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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: IMF Urges US To Hike Indirect Taxes

Fri, Jul 06, 2018

The International Monetary Fund has recommended that the United States raise indirect taxes to boost revenues, to offset the cost of recent tax cuts and spending increases....

Tax-News.com: IRS Announces Plans To Simplify Personal Income Tax Return

Mon, Jul 09, 2018

The US Internal Revenue Service has announced plans to streamline the personal income tax return for the 2019 tax filing season, to reflect changes brought about by the Tax Cuts and Jobs Act....

Tax-News.com: Wolters Kluwer Tax Expert Weighs In On Landmark Wayfair Ruling

Fri, Jun 29, 2018

The decision by the US Supreme Court to drop the physical presence requirement for states to impose sales tax will have an "incredible impact" on states' tax regimes and revenues, according to Mark Friedlich, Senior Director of Tax and Accounting, North America, Wolters Kluwer....

Tax-News.com: US Supreme Court Permits States To Tax Remote Sales

Tue, Jun 26, 2018

In a landmark decision on June 21, the Supreme Court of the United States overturned existing case law by ruling that a state can collect sales tax on remote sales even when the vendor does not have a physical presence in the state....

Tax-News.com: Mauritius's FATCA Filing Deadline July 31

Thu, Jun 14, 2018

The Mauritius Revenue Authority on June 11, 2018, warned those financial institutions required to report information on the accounts of US persons under the US Financial Account Tax Compliance Act that declarations are required by July 31, 2018....

Tax-News.com: DeFazio Tables US Anti-Profit Shifting Bill

Thu, Jun 14, 2018

US congressman Peter DeFazio (D-OR) has introduced legislation designed to amend the Tax Cuts and Jobs Act so that incentives for US corporations to shift income and production overseas are reduced....

Tax-News.com: TCJA Encourages Firms To Shift Profits Offshore, Says ITEP

Tue, Jun 12, 2018

Aspects of the tax reform legislation in the United States continue to provide an incentive for companies to shift profits offshore by providing more favorable tax treatment to foreign income than domestic profits, the Institute on Taxation and Economic Policy has said....

Tax-News.com: Canada Told To Sharpen Corporate Tax Competitiveness

Tue, Jun 12, 2018

The IMF has said that the recent changes to the US tax system could make Canada a less attractive destination for investment. ...

Tax-News.com: AICPA Urges IRS To Augment Virtual Currency Guidance

Mon, Jun 04, 2018

The American Institute of CPAs has urged the Internal Revenue Service to supplement its guidance on the tax treatment of virtual currency transactions with answers to a set of frequently asked questions....

Tax-News.com: Surveys Suggest Taxpayers Satisfied With TCJA, Says Hatch

Tue, Jun 05, 2018

Both large and small businesses in the United States expect the measures included in the recently enacted tax reform legislation, the Tax Cuts and Jobs Act of 2017, to have a positive effect on their operations, according to Senate Finance Committee Chairman Orrin Hatch....

Taxpayer Advocate Service Feed

NTA Blog: Overall the Filing Season at Taxpayer Assistance Centers Ran Smoothly, But Room for Improvement Remains

Wed, Jul 11, 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 focused on Taxpayer Assistance Centers (TACs) as one of the Most Serious Problems facing taxpayers. My concerns about ...

NTA Blog: “Real” vs. “Unreal” Audits and Why This Distinction Matters

Fri, Jul 06, 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. Around five months ago, in my 2017 Annual Report to Congress, I identified IRS audit rates and the distinction between “real” and “unreal” au...

Success Story: TAS Advocates for Penalty Abatement

Thu, Jul 05, 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 came to TAS for assistance because the IRS assessed a penalty for not reporting income accurately. The taxpayer relied on a t...

NTA Blog: A Few Thoughts About The National Taxpayer Advocate’s Fiscal Year 2019 Objectives Report

Wed, Jun 27, 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 lieu of posting a blog this week I would ask that you check out my June Report to Congress instead. In my preface you will find some extraordinary information, st...

National Taxpayer Advocate releases Fiscal Year 2019 Objectives Report to Congress

Wed, Jun 27, 2018

The National Taxpayer Advocate released her Fiscal Year 2019 Objectives Report to Congress today. In it, she reviews the 2018 filing season, addresses challenges facing the IRS, and identifies TAS’s priority issues for fiscal year (FY) 2019. Taxpayer Service Challenges  In her preface to the report, the NTA focuses on the IRS’s customer service challenges. She states in the cu...

Tax Changes

Wed, Jun 27, 2018

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NTA Blog: Participants in the Sharing Economy Lack Adequate Guidance From the IRS

Wed, Jun 20, 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 included the IRS’s efforts to reach out to participants in the sharing economy (also know as the “gig econ...

NTA Blog: The IRS’s Continued Refusal to Exclude Already Open TAS Cases From the Passport Certification Program Violates Taxpayer Rights

Thu, Jun 14, 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 January, I wrote my third blog about the IRS’s new program to certify the seriously delinquent tax debts of taxpayers for the purposes of passport denial, l...

NTA Blog: One Year Later, The IRS Has Not Adjusted Its Private Debt Collection Initiative To Minimize Harm To Vulnerable Taxpayers

Wed, Jun 06, 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. Since the IRS implemented the private debt collection (PDC) initiative last year, I have been concerned that taxpayers whose debts are assigned to private collection...

IRS Announces Webinar on the 2019 Low Income Taxpayer Clinic (LITC) Grant Application Process

Thu, May 31, 2018

The IRS announced today that the Low Income Taxpayer Clinic Program Office will host two webinars on Tuesday, June 5, 2018, and Tuesday, June 12, 2018. The webinars are to provide potential applicants with information about the application requirements and process. The intended audience for this webinar include applicant’s proposing to open or expand the work of existing: Clinical progra...

Bank Rates

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