

Wed, Apr 15, 2020

The OECD has released guidance for national policymakers on the impact of COVID-19 on the treatment of cross-border workers and the interpretation of international tax treaty rules. ...

Tax-News.com: IRS Launches COVID-19 Employee Retention Tax Credit

Wed, Apr 15, 2020

On March 31, 2020, the United States Treasury Department and the Internal Revenue Service launched the Employee Retention Credit scheme, designed to encourage businesses to keep employees on their payroll amid the COVID-19 crisis. ...

Taxpayer Advocate Service Feed

TAS Tax Tip: Some Economic Impact Payments are coming as prepaid debit cards in plain envelopes

Thu, May 28, 2020

  The IRS warns taxpayers that their Economic Impact Payments (EIP) may be coming as prepaid debit cards in in plain envelopes from “Money Network Cardholder Services.” The Visa name will appear on the front of the card; the back of the card has the name of the issuing bank, MetaBank®, N.A. So be very careful not to throw the envelope away thinking it is junk mail – ...

TAS Tax Tip: Private Debt Collection Information for Taxpayers

Wed, May 27, 2020

  In an effort to assist taxpayers during the COVID 19 pandemic, the IRS announced the People First Initiative on March 25, 2020. The IRS will not be assigning any new accounts to private collection agencies (PCAs) from April 1 through July 15, 2020. Accounts currently assigned to PCAs will remain there and PCAs may continue contacting taxpayers. As a reminder, taxpayers may request at an...

Alert: Provide your bank account information by noon (ET) on May 13, for faster delivery of the Economic Impact Payment

Tue, May 12, 2020

This is a special alert for taxpayers who did not request direct deposit on tax returns, can provide bank account information by noon Wednesday, May 13  to get payments faster. The Internal Revenue Service (IRS) urged people to use the Get My Payment tool by noon Wednesday, May 13, for a chance to get a quicker delivery of their Economic Impact Payment. In the statement, the IRS advised...

NTA Blog: During Public Service Recognition Week, the National Taxpayer Advocate praises TAS and IRS employees for their extraordinary service to taxpayers and the US tax system

Fri, May 08, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. As we wrap up Public Service Recognition Week, a week set aside to honor individuals who serve our nation as federal, state, county and local government employees, I want to take a moment to publicly...

NTA Blog: The Value of “Superseding” Returns and Processing the Additional $500 Stimulus Benefit for Certain Non-Filers

Wed, Apr 29, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. For the IRS, like much of the country, it seems like the focus in recent weeks has been “All COVID, all the time.” The IRS is playing a central role in administering the Coronavirus Aid, ...

TAS Tax Tip: How to request Levies and Liens releases

Fri, Apr 24, 2020

Some taxpayers may need some additional relief during the COVID-19 pandemic from existing federal tax liens and IRS levies on bank accounts, wages or property. IRS describes available relief in the People First Initiative. Taxpayer Advocate Service (TAS) would like to provide some simple instructions for taxpayers to follow, especially in situations causing economic hardship. Levy Releases A l...

TAS Tax Tip: What Steps Do I Need to Take to Get an Economic Impact Payment?

Mon, Apr 20, 2020

   The Economic Impact Payments are automatic for most taxpayers. For most, including seniors and retirees, no further action is needed if they filed a tax return in 2018 or 2019 or received Supplemental Security Income, Social Security retirement benefits, Social Security disability insurance, Veterans Affairs benefits, or Railroad retirement benefits. You can use the IRS’s "G...

How Do I Get an Economic Payment?

Mon, Apr 20, 2020

Visit our Coronavirus (COVID-19) Tax Updates webpage and use the “How Do I Get an Economic Impact Payment” tool. Taxpayers who know they qualify for the Economic Impact Payment can determine what steps, if any, need to be taken to receive their payment. ...

Coronavirus (COVID-19) - TAS Customer Case Related Alerts

Fri, Apr 17, 2020

The Taxpayer Advocate Service (TAS) remains committed to assisting taxpayers and championing their taxpayer rights. The information provided on this page applies only to taxpayers who have open cases with TAS. Updates will be posted here as information changes. Amended Tax Return Updates (5/29/20) If you were instructed by the Taxpayer Advocate Service to write “ICT/IVO” on the top...

TAS Tax Tip: Here’s how you can suspend IRS Installment Agreement payments

Fri, Apr 17, 2020

  The IRS People First Initiative, announced on March 25, gives taxpayers the option to suspend installment agreement payments due through July 15: Existing Installment Agreements – For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are currently unable to comply with the terms of an Installment Payment ...

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