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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

IRS Proposes Updates to Hardship Distribution Regulations (NPRM REG-107813-18)

Mon, Nov 12, 2018

The IRS is proposing to amend hardship distribution regulations to reflect changes in the law. In particular, the proposed regulations would reflect changes in the Bipartisan Budget Act of 2018 (P.L. 115-123), and the Tax Cuts and Jobs Act (P.L. 115-97). The IRS is also proposing housekeeping changes to reflect older legislation. Deemed Immediate and […] The post IRS Proposes Updates to H...

Weekly Report from Washington, D.C.

Mon, Nov 12, 2018

During the week of November 5, President Donald Trump and House Ways and Means Committee Chairman Kevin Brady, R-Tex., issued a joint statement in connection with the new 10 percent tax cut for middle income taxpayers. The Treasury and IRS released their 2018-2019 Priority Guidance Plan. The IRS announced that more families would be able […] The post Weekly Report from Washington, D.C. ap...

Proposed Levy Properly Sustained; Underlying Liabilities Not at Issue (Jennette, CA-3)

Fri, Nov 09, 2018

The Tax Court did not err when it summarily sustained a proposed levy to collect an individual’s unpaid penalties for one tax year and delinquent tax for another tax year. The taxpayer had failed to participate in the supplemental Collection Due Process hearing and did not explicitly challenge those penalties in his petition. Therefore, he […] The post Proposed Levy Properly Sustained; Un...

Exemptions for Various Entities Holding Moral Convictions under ACA Discussed (T.D. 9841)

Thu, Nov 08, 2018

The government has released a joint agency rule finalizing and expanding exemptions for various entities and individuals with sincerely held moral convictions opposed to coverage of some or all contraceptive or sterilization methods that are otherwise required under the Affordable Care Act (ACA). Under ACA, employer-provided health insurance plans are required to cover certain “preventative [&#...

Final Rules Expand Contraception Coverage Exemption (T.D. 9840)

Thu, Nov 08, 2018

The government has released a joint agency rule finalizing and expanding the exemption from the contraceptive coverage mandate under the Patient Protection and Affordable Care Act (ACA) (P.L. 111-148) for various entities and individuals on the basis of sincerely held religious beliefs. Entities that have sincerely held religious beliefs against providing contraceptive services (or services [&#...

GOP to Move Tax Bills During Lame-Duck Session; Democrats Clinch House Majority in 2019

Thu, Nov 08, 2018

Congressional Republicans are looking to move forward with certain legislative tax efforts during the lame-duck session, which is set to begin next week. The House’s top tax writer, who will hand the reins to Democrats next year, has reportedly outlined several tax measures that will be a priority when lawmakers return to Washington, D.C., during […] The post GOP to Move Tax Bills During ...

Individual Did Not Run Music Club For Profit; Deductions Properly Denied (Ford, CA-6)

Wed, Nov 07, 2018

An individual was not operating her music club for profit and, therefore, could not deduct losses associated with it. The taxpayer had no expertise in club ownership, maintained inadequate records and disregarded expert business advice. Moreover, the taxpayer casually accepted the club’s perpetual losses and made no attempt to reduce expenses, increase revenue or improve […] The post Indi...

Proposed Regulations Would Implement TCJA Changes to Insurance Company Discounting Rules (NPRM REG-103163-18)

Tue, Nov 06, 2018

Proposed regulations would provide guidance on the new Section 846 discounting rules for unpaid losses and estimated salvage recoverable of insurance companies, implementing changes made by the Tax Cuts and Jobs Act (P.L. 115-97) (TCJA). The proposed regulations also would make other technical improvements to the derivation and use of discount factors. The proposed regulations […] The pos...

Final Due Diligence Regulations for Return Preparers Issued (T.D. 9842)

Tue, Nov 06, 2018

Amendments to the return preparer regulations expand the scope of preparer due diligence. The regulations apply to the due diligence penalty as it applies to – the Child Tax Credit, – the Additional Child Tax Credit, – the American Opportunity Tax Credit, and – a taxpayer’s eligibility to file as head of household. The regulations […] The post Final Due Dilig...

Practitioner’s Corner: Proposed Regs for Tax Reform’s Business Interest Limitation Expected in Coming Days

Tue, Nov 06, 2018

The IRS is expected to soon release proposed regulations for tax reform’s new business interest limitation. “They are so broad that nearly every domestic taxpayer will be impacted,” Daniel G. Strickland, an associate at Eversheds Sutherland told Wolters Kluwer. The first set of proposed regulations for the Code Sec. 163(j) business interest limitation is expected […] The post Practitioner...