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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

House Approved Bipartisan IRS Reform Package

Thu, Apr 19, 2018

The House on April 18 approved the two largest bills of a bipartisan IRS reform package. The bills aim to restructure the IRS for the first time in 20 years. The 21st Century IRS Bill (HR 5445) was approved 414-to-0. In addition, the Taxpayer First Bill (HR 5444) passed by a 414-to-3 vote. The bipartisan […] The post House Approved Bipartisan IRS Reform Package appeared first on Tax & Acc...

2017 Filing Deadline Extended One Day; IRS Processing Systems Back Online

Wed, Apr 18, 2018

The IRS extended the 2017 filing deadline one day. The IRS provided the additional day for taxpayers to file and pay their taxes following system issues that surfaced early on April 17. Individuals and businesses with a filing or payment due date of April 17 now have until midnight on Wednesday, April 18. Taxpayers do not need to […] The post 2017 Filing Deadline Extended One Day; IRS Pro...

House Approves First Round of IRS Reform Bills

Wed, Apr 18, 2018

The House approved seven IRS reform bills on April 17 by voice vote. The bills are part of a larger bipartisan IRS reform package that was approved by the Ways and Means Committee last week. IRS Reform Bills These seven bills include proposals to: establish a single point of contact for tax-related identity theft victims, expand the use […] The post House Approves First Round of IRS Refor...

Taxpayers Will Not be Penalized for Tax Day Filing Glitch, IRS Chief Says

Wed, Apr 18, 2018

Acting IRS Commissioner David Kautter told House lawmakers that taxpayers will not be penalized for the technical difficulties the IRS was having on Tax Day with its direct payment and e-filing systems. Kautter testified in a joint hearing on April 17 before the House Oversight Health Care, Benefits, and Administrative Rules and Government Operations Subcommittees. […] The post Taxpayers ...

2018 Fiscal-Year Blended Tax Rates for Corporations (IR-2018-99; Notice 2018-38)

Tue, Apr 17, 2018

The IRS has issued guidance on the changes to the federal income tax rates for corporations under Code Sec. 11(b) and the repeal of the alternative minimum tax (AMT) for corporations by the Tax Cuts and Jobs Act (TCJA) (P.L. 115-97) and on the application of the Code Sec. 15 tax proration rules in determining […] The post 2018 Fiscal-Year Blended Tax Rates for Corporations (IR-2018-99; No...

Weekly Report from Washington, D.C.

Mon, Apr 16, 2018

The House Ways and Means Committee approved a bipartisan IRS reform package. A House floor vote is expected the week of April 16. White House The White House and Republican lawmakers are continuing discussions focused on a second round of tax reform, (TAXDAY, 2018/04/09, W.1). Congress Senate. Acting IRS Commissioner David Kautter provided members of the […] The post Weekly Report from Wa...

Updated FAQs Issued on Filing 2017 Tax Returns Including Transition Tax (FAQs)

Mon, Apr 16, 2018

The IRS has provided updated answers to frequently asked questions (FAQs) about filing 2017 returns and making tax payments relating to the transition tax under Code Sec. 965. The instructions in the FAQs cover filing 2017 tax returns with an amount required by Code Sec. 965. Background Generally, U.S. shareholders pay tax on the untaxed foreign earnings of certain […] The post Updated FA...

Treasury, OMB Agree to Increased Oversight of Tax Regulations

Mon, Apr 16, 2018

Certain proposed regulations issued by Treasury will now be subject to additional oversight by the Office of Management and Budget (OMB). A Memorandum of Agreement (MOA) between Treasury and OMB released on April 12 specifies terms under which the Office of Information and Regulatory Affairs (OIRA) within OMB will review future tax regulations. The MOA […] The post Treasury, OMB Agree to ...

Kautter Updates Lawmakers on 2018 Tax Filing Season, IRS Operations

Fri, Apr 13, 2018

Acting IRS Commissioner David Kautter on April 12 provided lawmakers with an update on the 2018 tax filing season and IRS operations. Kautter, testifying before the Senate Finance Committee (SFC), told lawmakers that the 2018 filing season has gone well with regard to tax return processing and IT systems operations. 2018 Tax Filing Season “It […] The post Kautter Updates Lawmakers on 2018...

Tax Reform Guidance Will Take Years, IRS Chief Says

Thu, Apr 12, 2018

Acting IRS Commissioner David Kautter told lawmakers on April 11 that implementing tax reform is one of the IRS’s highest priorities, but issuing guidance will likely take years. “Preliminary efforts to implement this new law are already underway,” Kautter said during a House Appropriations Financial Services Subcommittee hearing. The Tax Cuts and Jobs Act (TCJA) […] The post Tax Reform G...