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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

Veterans May Claim Refund on Disability Severance Payments

Fri, Jul 20, 2018

The Internal Revenue Service is advising certain veterans who received disability severance payments after Jan. 17, 1991, and included that payment as income, that they should file an IRS Form 1040X, Amended U.S. Individual Income Tax Return, to claim a credit or refund of the overpayment attributable to the disability severance payment. This is a result of the Combat-Injured Veterans Tax Fairn...

NTA Blog: The National Taxpayer Advocate Responds to Private Debt Collectors’ Contentions

Wed, Jul 18, 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. Last week, I returned from vacation to read a press release from a newly formed organization consisting of private debt collection (PDC) agencies working IRS account...

Low Income Tax Clinic Celebrates 20 Years of Taxpayer Service

Tue, Jul 17, 2018

July 22, 2018 marks the 20th anniversary of Low Income Tax Clinics (LITC). Low Income Tax Clinics were enacted by Congress on July 22, 1998 as part of the IRS Restructuring and Reform Act of 1998. The LITC program today consists of 134 clinics in 48 states and the District of Columbia. From 2013 to 2016, LITCs: represented more than 100,000 low income taxpayers with IRS controversies; and educ...

3rd International Conference on Taxpayer Rights Videos Now Available

Tue, Jul 17, 2018

Didn’t make it to the 3rd International Conference on Taxpayer Rights? Catch up on what you missed and enhance your knowledge of taxpayer rights on a global scale. Videos are now available from each panel discussion and presentation conducted during the 3rd International Conference on Taxpayer Rights. Experience conversations held among international tax leaders in their fields throughout...

NTA Blog: Overall the Filing Season at Taxpayer Assistance Centers Ran Smoothly, But Room for Improvement Remains

Wed, Jul 11, 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. In my most recent Annual Report to Congress, I focused on Taxpayer Assistance Centers (TACs) as one of the Most Serious Problems facing taxpayers. My concerns about ...

NTA Blog: “Real” vs. “Unreal” Audits and Why This Distinction Matters

Fri, Jul 06, 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. Around five months ago, in my 2017 Annual Report to Congress, I identified IRS audit rates and the distinction between “real” and “unreal” au...

Success Story: TAS Advocates for Penalty Abatement

Thu, Jul 05, 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. A taxpayer came to TAS for assistance because the IRS assessed a penalty for not reporting income accurately. The taxpayer relied on a t...

NTA Blog: A Few Thoughts About The National Taxpayer Advocate’s Fiscal Year 2019 Objectives Report

Wed, Jun 27, 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. In lieu of posting a blog this week I would ask that you check out my June Report to Congress instead. In my preface you will find some extraordinary information, st...

National Taxpayer Advocate releases Fiscal Year 2019 Objectives Report to Congress

Wed, Jun 27, 2018

The National Taxpayer Advocate released her Fiscal Year 2019 Objectives Report to Congress today. In it, she reviews the 2018 filing season, addresses challenges facing the IRS, and identifies TAS’s priority issues for fiscal year (FY) 2019. Taxpayer Service Challenges  In her preface to the report, the NTA focuses on the IRS’s customer service challenges. She states in the cu...

Tax Changes

Wed, Jun 27, 2018

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American Institute of Certified Public Accountants Tax News

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Reuters

Mondelez voluntarily recalls some U.S. Ritz cracker products

Sun, Jul 22, 2018

Mondelez Global LLC has voluntarily begun recalling some Ritz Cracker sandwiches and Ritz Bits products over concern that they may include an ingredient tainted with Salmonella. ...

Trump says his campaign was spied upon illegally, offers no evidence

Sun, Jul 22, 2018

U.S. President Donald Trump said on Sunday that documents released by the FBI relating to a former adviser's ties to Russia showed that his campaign for the 2016 presidential election had been illegally spied upon by U.S. law enforcement, but offered no evidence to support his assertion. ...

Syrian 'White Helmets' flee to Jordan with Israeli, Western help

Sun, Jul 22, 2018

Hundreds of Syrian "White Helmet" rescue workers and their families fled advancing government forces and slipped over the border into Jordan overnight with the help of Israeli soldiers and Western powers, officials said. ...

