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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

Taxpayer Advocate Releases NTA 2017 Annual Report to Congress (IR-2018-3)

Thu, Jan 11, 2018

National Taxpayer Advocate (NTA) Nina E. Olson on January 10 released the NTA 2017 Annual Report to Congress. In the report, Olson described the challenges the IRS would face while implementing the recently enacted tax reform legislation and unveiled a new publication, “The Purple Book,” that presents 50 legislative recommendations intended to strengthen taxpayer rights […] Th...

Extenders Could Move Soon

Thu, Jan 11, 2018

Tax extenders and the state and local sales tax deduction continue to drive discussions on Capitol Hill. Lawmakers from both sides of the aisle have expressed support for extending the expired tax breaks. At this time, talks have surfaced that the extenders could be part of a government funding bill. Extenders In December, Republicans on […] The post Extenders Could Move Soon appeared fir...

Whistleblower’s Award Claim Properly Rejected (Kasper, TC)

Wed, Jan 10, 2018

The IRS Whistleblower Office (WO) properly rejected a whistleblower’s award claim. The record showed that the IRS did not take any action that resulted in the collection of proceeds using the whistleblower’s information. Therefore, after a full court review, the Tax Court determined that the individual’s information would not have changed the IRS’s actions in […] The post Whistleblo...

Medical Device Tax Returns; Repeal Draws Bipartisan Support

Wed, Jan 10, 2018

Revival of the medical device tax and the health insurance provider fee have lawmakers from both parties calling for repeal or further delay of the taxes. Temporary suspensions of both taxes expired after 2017. Although proposals have been unveiled to repeal the taxes, hearings have yet to be held. However, that could change this month as […] The post Medical Device Tax Returns; Repeal Dr...

FASB to Discuss Tax Cuts and Jobs Act

Tue, Jan 09, 2018

The Financial Accounting Standards Board (FASB) will discuss the Tax Cuts and Jobs Act (P.L. 115-97) at its January 10 meeting. Since enactment of the tax law, questions have arisen about its impact on 2017 financial statements. ASC 740 Under Accounting Standards Codification Topic 740, Income Taxes (ASC 740), businesses generally adjust the value of […] The post FASB to Discuss Tax Cuts ...

Revised Covered Compensation Tables for 2018 Plan Year Released (Rev. Rul. 2018-4)

Tue, Jan 09, 2018

The IRS has issued revised covered compensation tables for the 2018 plan year. The revised tables reflect a change to the taxable wage base that the Social Security Administration announced on November 27, 2017. Accordingly, these revised tables apply instead of those provided in Rev. Rul. 2017-22. The revised taxable wage base is $128,400. Revised […] The post Revised Covered Compensatio...

Weekly Report from Washington, D.C.

Mon, Jan 08, 2018

Congress was on its holiday break. The IRS announced that the income tax filing season will open for individuals on January 29. The IRS also issued its annual revisions to the general procedures for ruling requests, technical memoranda (TAM), determination letters, and user fees, as well as areas on which the Service will not rule. […] The post Weekly Report from Washington, D.C. appeared...

AICPA Calls for Centralized Partnership Audit Regime Delay

Fri, Jan 05, 2018

The American Institute of CPAs has called on Congress to delay the start of the new centralized partnership audit regime. The AICPA’s recommendation came shortly after the IRS issued final regulations on electing out of the centralized partnership audit regime (T.D. 9829; TAXDAY, 2018/01/02, I.8). Background The Bipartisan Budget Act of 2015 (P.L. 114-74) repealed […] The post AICPA Calls...

2018 Tax Season Starts January 29; Filing Deadline Set for April 17 (IR-2018-1)

Fri, Jan 05, 2018

The 2018 income tax filing season opens on Monday, January 29, 2018, the IRS announced on January 4. The Service noted that, by law, it cannot issue refunds for taxpayers claiming the Earned Income Tax Credit (EITC) and the Additional Child Tax Credit (ACTC) before late February. If taxpayers choose direct deposit and there are […] The post 2018 Tax Season Starts January 29; Filing Deadli...

Preliminary Guidance Issued on Transition Tax Computation (IR-2017-212; Notice 2018-7)

Thu, Jan 04, 2018

The IRS has issued preliminary guidance on the transition tax computation. The “transition tax” was enacted as part of the budget resolution on December 22, 2017. Also, the IRS has announced that it will issue rules for determining what amounts are included in gross income by a U.S. shareholder under Code Sec. 951(a)(1).  Taxpayers may rely on […] The post Preliminary Guidance...