Back to top

Daily News

Below please find daily updates pertaining to the latest in financial, business, and tax news:

Taxpayer Advocate Service Feed

TAS Tax Tip: What to do if you receive notification your tax return is being examined or audited

Wed, May 25, 2022

May 25, 2022 – Information you need to know if you received a notification that IRS is auditing (examining) your […] The post TAS Tax Tip: What to do if you receive notification your tax return is being examined or audited appeared first on Taxpayer Advocate Service. ...

Test

Tue, May 24, 2022

Test The post Test appeared first on Taxpayer Advocate Service. ...

NTA Blog: Low-Income Taxpayers Encounter Communication Barriers That Hinder Correspondence Audit Resolution

Thu, May 19, 2022

May 19. 2022 – Many taxpayers experience difficulties with correspondence audits. Once a return is selected for examination, the IRS […] The post NTA Blog: Low-Income Taxpayers Encounter Communication Barriers That Hinder Correspondence Audit Resolution appeared first on Taxpayer Advocate Service. ...

TAS Tax Tip: Adjust Your Withholding to Ensure There’s No Surprises on Tax Day

Tue, May 17, 2022

May 17, 2022 – It is a good practice for everyone to do a paycheck check-up every year. Checking your […] The post TAS Tax Tip: Adjust Your Withholding to Ensure There’s No Surprises on Tax Day appeared first on Taxpayer Advocate Service. ...

TAS Tax Tip: Why do I owe a penalty and interest and what can I do about it?

Tue, May 10, 2022

May 10, 2022 – Do you owe a penalty? Here’s why and what you may be able to do about […] The post TAS Tax Tip: Why do I owe a penalty and interest and what can I do about it? appeared first on Taxpayer Advocate Service. ...

NTA Blog: Despite Operating Legally in Many States, Marijuana-Related Businesses Face Significant Federal Income Tax Law Challenges

Tue, May 10, 2022

May 10, 2022 – As the National Taxpayer Advocate, I am the voice of *all* taxpayers within the IRS. As […] The post NTA Blog: Despite Operating Legally in Many States, Marijuana-Related Businesses Face Significant Federal Income Tax Law Challenges appeared first on Taxpayer Advocate Service. ...

TAS Tax Tip: How to handle a notification of tax-related identity theft

Tue, May 03, 2022

May 3, 2022 – Did you get a notification from IRS or the Social Security Administration (SSA) advising you that […] The post TAS Tax Tip: How to handle a notification of tax-related identity theft appeared first on Taxpayer Advocate Service. ...

Taxpayer Advocate Service Partners With IRS to Provide Face-to-Face Saturday Help

Sun, May 01, 2022

Saturday Help The Taxpayer Advocate Service (TAS) is pleased to announce we are partnering with the IRS to offer in-person […] The post Taxpayer Advocate Service Partners With IRS to Provide Face-to-Face Saturday Help appeared first on Taxpayer Advocate Service. ...

NTA Blog: IRS Online Accounts Do Not Have Sufficient Functionality and Integration With Existing Tools to Meet the Needs of Taxpayers and Tax Professionals

Thu, Apr 28, 2022

April 28, 2022 – The IRS has yet to develop and adopt a one-stop solution for online and digital offerings […] The post NTA Blog: IRS Online Accounts Do Not Have Sufficient Functionality and Integration With Existing Tools to Meet the Needs of Taxpayers and Tax Professionals appeared first on Taxpayer Advocate Service. ...

TAS Tax Tip: Tax terms – find the meaning of them by searching our website

Tue, Apr 26, 2022

April 26, 2022 – The IRS uses many words and terms related to taxes that aren’t always easy to understand. […] The post TAS Tax Tip: Tax terms – find the meaning of them by searching our website appeared first on Taxpayer Advocate Service. ...

Forbes Taxes

Desantis Delivers An Estate Tax Saving Gift For Floridians

Wed, May 25, 2022

On May 10th, Governor Ron DeSantis signed a new trust law into effect that includes a provision which will make certain Spousal Limited Access Trusts (“SLATs”) more attractive to Florida residents who form them in the future by allowing the contributing spouse to be a beneficiary of the trust in ......

Free For A Fee: Intuit's TurboTax Scandal

Tue, May 24, 2022

Tax Notes reporters Paul Jones and Nathan Richman discuss the $141 million settlement over Intuit’s TurboTax Free Edition program and the potential tax break for Intuit....

How Inflation And Supply Chain Disruptions Can Increase Your Business’ Tax Bill

Tue, May 24, 2022

Businesses that use LIFO (last-in-first-out) accounting for tax and GAAP purchases could get hit with an unexpected tax bill as a result of supply chain snags. ...

Will IRS Tax On Wildfire Settlements Be Blocked By Congress?

Tue, May 24, 2022

The federal bill is backed by Representative Josh Harder and would exempt thousands of fire victims who are receiving compensation from the PG&E Fire Victim Trust from having to pay federal income tax on their settlements....

How To Turn Stock Market Volatility Into Lower Taxes

Mon, May 23, 2022

This may be a great time to revisit tax-loss harvesting and use the stock market drop to help you lower your tax bill for 2022....

Tax History: Soaking The Forgotten Man: Why New Dealers Taxed The Middle Class

Mon, May 23, 2022

Joseph J. Thorndike argues that the recent criticism of Stanley S. Surrey’s role in tax policymaking is ahistorical, holding him to a standard that simply didn’t exist in his day....

Ask Larry: Is My Full Retirement Age Earlier Since I'm Receiving Social Security Survivor Benefits?

Sun, May 22, 2022

Today's Social Security column addresses questions about whether survivor's benefits reduce full retirement age for all benefits and the earnings test, earning more or paying more to increase benefits and the earnings test and survivor's benefits....

Sixth Circuit Rules Low Income Housing Tax Credit Refusal Rights Are Special

Sat, May 21, 2022

It is almost inevitable that an offer that triggers a Section 42 ROFR will be somebody doing a favor for the NFP holding the ROFR rather than someone who actually wants to buy the property....

GAO Report Highlights Fairness Issues In IRS Audit Rates

Thu, May 19, 2022

A GAO report released this week shows declining audit rates at the IRS and highlights how low-income taxpayers are audited at much higher rates than taxpayers with higher incomes....

Ask Larry: Will Social Security Fix The Problem In Calculating Benefit Rates For Those Born In 1960?

Thu, May 19, 2022

Today's Social Security column addresses questions about whether congress is working on a fix for people who turned 60 in 2020, when an application for divorced spousal benefits can be submitted and whether filing early affects the Government Pension Offset....