White House to showcase U.S. products as trade battles loom

Sun, Jul 22, 2018

U.S. President Donald Trump will showcase American-made products ranging from beef jerky and cowboy boots to the Lockheed Martin Corp F-35 fighter jet on Monday, as his administration wages trade battles on a series of fronts. ...

Police name murder suspect in Los Angeles store hostage standoff

Sun, Jul 22, 2018

Los Angeles police named a 28-year-old man on Sunday as the suspect who took hostages and barricaded himself for three hours inside a Trader Joe's grocery store in which he fatally shot a woman. ...

Senators push sanctions to send Putin message on election interference

Sun, Jul 22, 2018

A pair of prominent Republican U.S. senators said on Sunday that the United States needs to prepare new sanctions against Russia to discourage interference in upcoming elections. ...

Exclusive: Accused Russian agent Butina met with U.S. Treasury, Fed officials

Sun, Jul 22, 2018

Accused Russian agent Maria Butina had wider high-level contacts in Washington than previously known, taking part in 2015 meetings between a visiting Russian official and two senior officials at the U.S. Federal Reserve and Treasury Department. ...

Iran's Rouhani warns Trump about 'mother of all wars'

Sun, Jul 22, 2018

Iranian President Hassan Rouhani on Sunday cautioned U.S. President Donald Trump about pursuing hostile policies against Tehran, saying "war with Iran is the mother of all wars", but did not rule out peace between the two countries. ...

Mexico, Canada optimistic about NAFTA despite G20 trade tensions

Sun, Jul 22, 2018

The finance ministers for Mexico and Canada on Sunday said they were optimistic about NAFTA talks with the United States, even as trade tensions spurred by U.S. tariffs dominated the G20 meeting of world economic leaders in Argentina. ...

Trump says looking more and more like his campaign spied upon illegally

Sun, Jul 22, 2018

U.S. President Donald Trump said on Twitter on Sunday that it was looking more and more like his presidential campaign was illegally spied upon. ...

CNN Money News

Is the era of easy money over?

Sun, Jul 22, 2018

Read full story for latest details....

Sergio Marchionne, auto legend, steps down as CEO of Fiat Chrysler

Sun, Jul 22, 2018

Fiat Chrysler on Saturday announced the sudden resignation of longtime CEO Sergio Marchionne, who is stepping down due to complications from surgery....

After plastic straws, this entrepreneur wants plastic toothbrushes to disappear

Sat, Jul 21, 2018

People are turning against plastic straws. Christina Ramirez wants them to think about another piece of plastic they use every day -- the toothbrush....

Coinbase forms political action committee

Fri, Jul 20, 2018

Coinbase, the popular cryptocurrency exchange, formed its own political action committee....

Maggie Haberman on Trump, 18 months in

Fri, Jul 20, 2018

It's been 18 months to the day of Donald Trump's inauguration -- and the pace of change has been relentless. White House correspondents are exhausted. But Maggie Haberman's role has remained constant. She just keeps serving up scoops....

Right-wing media called him a leftist terrorist. He appears to be a pro-gun conservative

Fri, Jul 20, 2018

After he was arrested earlier this week by authorities in South Dakota, Mark Einerwold immediately became a character in an ongoing narrative within conservative media, where he was depicted as the latest example of a left-wing domestic terror threat....

Facebook's rhetoric on misinformation doesn't match its actions

Fri, Jul 20, 2018

Facebook has said it finds claims that survivors of a violent tragedy are actually actors duping the public to be "abhorrent." The company has said that content with such claims violates its community standards, and has pledged to remove such posts....

Facebook suspends another data analytics firm

Fri, Jul 20, 2018

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Experimental treatment uses modified stem cells to fight cancer

Fri, Jul 20, 2018

A clinical trial run by UCLA is testing a potentially pioneering form of immunotherapy that could turn a patient's own body into a powerful weapon against cancer....

The classic car industry could be hurt by tariffs, too

Fri, Jul 20, 2018

Read full story for latest details....