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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

Success Story: Taxpayer Advocate Service advocates for alternative approach to expense verification in correspondence audit

Thu, Jul 18, 2019

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. Audits can be a very scary and daunting task for taxpayers who travel for business. Recordkeeping requirements involve taxpayers keeping...

TAS TAX TIP: Filing Past Due Tax Returns

Fri, Jul 12, 2019

Did you forget to file your 2018 tax return by April 15, 2019? Have you not filed tax returns for several years? If the answer is yes to either, here’s some information to help you catch up with your filing requirements. It’s important to file past due tax returns before the IRS does it for you (see Consequences of Not Filing below). First, figure out if you need to file a federal i...

Advocate Releases EITC Special Report, Taxpayer Journey Roadmap

Wed, Jul 10, 2019

Learn more about the Taxpayers Journey Roadmap: taxpayeradvocate.irs.gov/roadmap. National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), a call to action, with recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible taxpayers. Also today, for the first time ever, th...

NTA Blog: Happy Fourth of July

Wed, Jul 03, 2019

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 So that our staff can enjoy the Independence Day festivities with family and friends, we are taking a break this week from posting our blog. We want to wish everyone ...

NTA Blog: The IRS's Position on the Application of the Religious Freedom Restoration Act to the Social Security Requirement Under Internal Revenue Code ┬ž 24(h)(7) Has the Effect of Denying Child Tax Credit Benefits to the Amish and Certain Other Religious Groups

Wed, Jun 26, 2019

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 As part of the Tax Cuts and Jobs Act (TCJA) passed in December 2017, the Child Tax Credit (CTC) (Internal Revenue Code (IRC) § 24) was amended to require a Socia...

TAS Tax Tip: Use your 2018 return to get 2019 tax withholding right

Tue, Jun 25, 2019

Done with taxes this year? Then use your 2018 return to get your 2019 tax withholding right. It’s very important to have the correct amount of taxes withheld from your paycheck. Use the IRS Withholding Calculator and your 2018 tax return information to adjust your withholdings to ensure you don’t have too little or too much withheld.  Checking and then adjusting tax withholding...

NTA Blog: National Taxpayer Advocate Nina Olson Issues Her Final Report to Congress Today

Thu, Jun 20, 2019

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 Today I am issuing my 37th, and final, Report to Congress as National Taxpayer Advocate. With my pending July 31 retirement creeping ever closer, I have approached th...

National Taxpayer Advocate releases Fiscal Year 2020 Objectives Report

Thu, Jun 20, 2019

The National Taxpayer Advocate released her Fiscal Year 2020 Objectives Report to Congress today. In the report, she addresses key IRS challenges, reviews the 2019 filing season, and identifies TAS’s priority issues for fiscal year (FY) 2020.  Key IRS Challenges Taxpayer Service: The report says poor taxpayer service remains the biggest challenge taxpayers face in dealing with the I...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 3 of 3)

Wed, Jun 12, 2019

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 Two weeks ago, I discussed how the Flora rule blocks access to judicial review by low income taxpayers and those subject to “assessable penalties.” Last w...

TAS Tax Tip: I got an IRS notice; now what do I do?

Fri, Jun 07, 2019

The IRS will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, explain changes to your account, ask for more information, or request a payment. You can handle most of this correspondence without calling or visiting an IRS office if you follow the instructions in the notice. However, sometimes these communications can be ...

Reuters News

Huawei's U.S. research arm slashes more than 70% of workforce

Mon, Jul 22, 2019

China's Huawei Technologies Co Ltd said it is slashing more than 600 jobs at its Futurewei Technologies research arm in the United States after being placed on a trade blacklist by the U.S. government. ...

Easing hopes prop up global stocks, pound sags as Britain eyes new PM

Mon, Jul 22, 2019

Expectations of policy easing by major central banks such as the Federal Reserve propped up global stocks on Tuesday, while the pound sagged as Britain braced for a new prime minister who could pave the way for a no-deal exit from the European Union. ...

Trump agrees to prompt responses to license requests for Huawei sales

Mon, Jul 22, 2019

President Donald Trump agreed at a meeting with the heads of top technology companies like Google on Monday to make "timely" decisions on requests by U.S. companies to sell to blacklisted Huawei Technologies Co Ltd, the White House said. ...

LG Display to invest $2.6 billion in OLED panel plant in South Korea

Mon, Jul 22, 2019

LG Display said on Tuesday that it would invest 3 trillion won ($2.6 billion) in its organic light-emitting diode (OLED) panels production line in South Korea. ...

Trump meets with tech CEOs on Huawei

Mon, Jul 22, 2019

U.S. President Donald Trump met on Monday with the chief executives of seven technology companies and he agreed with their request for timely licensing decisions from the Commerce Department on blacklisted Chinese firm Huawei Technologies, the White House said. ...

Equifax's $700 million data breach settlement spurs criticism, calls for new rules

Mon, Jul 22, 2019

Credit-reporting company Equifax Inc will pay up to $700 million to settle claims it broke the law during a massive 2017 data breach and to repay harmed consumers, in a landmark settlement that was nonetheless criticized by consumer advocates and some lawmakers who called for stricter regulation. ...

Equifax consumers face uphill battle for claims

Mon, Jul 22, 2019

Consumers affected by the massive Equifax Inc data breach in 2017 will not reap any windfalls from the credit reporting company's $700 million U.S. settlement announced on Monday, but may face a cumbersome process to get compensation. ...

