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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

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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NTA Blog: Participants in the Sharing Economy Lack Adequate Guidance From the IRS

Wed, Jun 20, 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 included the IRS’s efforts to reach out to participants in the sharing economy (also know as the “gig econ...

NTA Blog: The IRS’s Continued Refusal to Exclude Already Open TAS Cases From the Passport Certification Program Violates Taxpayer Rights

Thu, Jun 14, 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 January, I wrote my third blog about the IRS’s new program to certify the seriously delinquent tax debts of taxpayers for the purposes of passport denial, l...

NTA Blog: One Year Later, The IRS Has Not Adjusted Its Private Debt Collection Initiative To Minimize Harm To Vulnerable Taxpayers

Wed, Jun 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. Since the IRS implemented the private debt collection (PDC) initiative last year, I have been concerned that taxpayers whose debts are assigned to private collection...

IRS Announces Webinar on the 2019 Low Income Taxpayer Clinic (LITC) Grant Application Process

Thu, May 31, 2018

The IRS announced today that the Low Income Taxpayer Clinic Program Office will host two webinars on Tuesday, June 5, 2018, and Tuesday, June 12, 2018. The webinars are to provide potential applicants with information about the application requirements and process. The intended audience for this webinar include applicant’s proposing to open or expand the work of existing: Clinical progra...

Reuters News

BlackRock reports weaker demand for index funds, shares dip

Mon, Jul 16, 2018

BlackRock Inc , the world's biggest asset manager, reported smaller demand for its funds on Monday as investors fled risk, overshadowing a better-than-expected quarterly profit, and its shares dipped. ...

Jetmakers see brisk start to air show as UK tries to soothe Brexit worries

Mon, Jul 16, 2018

Planemakers racked up more than $20 billion of deals on the opening day of the Farnborough Airshow on Monday, suggesting demand for new passenger jets remains in rude health despite worries over trade tensions and Brexit. ...

Airbus says Europe, UK should work together on future fighter

Mon, Jul 16, 2018

Britain and Europe should work together on a future combat air system, or risk further fragmenting the European defense market, Airbus defense chief Dirk Hoke said on Monday, after Britain pushed forward with its own new fighter jet program. ...

Qatar Airways adapting to blockade, may not post a loss in current year

Mon, Jul 16, 2018

The chief executive of Qatar Airways said the airline was adapting to a regional blockade that has prevented it flying some routes, and that those restrictions would not necessarily push it into the red for the current financial year. ...

Uber faces probe over alleged gender discrimination: WSJ

Mon, Jul 16, 2018

Uber Technologies Inc is being investigated by the U.S. Equal Employment Opportunity Commission stemming from a complaint about gender inequity, the Wall Street Journal reported on Monday, citing people familiar with the matter. ...

Oil prices sink, keeping stocks in check; banks gain

Mon, Jul 16, 2018

Oil prices dropped 3 percent on Monday, putting pressure on energy shares and keeping global stock markets in check, although financial shares rallied after upbeat news from Bank of America and Deutsche Bank. ...

Britain's M&S to cut 351 store jobs

Mon, Jul 16, 2018

British retailer Marks & Spencer said on Monday it would cut 351 jobs at stores across the country, seeking to make savings in a brutally competitive market. ...

FCC chairman has 'serious concerns' about Sinclair Tribune merger

Mon, Jul 16, 2018

Federal Communications Commission chairman Ajit Pai said Monday he has "serious concerns" about Sinclair Broadcast Group Inc’s proposed $3.9 billion acquisition of Tribune Media Co and called for a hearing to review some disputed issues. ...

S&P 500 dips as weak oil prices offset earnings optimism

Mon, Jul 16, 2018

The benchmark S&P 500 index was marginally lower on Monday as a sharp drop in crude oil prices weighed on the energy stocks and offset a rebound in financials after Bank of America's strong results reinforced expectations of a strong earnings season. ...

Bank of America profit beats on consumer loan growth, lower expenses

Mon, Jul 16, 2018

Bank of America Corp reported quarterly profit above expectations as the second-largest U.S. lender cut expenses and benefited from growth in loans and deposits on the back of a strengthening economy. ...

Fox Business news

General Electric Earnings Preview: Here's What to Watch

Mon, Jul 16, 2018

The company's earnings probably declined significantly last quarter, but here's how investors can check up on the conglomerate's turnaround progress....

Fired worker argues pot use didn't violate company policy

Mon, Jul 16, 2018

A Massachusetts woman who was fired by a food services company for her recreational marijuana use says she was wrongfully terminated....

Here's Why Cryptocurrencies Are Soaring on Monday

Mon, Jul 16, 2018

Institutional interest from a certain major financial player could be a big deal....

Russian President Vladimir Putin says Moscow, Washington could cooperate in stabilizing the world's energy market

Mon, Jul 16, 2018

Russian President Vladimir Putin says Moscow, Washington could cooperate in stabilizing the world's energy market....

Investors See a Clearer Path Forward for This Winning Stock

Mon, Jul 16, 2018

Find out what's prompted a 14% rise in shares in just the past month....

