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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: Corporate Inversions To Cost US USD12bn By 2027: CBO

Wed, Sep 20, 2017

So-called tax inversions could cost the US Government up to USD12bn in lost corporate tax revenues by 2027, a new report from the Congressional Budget Office says....

Tax-News.com: IRS Urged To Reach Out To Payroll Services Providers

Wed, Sep 20, 2017

The IRS must take further action to reduce the risk of employment tax fraud for US businesses that use third-party payers, according to a new report from Treasury General for Tax Administration (TIGTA)....

Tax-News.com: US Hearing On Improving IRS Appeals Process

Mon, Sep 18, 2017

On September 13, the US Ways and Means Oversight Subcommittee launched a hearing on improving the resolution process for taxpayer disputes and appeals with the Internal Revenue Service....

Tax-News.com: Trump Looks To Democrats To Shore Up Tax Reform Push

Mon, Sep 18, 2017

US President Donald Trump has reached out to Democrat lawmakers to discuss tax reform, in a bid to obtain bipartisan support to get a package through Congress....

Tax-News.com: EU's PANA Committee Visits Switzerland

Fri, Sep 15, 2017

A delegation from the European Parliament's PANA Committee will travel to Switzerland to discuss the efforts being taken to combat money laundering, terrorist financing, and tax offences. ...

Tax-News.com: Kazakhstan Signs FATCA Agreement with US

Fri, Sep 15, 2017

The Republic of Kazakhstan has signed a Model 1 FATCA Intergovernmental Agreement (IGA) with the US, enabling the exchange of information on the foreign financial accounts of US residents....

Tax-News.com: Sweden To Reduce Tax For Start-Ups

Wed, Sep 13, 2017

The Swedish Government has said that tax measures will be included in the forthcoming Budget to ease the tax burden on start-up enterprises and encourage entrepreneurship....

Tax-News.com: Second Round Of NAFTA Talks Conclude

Wed, Sep 06, 2017

Canada, Mexico, and the US have concluded the second round of talks on the renegotiation of NAFTA, during which they made progress on consolidating certain proposals into a single text. ...

Tax-News.com: US Bill Would Limit IRS Asset Seizures

Wed, Sep 06, 2017

The National Taxpayers Union has called on US lawmakers to support legislation to protect small businesses from "abusive" actions by the Internal Revenue Service....

Tax-News.com: WTO Reverses Decision On US Boeing Subsidies

Tue, Sep 05, 2017

The EU has said that it disagrees with the decision made by the WTO's Appellate Body to reverse a previous panel ruling that a tax break provided by Washington State to Boeing is a prohibited subsidy....

Taxpayer Advocate Service Feed

TAS office closure updates

Mon, Sep 18, 2017

Some Taxpayer Advocate Service offices are temporarily closed due to the effects of Hurricane Maria. The Puerto Rico office is currently closed for business due to Hurricane Maria. We will update our site as our offices reopen. The Taxpayer Advocate Service Florida offices are open for business, however we ask for your patience as our employees return to their offices. Here is information for v...

TAS office closures affected by Hurricane Irma

Mon, Sep 18, 2017

Some Taxpayer Advocate Service offices were temporarily closed due to the effects of Hurricane Irma. As of Monday, September 18, 2017, all TAS offices in Florida are currently open for business. Here is information for victims of Hurricane Irma https://www.irs.gov/newsroom/help-for-victims-of-hurricane-irma....

Installment Agreements (IAs): TAS Study Finds Taxpayers Enter IAs They Cannot Afford

Wed, Sep 13, 2017

In this and next week’s blog, I will discuss my recent Most Serious Problem on Installment Agreements (IAs) and the corresponding Research Study that was published in my 2016 Annual Report to Congress. Today I will focus my concerns on IAs and discuss the results of the study; in next week’s posting, I’ll review the recommendations my office made to address the pro...

The IRS’s Position in Mescalero Apache Tribe v. Commissioner Raises Concerns About the IRS’s Commitment to Taxpayer Rights

Thu, Sep 07, 2017

About this time every year, my wonderful staff of attorney-advisors presents me with early drafts of the discussion of the ten most litigated issues in federal courts that are ultimately published in the National Taxpayer Advocate’s Annual Report to Congress. Editing these drafts is one of my favorite tasks, because I get to review in a concentrated fashion a significant swath of tax ...

Success Story: TAS helps taxpayer meet closing deadline

Thu, Sep 07, 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. TAS received a call from a taxpayer who was frantic and nearly in tears. All of the taxpayer's plans for a new home were about to go astray, although ...

Federal Payment Levy Program: The New IRS Automated Levies on Military Retirement Payments May Be Harming Veterans Experiencing Economic Hardship (Part II)

Fri, Sep 01, 2017

In last week’s blog, I described the Federal Payment Levy Program (FPLP) and outlined my general concerns about the IRS’s implementation of the “Low Income Filter” (LIF) and lack of person-to-person assistance. In this blog post, I discuss my concerns about the IRS’s decision to extend the FPLP to military pensioners.  The IRS based its...