Bunge and BP team up in Brazil bioenergy venture, create No. 3 sugarcane processor

Mon, Jul 22, 2019

U.S. commodities trader Bunge Ltd and British energy company BP Plc said on Monday they will merge their Brazilian sugar and ethanol operations to create the world's third-largest sugarcane processor. ...

AutoNation names new CEO, posts strong quarterly profit

Mon, Jul 22, 2019

AutoNation Inc , the largest U.S. auto dealership chain, on Monday named a new chief executive four months after picking someone else for the position, while posting a stronger-than-expected quarterly profit. ...

Fitch, Moody's cut Boeing's debt outlook to 'negative' on 737 MAX problems

Mon, Jul 22, 2019

Fitch Ratings and Moody's lowered their outlooks for Boeing Co to "negative" from "stable" on Monday, citing delays in its 737 MAX jets' return to service. ...

Fox Business news

Strait of Hormuz tensions and oil prices: The smart money's call

Mon, Jul 22, 2019

I'm not going to speculate on how much of a short-term spike will take place on the heels of rising tensions -- even war -- in the Middle East, but the smart money will sell into that rally....

Stocks trade in tight range ahead of week full of earnings

Mon, Jul 22, 2019

Boeing, Facebook and Tesla are among the firms poised to release financial results through June....

Movers & Shakers: July 22, 2019

Mon, Jul 22, 2019

Stories moving the markets and shaking up the world....

Halliburton profit slumps 85% on charges

Mon, Jul 22, 2019

Earnings, adjusted for asset impairment costs, were 35 cents per share....

Shanghai launches Nasdaq inspired technology exchange with big gains

Mon, Jul 22, 2019

The market is modeled on the NASDAQ....

St Louis Fed's Bullard: Cryptocurrencies could lead to price instability, illegal transactions

Fri, Jul 19, 2019

Bullard identified illegal drug trades or the avoidance of existing financial regulations as some examples of potential illegal activity....

Newspaper chains Gannett, GateHouse in merger talks: Report

Fri, Jul 19, 2019

The industry has been consolidating to survive a decline in print ad sales....

Stocks close down after Iran seizes UK tanker

Fri, Jul 19, 2019

Iran seized a British-flagged oil tanker Friday in the Strait of Hormuz amid growing tensions in the region....

Movers & Shakers: July 19, 2019

Fri, Jul 19, 2019

Stories moving the markets and shaking up the world....

Starbucks hits military hiring goal of 25,000 veterans, spouses years ahead of schedule: Exclusive

Fri, Jul 19, 2019

The company has set a new goal to hire 5,000 veterans and military spouses each year....

CNN News

In a letter, the DOJ told the former special counsel that 'any testimony must remain in the boundaries of your public report'

Mon, Jul 22, 2019

The Justice Department wrote a letter to Robert Mueller on Monday about his upcoming congressional hearing, telling the former special counsel his testimony must adhere to the 448-page report he issued earlier this year. ...

READ: Justice Department letter to Mueller about his testimony

Mon, Jul 22, 2019

The Justice Department wrote to Robert Mueller on Monday about his upcoming testimony, saying it "must remain within the boundaries of your public report because matters within the scope of your investigation were covered by executive privilege." ...

Burnett: See Trump evolve on Mueller's hearing in two seconds

Mon, Jul 22, 2019

CNN's Erin Burnett discusses the tension around Robert Mueller's testimony before Congress as the Department of Justice sends a letter to Mueller, warning him to "remain within the boundaries." ...

Opinion: Mueller, drop the Yoda act

Tue, Jul 23, 2019

It's time for Robert Mueller to lose the mystery, drop the double-speak and stop the riddling. He needs to tell the American public where he stands -- straight, clear and in plain English. ...

Mueller's big moment is make or break for Democrats

Mon, Jul 22, 2019

Democrats are pinning their last, best hopes of proving that President Donald Trump committed impeachable crimes on former special counsel Robert Mueller, who is set to reluctantly serve as a star witness in Wednesday's televised spectacle. ...

What to look out for during Robert Mueller's testimony

Mon, Jul 22, 2019

CNN legal analyst Elie Honig outlines what viewers should be listening for in Robert Mueller's anticipated testimony before Congress. ...

Justice Department watchdog conducted over 100 interviews in probe of Mueller report origins

Tue, Jul 09, 2019

Federal investigators from the Justice Department's watchdog office have conducted over 100 interviews in their probe of the FBI's surveillance efforts of Trump campaign associate Carter Page, according to a letter sent to lawmakers and obtained by CNN. ...

Democrats plot new plan to press Mueller on Trump's alleged crimes

Fri, Jul 19, 2019

House Democrats are intensely preparing a pointed line of questioning for Robert Mueller, banking that his testimony will shift public perception about the President's alleged criminal activity outlined in the special counsel's report, according to Democratic committee aides. ...

Pence NH cancellation: Employee of drug recovery center trafficked fentanyl

Mon, Jul 22, 2019

An employee of the drug recovery center that Vice President Mike Pence abruptly withdrew from visiting agreed to plead guilty last week to federal drug trafficking charges. ...

Trump, congressional leaders clinch sweeping deal on budget and debt ceiling

Tue, Jul 23, 2019

President Donald Trump and bipartisan congressional leaders clinched a sweeping two-year budget agreement that would produce hundreds of billions in new spending and take the threat of a fiscal crisis off of Washington's plate for more than two years. ...

The Wall Street Journal

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