WWE can rake in billions with these deals

Mon, Jul 16, 2018

Content deals are the name of the game for Vince McMahon and the WWE....

Delta Air Lines (DAL) Q2 2018 Earnings Conference Call Transcript

Mon, Jul 16, 2018

DAL earnings call for the period ending June 30, 2018....

Amazon Prime Day 2018: How to score the best deals

Mon, Jul 16, 2018

Prime Day countdown deals started Monday....

Bank of America Earnings: The Best of the Big Banks?

Mon, Jul 16, 2018

Bank of America's second-quarter earnings are strong, with almost no disappointing news....

Deadline looms for casinos' sports bet plans before football

Mon, Jul 16, 2018

Time is running out for some gambling companies that plan to offer legal sports betting in New Jersey before football season starts....

CNN News

Trump lambasted the special counsel's investigation stemming from Russian interference in the 2016 election as 'a disaster for our country'

Mon, Jul 16, 2018

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Analysis: Trump sends the worst tweet of his presidency

Mon, Jul 16, 2018

President Donald Trump has sent a lot of bad tweets. He's tweeted things that aren't true. He's tweeted personal attacks about everyone from Hillary Clinton to Mika Brzezinski and back. He's called North Korean dictator Kim Jong Un "Little Rocket Man." But a tweet he sent Monday morning -- just hours before sitting down with Russian President Vladimir Putin -- has to be the worst. ...

Was Putin's late arrival at the summit a power play?

Mon, Jul 16, 2018

US President Donald Trump and Russian President Vladimir Putin blew past the 90 minutes they were scheduled to spend with only interpreters at their sides on Monday, just hours after the US President blamed US policy for the dismal state of relations between the two countries. ...

Man forcibly removed from news conference

Mon, Jul 16, 2018

Ahead of a joint news conference with President Trump and Russian President Vladimir Putin, a man was forcibly removed from the room. ...

Trump reportedly enraged by Putin video of missiles hitting Florida

Mon, Jul 16, 2018

A video released by Russian President Vladimir Putin touting his country's potential future weaponry and its supposed ability to strike Florida filled President Donald Trump with rage, according to a report by Axios. ...

Zakaria: Trump's political genius is this ...

Sun, Jul 15, 2018

CNN's Fareed Zakaria dissects the Republican Party's evolution, calling their ideology malleable and saying the "party of law and order now has deep distrust for the FBI." ...

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The Wall Street Journal

County Jail in New York Receives Hundreds of Asylum Seekers

Mon, Jul 16, 2018

Albany County Sheriff Craig Apple received an inquiry from federal immigration officials asking whether the New York jail he runs could receive hundreds of asylum-seeking migrant detainees. He agreed after receiving assurance that legal help could be provided for them....

Many Breast Cancer Patients Don't Get Recommended Follow-Up, Study Suggests

Mon, Jul 16, 2018

Women who have been treated for early-stage breast cancer should get periodic mammograms to monitor for recurrence, but the likelihood they will varies across U.S. metropolitan areas, a new study finds. ...

Florida Fights Giant Algal Bloom in Lake Okeechobee

Mon, Jul 16, 2018

Gov. Rick Scott has declared a state of emergency in seven South Florida counties as algae covers about 90% of the 730-square-mile lake....

China Targets U.S. Tech Startups in Investment Loophole

Mon, Jul 16, 2018

Tighter national security reviews have curbed Chinese deal-making in the U.S., but a new study shows China is pouring money into cutting-edge American technologies at a record pace this year through loosely regulated venture capital investments....

Trump Hails 'Deeply Productive Talks' With Putin, Who Denied Election Interference

Mon, Jul 16, 2018

U.S. President Donald Trump said he and Russian President Vladimir Putin had “direct, open, deeply productive” talks on Monday and that the two nations would seek greater cooperation in the “pursuit of shared interests.”...

The Park Avenue Armory Offers a Canvas for Larger-Than-Life Productions

Mon, Jul 16, 2018

The Park Avenue Armory in Manhattan has become a home for cutting-edge performances of all kinds and emerged as one of the country’s most ambitious arts venues. ...

Strong Retail Sales in June Boosted Growth

Mon, Jul 16, 2018

Americans boosted their spending at retailers in June, capping a strong quarter of consumption that is expected to help ramp up economic growth....

U.S. Tries to Rein In High-Speed Trading in Farm Patch

Mon, Jul 16, 2018

The U.S. government is taking steps to protect agricultural markets from high-frequency traders—a move some say will make little difference down on the farm. ...

FCC Chairman Has 'Serious Concerns' With Sinclair-Tribune Deal

Mon, Jul 16, 2018

A top federal communications regulator said he had “serious concerns” about Sinclair Broadcast’s $3.9 billion acquisition of Tribune Media. ...

Mueller Indictment Adds Urgency to Securing 2018 Midterm Elections

Mon, Jul 16, 2018

Special counsel Robert Mueller’s indictment of Russian intelligence officers came as state election officials gathered for the final time with the task of protecting the nation’s election machinery in November....