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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

Weekly Report from Washington, D.C.

Mon, Dec 03, 2018

During the week of November 26, senior tax staff on the Senate Finance and House Ways and Means Committees doubted Republicans’ catch-all tax and IRS package’s chances of success. The IRS released guidance granting automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs […] The post Weekly Report from Washington, D.C. appeared ...

Cryptocurrency Mining and Selling: When Do You Owe Tax?

Fri, Nov 30, 2018

Taxpayers who mine, sell or exchange cryptocurrency likely owe federal income tax because of those activities.  But have they reported that income or gain? After dramatic changes in value due to volatile digital currency markets in 2018, they may even have losses. Currently, the IRS has a campaign, actively auditing for failures to report income […] The post Cryptocurrency Mining and Sell...

Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments

Fri, Nov 30, 2018

New instructions for IRS Form 8949, Sales and Other Dispositions of Capital Assets, address gain that is deferred when an investment is made in a Qualified Opportunity Fund. If a taxpayer realizes gain on a sale of an asset, but invests that gain in a QO Fund within 6 months, the taxpayer may be able […] The post Draft Forms Explain How to Report Gain Deferred Due to QO Fund Investments a...

IRS Extends Filing Deadlines, Penalty Relief for Health Insurance Forms (Notice 2018-94)

Fri, Nov 30, 2018

Insurers, self-insuring employers, other coverage providers, and applicable large employers now have until March 4, 2019, to provide individuals with Forms 1095-B, Health Coverage, or Forms 1095-C, Employer-Provided Health Insurance Offer and Coverage. This is a 30-day extension from the original due date of January 31, 2019. Comment: The due dates for employers and insurers to […] The po...

IRS Simplifies, Streamlines Procedures for Changing Accounting Method to Comply with AFS Deadline for All Events Test (Rev. Proc. 2018-60)

Fri, Nov 30, 2018

The IRS will grant automatic consent to accounting method changes to comply with new Code Sec. 451(b), as added by the Tax Cuts and Jobs Act (P.L. 115-97). In addition, some taxpayers may make the accounting method change on their tax returns, without filing a Form 3115, Application for Change in Accounting Method. These procedures […] The post IRS Simplifies, Streamlines Procedures for C...

Senate, House Tax Staffers Doubt Success of GOP’s Tax, IRS Package

Fri, Nov 30, 2018

Senior tax staff on the Senate Finance and House Ways and Means Committees seem to doubt Republicans’ catch-all tax and IRS package’s chances of success. Whether the roadblock will come down to time or votes, the package currently faces an uphill battle in the Senate. House Ways and Means Committee Chairman Kevin Brady, R-Tex., unveiled […] The post Senate, House Tax Staffers Doubt Succes...

Proposed Regulations Address Foreign Tax Credit and Tax Cut and Jobs Act Changes (NPRM REG-105600-18; IR-2018-235)

Thu, Nov 29, 2018

Highly anticipated foreign tax credit regulations have been issued that provide guidance on the significant changes made by the Tax Cuts and Jobs Act (P.L. 115-97) to the foreign tax credit rules. The proposed regulations address: (1) the allocation and apportionment of the deductions underCode Sec. 861 through Code Sec. 865 and adjustments to the […] The post Proposed Regulations Address...

House GOP Catch-All Tax Package Likely Faces Uphill Battle in the Senate

Thu, Nov 29, 2018

House Republicans’ blazing, 297-page tax package of IRS reforms, tax extenders, disaster relief, retirement savings, and corrections to last year’s tax reform has received an icy reception from congressional Democrats. Although the ambitious and lengthy tax package contains several bipartisan proposals, Democrats appeared caught off guard by its release and have already begun voicing opposition...

Republicans Seek to Pass 297-Page Tax, IRS Package During Lame-Duck Session

Wed, Nov 28, 2018

The House is expected to vote this week on a 297-page tax and IRS oversight package. Generally, the broad legislative package addresses year-end tax extenders, retirement savings, disaster relief, IRS reform, and technical corrections to last year’s tax reform legislation, among other things. Additionally, the package contains elements of Republicans’ “Tax Reform 2.0” package approved […]...

Electing Out of Interest Deduction Limit and Switching to ADS Is Not an Accounting Method Change

Tue, Nov 27, 2018

A taxpayer that elects out of the  business interest deduction limits won’t need to file an accounting method change when switching to the MACRS alternative depreciation system (ADS), according to the IRS. During recent informal remarks, the IRS said it plans to allow electing farmers and real estate businesses to make the required switch to […] The post Electing Out of Interest Deduction...