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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 CPAs Recommend Easing Tax Rules On Partners Of Audited Firms

Tue, May 22, 2018

The American Institute of Certified Public Accountants has recommended that proposed regulations regarding the Centralized Partnership Audit Regime should provide "maximum flexibility" in adjusting the tax attributes of an audited partnership and its partners....

Tax-News.com: IRS Proposes To Prioritize Tax Cuts And Jobs Act Guidance

Thu, May 03, 2018

The United States Treasury Department and the Internal Revenue Service will delay a number of guidance projects until later years as they prioritize guidance connected with the tax reform provisions in the Tax Cuts and Jobs Act....

Tax-News.com: IRS Issues Guide On New Depreciation And Expensing Rules

Tue, Apr 24, 2018

The United States Internal Revenue Service has issued a new fact sheet explaining the new deprecation and expensing rules included in the Tax Cuts and Jobs Act....

Tax-News.com: German Industry Cautions Against EU Digital Tax

Thu, Apr 19, 2018

The Federal Association of German Industry has said that proposals for a tax on digital companies will be detrimental to the European economy and exacerbate trade tensions between Europe and the United States....

Tax-News.com: Guam To Launch Tax Amnesty

Tue, Apr 17, 2018

The Government of Guam, a US territory located in the Pacific, has announced proposals for a temporary tax amnesty program....

Tax-News.com: US House Lawmakers Considering IRS Overhaul

Fri, Apr 13, 2018

The Ways and Means Committee of the US House of Representatives considered bills to overhaul the Internal Revenue Service (IRS) and strengthen taxpayer protections at its recent markup session....

Tax-News.com: Global Tax, Trade Policies Could Dent Ireland's Growth Potential

Tue, Apr 17, 2018

The Central Bank of Ireland has identified the changing global tax and trade landscapes and Brexit as potential risks for Ireland's economy....

Tax-News.com: US Supreme Court To Begin Review Of Quill Decision April 17

Thu, Apr 12, 2018

The US Supreme Court is to hear arguments on whether states should be allowed to tax online retailers not based within a state's borders, in South Dakota v. Wayfair, on April 17, 2018. ...

Tax-News.com: IRS Explains How To Calculate Transition Tax Liability

Thu, Apr 12, 2018

The US Internal Revenue Service and the Department of the Treasury have released comprehensive guidance on how to calculate liability to the Transition Tax, provided for in Section 965 of the Tax Cuts and Jobs Act, and explained elections available to taxpayers....

Tax-News.com: Canadian Business Confidence Knocked By US Tax Changes

Thu, Apr 12, 2018

The Bank of Canada has published the findings of its latest business outlook survey, which shows some concern among firms over the impact of US trade and tax policies. ...

Taxpayer Advocate Service Feed

NTA Blog: The Flood That Didn’t Materialize When the IRS Removed the Two-Year Period for Requesting Equitable Innocent Spouse Relief and Granted Relief More Frequently

Wed, May 23, 2018

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. Innocent spouse relief, which has been available under IRC § 6015 since 1998 (and was available prior to that, in a more limited way, under IRC § 6015(e)),...

Success Story: TAS Advocates for Taxpayer Facing Economic Burden

Mon, May 21, 2018

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. A taxpayer under audit requested TAS assistance because his tax refund was being held and he needed the money to make an urgent auto rep...

Practitioner’s ideas wanted in the 2018 Tax Forum focus groups

Fri, May 18, 2018

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 profession...

IRS Accepting Applications for 2019 Low Income (LITC) Taxpayer Clinic grants

Thu, May 17, 2018

The IRS has announced the application period for Low Income Taxpayer Clinic (LITC) grants for calendar year 2019 is now open and will run through June 27, 2018. A listing of the 2018 LITC grant recipients is available on IRS.gov. The mission of LITCs is to ensure the fairness and integrity of the tax system for taxpayers who are low income or speak English as a second language: By providing p...

Tax Scholars and Officials Gather for the 3rd International Conference on Taxpayer Rights in The Netherlands

Thu, May 17, 2018

  National Taxpayer Advocate Nina E. Olson convened the 3rd International Conference on Taxpayer Rights in Amsterdam, the Netherlands on May 3 and 4. Hosted by the International Bureau on Fiscal Documentation (IBFD), the conference connected government officials, scholars, and practitioners from around the world to explore how taxpayer rights globally serve as the foundation for effective...

NTA Blog: A Problem of the IRS’s Own Making - Automatic Revocations of 1023-EZ Exempt Organizations

Wed, May 16, 2018

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 IRS introduced Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, in July 2014. IRS record...

NTA Blog: Taxpayer Advocate Service Survey Confirms Need to Maintain and Enhance a Robust Omni-Channel Taxpayer Service Strategy

Wed, May 09, 2018

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 my most recent Annual Report to Congress, I published a study in support of the Service Priorities Project (SPP), a joint effort between Taxpayer Advocate Service...

Success Story: TAS Advocates for Small Business to Receive a Return of Levy Proceeds

Tue, May 01, 2018

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. A Power of Attorney contacted TAS for assistance with a small business taxpayer who was unable to pay his employees due to an IRS levy. ...

NTA Blog: Effective Use of the Offer in Compromise Program Will Save Valuable IRS Resources

Wed, Apr 25, 2018

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. Effective Use of the Offer in Compromise (OIC) Program Will Save Valuable IRS Resources While Bringing Finality to Taxpayers When a taxpayer can’t afford to p...

2018 Tax Forums will feature TAS seminars, Case Resolution Program

Fri, Apr 20, 2018

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 professio...

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