Federal Payment Levy Program: The New IRS Automated Levies on Military Retirement Payments May Be Harming Veterans Experiencing Economic Hardship

Wed, Aug 23, 2017

Over the years, I and my staff have written and advocated extensively about our concerns with the IRS’s implementation of the Federal Payment Levy Program (FPLP). My concerns are amplified by a recent IRS change in policy regarding adding military retirement payments as a payment stream to FPLP. In this blog post, I will provide relevant background on the issue. In the second part of ...

Private Debt Collection Program - What You Need to Know

Tue, Aug 22, 2017

  The Internal Revenue Service recently implemented a new private debt collection program and will assign certain overdue federal tax debts to private collection agencies (PCAs). Posted on this site are some questions and answers about the program, along with a link to a sample letter you can use to tell a PCA to stop contacting you. There is also a link to the National Taxpayer Advo...

Correctible Error Authority Part 2: Why Correctible Error Authority Creates More Problems Than It Resolves

Wed, Aug 16, 2017

In my last blog, I discussed my concerns about the IRS’s current use of math and clerical error authority under IRC §§ 6213 (b) and (g). This week, I’ll take a closer look at the proposal to expand math error authority to “correctible errors,” and explain why I think Congress should not grant such expansion in two of the three instances....

Why Correctible Error Authority Raises Significant Taxpayer Rights Concerns – Part 1

Wed, Aug 09, 2017

People occasionally ask me which areas of tax administration worry me the most. There is certainly no shortage of candidates, but if I had to narrow it down, the IRS’s math and clerical error authority under IRC § 6213(b) and (g) would be right up there at the top of the list, along with the IRS correspondence examination program. In fact, I expressed my con...

Bank Rates

Mortgage rates in St. Louis, Missouri

Thu, Sep 14, 2017

Multiple key mortgage rates floated higher in the St. Louis area this week. Benchmark 30-year rate up in St. Louis The average rate on the benchmark 30-year fixed-rate mortgage rate for the St. Louis area moved higher to 3.81 percent, according to Bankrate's national survey of large lenders. While the local rate was up 2...

Mortgage rates in Tampa, Florida

Thu, Sep 14, 2017

Mortgage rates diverged in the Tampa area this week. Key 30-year rate up in Tampa The average rate on the benchmark 30-year fixed-rate mortgage rate for the Tampa area climbed to 3.93 percent, according to Bankrate's national survey of large lenders. While it still sat below the national average rate of 3.99 percent, the local...

Mortgage rates in Seattle, Washington

Thu, Sep 14, 2017

Several important mortgage rates advanced in the Seattle area this week. Key 30-year rate up in Seattle The average rate on the benchmark 30-year fixed-rate mortgage rate for the Seattle area advanced to 3.96 percent, according to Bankrate's national survey of large lenders. While it was less than the national average rate of 3.99 percent,...

Mortgage rates in San Francisco

Thu, Sep 14, 2017

See this week's average rates for the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, 5/1 ARM and 30-year jumbo mortgage in the San Francisco Bay Area....

Mortgage rates in San Diego, California

Thu, Sep 14, 2017

Multiple closely-watched mortgage rates increased in the San Diego area this week. Benchmark 30-year rate higher in San Diego The average rate on the benchmark 30-year fixed-rate mortgage rate for the San Diego area climbed to 3.92 percent, according to Bankrate's national survey of large lenders. While the local rate was up 4 basis points...

Mortgage rates in Phoenix

Thu, Sep 14, 2017

See weekly updated mortgage rates in Phoenix for the 30-year fixed, 15-year fixed, 5/1 ARM and jumbo home loan....

Mortgage rates in Pittsburgh, Pennsylvania

Thu, Sep 14, 2017

A number of important mortgage rates trended upward in the Pittsburgh area this week. Key 30-year rate higher in Pittsburgh According to Bankrate's national survey of large lenders, the average rate on the benchmark 30-year fixed-rate mortgage rate for the Pittsburgh area ticked upward to 3.81 percent. While the local rate was up 6 basis...

Mortgage rates in New York City

Thu, Sep 14, 2017

See this week's average rates for the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, 5/1 ARM and 30-year jumbo mortgage in New York metro. ...

Mortgage rates in Philadelphia

Thu, Sep 14, 2017

See this week's average rates for the 30-year fixed-rate mortgage, 15-year fixed-rate mortgage, 5/1 ARM and 30-year jumbo mortgage in metro Philadelphia. ...

Mortgage rates in Minneapolis, Minnesota

Thu, Sep 14, 2017

Several closely-watched mortgage rates tapered off in the Minneapolis area this week. Benchmark 30-year rate ticks down in Minneapolis The average rate on the benchmark 30-year fixed-rate mortgage rate for the Minneapolis area diminished to 3.84 percent, according to Bankrate's national survey of large lenders. The local rate was down a remarkable 16 basis points...