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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: FASB Issues New Standard For Variable Interest Entities

Fri, Nov 02, 2018

The Financial Accounting Standards Board (FASB) on October 31 issued Accounting Standards Update 2018-17, intended to reduce the cost and complexity of financial reporting associated with consolidation of variable interest entities (VIEs), for which consolidation is not based on a majority of voting rights....

Tax-News.com: Estonia Tops Tax Foundation's Tax Competitiveness Index

Mon, Oct 29, 2018

Estonia has topped the Tax Foundation's International Tax Competitiveness Index for the fifth successive year, being deemed to have the "best tax code in the OECD."...

Tax-News.com: Global CPA Body Calls For International Digital Tax Solution

Mon, Oct 29, 2018

The Association of International Certified Professional Accountants has issued a policy paper calling for a multilateral approach to solving the tax challenges posed by the digital economy. ...

Tax-News.com: US Transition Tax Guidance Available

Fri, Oct 12, 2018

On October 10, 2018, the United States Treasury Department and the Internal Revenue Service published a Notice of Proposed Rulemaking in the Federal Register notifying taxpayers of the availability of additional guidance regarding the transition tax under Section 965....

Tax-News.com: US Urged To Trim Tax Form W-4

Mon, Jul 16, 2018

The American Institute of CPAs has urged the Internal Revenue Service and the US Treasury Department to simplify the draft 2019 Form W-4, Employee's Withholding Allowance Certificate, and the accompanying instructions, to reduce administrative burdens on taxpayers....

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....

Taxpayer Advocate Service Feed

NTA Blog: Veterans Face Challenges in Claiming Refunds for Taxes Improperly Withheld from Disability Severance Pay

Fri, Nov 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. With having celebrated Veteran’s Day this week, it is worth reflecting on the continuing challenges military taxpayers face. Background In December 2016, lawma...

Success Story: Taxpayer Advocate Service’s persistence reduces tax debt

Thu, Nov 08, 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. Sometimes taxpayers contact TAS for help with one issue and, in resolving that issue, multiple issues arise – some of them quite c...

NTA Blog: When Evaluating its Pilot Program on the Participation of Counsel and Compliance in Conferences, Appeals Should be Transparent and Should Consider Both Objective and Subjective Data

Wed, Nov 07, 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. Over the years, I have expressed significant concern with the continuing erosion of taxpayers’ right to appeal an IRS decision in an independent forum. (IRC &s...

The 2018 Nationwide Tax Forums a Success for TAS

Fri, Nov 02, 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. The 2018 Tax Forums featured the latest information from the IRS, news about tax law changes, a chance to meet with software vendors, and the opportunity to attend seminars presented by IRS and TAS employees in addition to memb...

NTA Blog: Now is the Perfect Time for the IRS to Make Improvements to the Individual Taxpayer Identification Number Program

Wed, Oct 31, 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. For years, I’ve been writing about the problems with how the IRS runs the Individual Taxpayer Identification Number (ITIN) program.  ITINs are required fo...

National Taxpayer Advocate Nina E. Olson honored in Accounting Today’s top 100 list

Wed, Oct 31, 2018

Accounting Today magazine honored National Taxpayer Advocate Nina E. Olson by selecting her for its annual list of Top 100 Most Influential People in Accounting. According to the magazine, the honor is “a clear-eyed assessment by our editors of the individuals who are having the biggest impact on the current state and the future direction of the profession.” As part of its selection...

NTA Special Blog: Taxpayer Advocate Service Launches Tax Reform Website in Spanish

Fri, Oct 26, 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. I’m proud to announce the launch of Cambios en la Reforma de Impuestos, the Spanish-language version of the Taxpayer Advocate Service’s recently launched...

NTA Blog: Form 1023-EZ Now Elicits Additional Information, But It’s Not Clear That IRS Reviewers Are Considering It

Wed, Oct 24, 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. Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, introduced in the summer of 2014, has been i...

NTA Blog: Announcing the 4th International Taxpayer Rights Conference and Requesting Presentation and Paper Proposals

Wed, Oct 17, 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. I’m pleased to announce the 4th International Taxpayer Rights Conference to be held May 23 and 24, 2019, in Minneapolis, Minnesota, U.S.A. Convened by the Nati...

NTA Blog: The IRS Refuses to Provide Mandatory Employee Training on Taxpayer Rights

Wed, Oct 10, 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. For many years, I urged the IRS to adopt a Taxpayer Bill of Rights (TBOR) and for Congress to add the list of fundamental taxpayer rights to the Internal Revenue Cod...

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