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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

Alert: Provide your bank account information by noon (ET) on May 13, for faster delivery of the Economic Impact Payment

Tue, May 12, 2020

This is a special alert for taxpayers who did not request direct deposit on tax returns, can provide bank account information by noon Wednesday, May 13  to get payments faster. The Internal Revenue Service (IRS) urged people to use the Get My Payment tool by noon Wednesday, May 13, for a chance to get a quicker delivery of their Economic Impact Payment. In the statement, the IRS advised...

NTA Blog: During Public Service Recognition Week, the National Taxpayer Advocate praises TAS and IRS employees for their extraordinary service to taxpayers and the US tax system

Fri, May 08, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. As we wrap up Public Service Recognition Week, a week set aside to honor individuals who serve our nation as federal, state, county and local government employees, I want to take a moment to publicly...

NTA Blog: The Value of “Superseding” Returns and Processing the Additional $500 Stimulus Benefit for Certain Non-Filers

Wed, Apr 29, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. For the IRS, like much of the country, it seems like the focus in recent weeks has been “All COVID, all the time.” The IRS is playing a central role in administering the Coronavirus Aid, ...

TAS Tax Tip: How to request Levies and Liens releases

Fri, Apr 24, 2020

Some taxpayers may need some additional relief during the COVID-19 pandemic from existing federal tax liens and IRS levies on bank accounts, wages or property. IRS describes available relief in the People First Initiative. Taxpayer Advocate Service (TAS) would like to provide some simple instructions for taxpayers to follow, especially in situations causing economic hardship. Levy Releases A l...

TAS Tax Tip: What Steps Do I Need to Take to Get an Economic Impact Payment?

Mon, Apr 20, 2020

   The Economic Impact Payments are automatic for most taxpayers. For most, including seniors and retirees, no further action is needed if they filed a tax return in 2018 or 2019 or received Supplemental Security Income, Social Security retirement benefits, Social Security disability insurance, Veterans Affairs benefits, or Railroad retirement benefits. You can use the IRS’s "G...

How Do I Get an Economic Payment?

Mon, Apr 20, 2020

Visit our Coronavirus (COVID-19) Tax Updates webpage and use the “How Do I Get an Economic Impact Payment” tool. Taxpayers who know they qualify for the Economic Impact Payment can determine what steps, if any, need to be taken to receive their payment. ...

Coronavirus (COVID-19) - TAS Customer Case Related Alerts

Fri, Apr 17, 2020

The Taxpayer Advocate Service (TAS) remains committed to assisting taxpayers and championing their taxpayer rights. The information provided on this page applies only to taxpayers who have open cases with TAS. Updates will be posted here as information changes. Amended Tax Return Updates (5/12/20) If you were instructed by the Taxpayer Advocate Service to write “ICT/IVO” on the top...

TAS Tax Tip: Here’s how you can suspend IRS Installment Agreement payments

Fri, Apr 17, 2020

  The IRS People First Initiative, announced on March 25, gives taxpayers the option to suspend installment agreement payments due through July 15: Existing Installment Agreements – For taxpayers under an existing Installment Agreement, payments due between April 1 and July 15, 2020 are suspended. Taxpayers who are currently unable to comply with the terms of an Installment Payment ...

NTA Blog: During this National Emergency the IRS Is Called Upon to Issue Economic Impact Payments to All Eligible Americans: What Taxpayers Can Do to Speed Up Payment

Wed, Apr 15, 2020

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. The last few weeks have been extraordinarily challenging for most Americans, as many of us have been cloistered in our homes, told to shelter in place, and been urged to refrain from gathering with f...

TAS Tax Tip: Avoid scams offering Economic Impact Payments

Thu, Apr 02, 2020

We know everyone is eager to get more information on the recent Coronavirus Tax Relief and to receive an Economic Impact Payment, if they qualify. While it’s tempting, don’t fall victim to scams that promise to get you payments faster in exchange for your personal information or for a fee – they can’t do that. Don’t believe scammers pretending to be the Internal R...

American Institute of Certified Public Accountants Tax News

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Reuters

Musk's SpaceX set for debut astronaut mission, renewing NASA's crewed launch program

Tue, May 26, 2020

Entrepreneur Elon Musk's SpaceX is set to launch two American astronauts to the International Space Station on Wednesday from NASA's Kennedy Space Center in Florida, ending the U.S. space agency's nine-year hiatus in human spaceflight. ...

S&P 500 clears 3,000 barrier on hopes of recovery, vaccine

Tue, May 26, 2020

ṄU.S. stocks jumped and the S&P 500 crossed 3,000 points on Tuesday as optimism about a potential coronavirus vaccine and a revival in business activity helped investors overlook simmering Sino-U.S. tensions. ...

New Jersey used car dealer charged with price gouging New York City on N95 masks

Tue, May 26, 2020

A New Jersey used car dealer was criminally charged on Tuesday with exploiting the coronavirus pandemic by trying to defraud and price gouge New York City into buying N95 respirator masks he was not authorized to sell, in a roughly $45 million scheme. ...

Elon Musk's SpaceX raises $346 million ahead of debut astronaut mission

Tue, May 26, 2020

Elon Musk's SpaceX said on Tuesday that it raised $346.2 million in a new round of funding, a day before it launches two American astronauts to the International Space Station. ...

New York's Cuomo to meet Trump, push infrastructure spending

Tue, May 26, 2020

New York Governor Andrew Cuomo said he will travel to Washington to meet with President Donald Trump on Wednesday and planned to discuss major investments in infrastructure as a way to jumpstart a U.S. economy devastated by the coronavirus pandemic. ...

UK COVID-19 death toll tops 47,000 as pressure heaps on PM Johnson

Tue, May 26, 2020

The United Kingdom's COVID-19 death toll surpassed 47,000 on Tuesday, a dire human cost that could define the premiership of Boris Johnson. ...

Merck to buy Austrian vaccine maker as it jumps into COVID-19 race

Tue, May 26, 2020

Merck & Co Inc , which has largely kept to the sidelines of the race for COVID-19 treatments, said it was buying Austrian vaccine maker Themis Bioscience and would collaborate with research nonprofit IAVI to develop two separate vaccines. ...

LATAM becomes largest airline yet driven to bankruptcy by coronavirus

Tue, May 26, 2020

LATAM Airlines Group , the continent's largest carrier, filed for U.S. bankruptcy protection on Tuesday, becoming the world's largest carrier so far to seek an emergency reorganization due to the coronavirus pandemic. ...

LATAM airline shares plunge 51% following bankruptcy announcement

Tue, May 26, 2020

Shares in LATAM Airlines Group SA plunged 51% on Santiago´s stock exchange after the region´s top carrier filed for U.S. bankruptcy protection on Tuesday. ...

Fears of coronavirus second wave prompt flu push at U.S. pharmacies, drugmakers

Tue, May 26, 2020

U.S. pharmacy chains are preparing a big push for flu vaccinations when the season kicks off in October, hoping to curb tens of thousands of serious cases that could coincide with a second wave of coronavirus infections. ...

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....