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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

Get information on TAS office closures related to Hurricane Florence

Mon, Sep 17, 2018

The Taxpayer Advocate Service temporarily closed some offices due to Hurricane Florence. The following offices in South Carolina and North Carolina will resume regular business operation hours on Tuesday, Sept. 18:  Charlotte, North Carolina Greensboro, North Carolina Columbia, South Carolina For a listing of all TAS offices, visit our Contact Us page....

NTA Blog: The IRS Might Recover EITC Using Its Newly Discovered Post-Processing Math Error Authority, but Is It Constitutional?

Thu, Sep 13, 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. My June Report to Congress included an Area of Focus entitled: “The IRS Has Expanded Its Math Error Authority, Reducing Due Process for Vulnerable Taxpayers, W...

Help us spread the news about our new Tax Reform Changes website

Tue, Sep 11, 2018

Is your business or association involved in helping others understand federal income taxes and the ramifications of changes to those laws each year? If yes, we invite you to visit our new site and then help us spread the word about the Taxpayer Advocate Service's Tax Reform Changes website. After your visit, we think you’ll see the value it might have for those in the tax community and ev...

NTA Blog: As a Result of TAS Advocacy, the IRS is Working to Address a Computer Glitch That Allowed Collection Activity on Accounts with Expired Collection Statute Expiration Dates but Many Issues Remain Unresolved

Fri, Sep 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. About two years ago, TAS received cases where either the taxpayer or the Power of Attorney (POA) correctly questioned the validity of a collection statute expiration...

New tax law brings changes to tax withholding for 2018; here’s what you need to know

Fri, Aug 31, 2018

Major tax reform was approved by Congress in the Tax Cuts and Jobs Act (tax reform) on Dec. 22, 2017. One change directly affected the rate at which taxes are withheld from paychecks. Our federal income tax is a pay-as-you-go tax system and there are two ways to pay as you go, either through withholding or estimated tax payments. Note: For more information on what other items changed or didn&rs...

NTA Blog: The Systemic First Time Abatement Policy Currently Under Consideration by the IRS Would Override Reasonable Cause Relief and Jeopardize Fundamental Taxpayer Rights

Wed, Aug 29, 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 offers a First Time Abatement (FTA) program that is intended to be, and often is, taxpayer-favorable. Nevertheless, as currently implemented, the FTA sometim...

NTA Blog: TAS Cases Demonstrate the Harm Caused by IRS Policies on Passport Certification

Wed, Aug 22, 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. My last blog on passport issues discussed the IRS’s continued refusal to exclude already open TAS cases from passport certification and my efforts to advocate ...

NTA Blog: IRS Administration of the Section 965 Transition Tax Contravenes Congressional Intent and Imposes Unintended Burden on Taxpayers

Thu, Aug 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. When Congress passes legislation as comprehensive and technical as the Tax Cuts and Jobs Act (TCJA), drafting and implementation glitches inevitably arise. This week...

NTA Blog: IRS Continues to Close Taxpayer Assistance Centers, Despite Taxpayer Advocate Service and Congressional Concerns

Thu, Aug 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. For many years I have reported on the state of service at IRS Taxpayer Assistance Centers (TACs), formerly known colloquially as walk-in sites. In my previous blog, ...

New Tax Reform Changes Website Explains What Is Changing and What Is Not

Thu, Aug 09, 2018

You may know that Congress approved major tax reform in the Tax Cuts and Jobs Act (TCJA) on Dec. 22, 2017. The IRS is currently working on implementing this complex tax legislation that will affect both individuals and businesses. In light of the extensive list of items under the TCJA, particularly those affecting individuals, the Taxpayer Advocate Service has created the Tax Reform Changes ...

American Institute of Certified Public Accountants Tax News

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Reuters

Trump enthusiastic at North Korea missile pledge, others doubtful

Wed, Sep 19, 2018

North Korea pledged to roll back some of its missile program on Wednesday, drawing an enthusiastic response from U.S. President Donald Trump, even though some U.S. officials and experts fear a ploy to weaken Washington's resolve and its alliance with Seoul. ...

