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Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Taxpayer Advocate Service Feed

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 3 of 3)

Wed, Jun 12, 2019

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 Two weeks ago, I discussed how the Flora rule blocks access to judicial review by low income taxpayers and those subject to “assessable penalties.” Last w...

TAS Tax Tip: I got an IRS notice; now what do I do?

Fri, Jun 07, 2019

The IRS will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, explain changes to your account, ask for more information, or request a payment. You can handle most of this correspondence without calling or visiting an IRS office if you follow the instructions in the notice. However, sometimes these communications can be ...

The Tax Lawyer journal features article by TAS Attorney Advisor

Thu, Jun 06, 2019

An article written by a Taxpayer Advocate Service Attorney Advisor is featured in the Spring 2019 issue of The Tax Lawyer, a tax law journal published quarterly by the American Bar Association. What’s Wrong with Strict Liability and Nonmonetary Penalties? The Case for Reasonable Fault-Based Civil Tax Penalties and Procedural Protections was authored by Eric LoPresti, a Senior Attorney Adv...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 2 of 3)

Wed, Jun 05, 2019

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 last week’s blog, I discussed how the Flora rule harms low income taxpayers who were not part of the tax system when it was established and sometimes elimina...

National Taxpayer Advocate Congressional Testimony

Tue, Jun 04, 2019

NTA Testimony ...

TAS wants to hear from Practitioners at the 2019 Tax Forums – Join our Focus Groups

Tue, Jun 04, 2019

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. Taxpayer Advocate Service (TAS) holds focus groups at the forums because it is interested in tax practitioners’ thoughts, experiences, and ideas about tax administration. This year TAS wants to talk about IRS notices...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 1 of 3)

Wed, May 29, 2019

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 Taxpayers have the right to appeal a decision of the IRS in an independent forum. Consistent with this right, in the 2018 Annual Report to Congress (ARC) I recommende...

NTA Blog: The IRS is Not Doing Enough to Protect Taxpayers Facing Economic Hardship

Fri, May 24, 2019

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 Taxpayer Bill of Rights (TBOR) grants taxpayers the rights to privacy and to a fair and just tax system. The Internal Revenue Service’s official explanation...

NTA Blog: IRS Examinations Continued - The IRS Should Promote Voluntary Compliance and Minimize Taxpayer Burden in the Selection and Conduct of Audits

Wed, May 15, 2019

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 recently released Annual Report to Congress, I discussed the need to evaluate the impact of IRS audits on voluntary compliance. Last week’s blog discussed...

Success Story: Through advocacy and perseverance, TAS helped relieve a taxpayer’s hardship

Tue, May 14, 2019

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. One of the main reasons TAS exists is to help taxpayers with tax problems who are also suffering financial hardships. When taxpayers owe...

American Institute of Certified Public Accountants Tax News

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Reuters

Iran, U.S. in war of words after U.S. drone shot down

Thu, Jun 20, 2019

Iran on Thursday shot down a U.S. military drone it said was on a spy mission over its territory but Washington said the aircraft was targeted in international air space in "an unprovoked attack". ...

Saudi Arabia says Iran has created 'very grave' situation in Gulf

Thu, Jun 20, 2019

Iran has created a grave situation and jeopardized global oil supplies with its aggressive behavior, Saudi Arabia's minister of state for foreign affairs said on Thursday, adding that the kingdom was consulting with allies on next steps. ...

Ex-U.S. Marine accused of spying by Russia asks Trump to help

Thu, Jun 20, 2019

A former U.S. Marine held in Russia on suspicion of spying called on U.S. President Donald Trump and the leaders of Britain, Canada and Ireland to help him as he appeared in court at an appeal hearing on Thursday. ...

U.S. labor market on solid footing; manufacturing still slowing

Thu, Jun 20, 2019

The number of Americans filing applications for unemployment benefits fell more than expected last week, pointing to underlying labor market strength despite a sharp slowdown in job growth in May. ...

Putin says U.S. attack on Iran would be a catastrophe

Thu, Jun 20, 2019

Russian President Vladimir Putin said on Thursday that a U.S. military attack on Iran would be a catastrophe for the Middle East that would trigger a surge in violence and a possible refugee exodus. ...

China's Xi says world hopes North Korea-U.S. talks can succeed

Thu, Jun 20, 2019

The world hopes North Korea and the United States can talk to each other and for those talks to be successful, Chinese President Xi Jinping told North Korean leader Kim Jong Un on Thursday, praising Pyongyang's efforts toward denuclearization. ...

Then there were two: Brexit campaigner Johnson far ahead in race to lead Britain

Thu, Jun 20, 2019

Boris Johnson, a former foreign secretary who helped lead the 2016 Brexit referendum campaign, continued his progress toward the top job on Thursday when he trounced his rivals again in the race to succeed Prime Minister Theresa May. ...

UK PM candidate Johnson extends lead in fourth round of leadership contest

Thu, Jun 20, 2019

Boris Johnson, the front-runner in the race to become Britain's next prime minister, increased his support among lawmakers in the fourth round of the Conservative Party leadership contest on Thursday. ...

Deutsche Bank faces FBI investigation for possible money-laundering lapses: source

Thu, Jun 20, 2019

The U.S. Federal Bureau of Investigation is examining whether Deutsche Bank complied with laws meant to stop money laundering, a person with knowledge of the matter said on Thursday. ...

Hong Kong lets protesters' deadline to scrap extradition bill pass, setting stage for further demos

Thu, Jun 20, 2019

Hong Kong leader Carrie Lam appeared to ignore a Thursday deadline set by some protesters to withdraw an extradition bill that she promoted then postponed, setting the stage for a new wave of demonstrations in the Chinese-ruled city. ...

CNN Money News

Retirement contribution limits will rise in 2019

Thu, Nov 01, 2018

Good news retirement savers: The Internal Revenue Service announced cost of living increases to the contribution limits for retirement-related plans in 2019....