Canada's Trudeau urges some U.S. flexibility in NAFTA talks

Wed, Sep 19, 2018

Canadian Prime Minister Justin Trudeau said on Wednesday he wanted to see flexibility from the United States if the two sides are to reach a deal on renewing NAFTA, which Washington insists must be finished by the end of the month. ...

U.S. seeking to negotiate a treaty with Iran

Wed, Sep 19, 2018

The United States is seeking to negotiate a treaty with Iran to include Tehran's ballistic missile program and its regional behavior, the U.S. special envoy for Iran said on Wednesday ahead of U.N. meetings in New York next week. ...

Trump defends his Supreme Court nominee, wants accuser to testify

Wed, Sep 19, 2018

President Donald Trump on Wednesday stepped up his defense of his U.S. Supreme Court pick, saying it is hard to imagine Brett Kavanaugh committed a sexual assault and that it would be unfortunate if the nominee's accuser does not testify before the Senate. ...

Grassley sets Friday deadline for Trump top court pick Kavanaugh's accuser

Wed, Sep 19, 2018

A woman who has accused Brett Kavanaugh, President Donald Trump's U.S. Supreme Court nominee, of sexually assaulting her decades ago has until Friday morning to provide prepared testimony to the Senate Judiciary Committee, the panel's chairman said on Wednesday. ...

Nike's Kaepernick ad spurs spike in sold out items

Wed, Sep 19, 2018

Nike Inc has sold out 61 percent more merchandise since the controversial ad campaign featuring former NFL player Colin Kaepernick appeared earlier this month, according to data on the company's online sales from Thomson Reuters Proprietary Research. ...

Trump pledges strong federal support for hurricane-stricken Carolinas

Wed, Sep 19, 2018

U.S. President Donald Trump on Wednesday promised that North and South Carolina would have strong federal support as they recovered from the devastation of Hurricane Florence, whose floodwaters continue to threaten the region. ...

For asylum-seekers on Greece's Lesbos, life 'is so bad here'

Wed, Sep 19, 2018

Hundreds of asylum-seekers stranded on Greece's Lesbos island are living in makeshift tents in a field overrun by garbage, without electricity or running water. ...

Banks lift S&P, Dow; Nasdaq weighed by Microsoft

Wed, Sep 19, 2018

The S&P 500 and the Dow Jones Industrials Average rose on Wednesday, helped by upbeat housing data and a gain for bank stocks driven by rising Treasury yields, while the tech-heavy Nasdaq was weighed by a drop in Microsoft. ...

Some gun-toting Texans embrace Democrat's call for tougher firearm laws

Wed, Sep 19, 2018

Texas cattle rancher Bill Martin is a lifelong Republican who owns more than 20 firearms and has been shooting guns since the age of 6. ...

CNN Money News

Delta raises fees for checked bags

Wed, Sep 19, 2018

Checking a suitcase on Delta just got a bit more expensive....

China strikes back by going after America's energy companies

Wed, Sep 19, 2018

The United States has an abundance of natural gas that pollution-riddled China badly needs to wean itself off coal....

iPhone XS and XS Max review: Apple's latest are the best yet. But do you need them?

Wed, Sep 19, 2018

Read full story for latest details....

Executives on the front line worry about where the trade war goes next

Wed, Sep 19, 2018

Read full story for latest details....

European regulators are looking at how Amazon uses data

Wed, Sep 19, 2018

EU antitrust regulators are examining how Amazon uses data and whether it has leveraged information gleaned from smaller retailers to boost its own sales....

Walmart is where the trade war comes home

Wed, Sep 19, 2018

Read full story for latest details....

Don't cut up your credit cards yet — or sell MasterCard, Visa and AmEx

Wed, Sep 19, 2018

Read full story for latest details....

Sony gets in on the retro console craze with PlayStation Classic

Wed, Sep 19, 2018

Read full story for latest details....

Walmart wants to bring its 'everyday low prices' to health care

Wed, Sep 19, 2018

When most people think about health care, rarely do "discounts" and "low prices" come to mind....

Amazon is now the third-biggest ad platform in the United States

Wed, Sep 19, 2018

Amazon already dominates a multitude of businesses. Online advertising may be next....