Daily News
Below please find daily updates pertaining to the latest in financial, business, and tax news:
Taxpayer Advocate Service Feed
TAS Tax Tip: Newly expanded ‘Closing a Business’ information provides step-by-step actions
Tue, Oct 20, 2020Closing your business can be a difficult and challenging task. The Taxpayer Advocate Service (TAS) partnered with IRS to expand its Closing a Business page to help business owners understand the specific actions needed, from a federal tax perspective, for each type of business. However, before you make the decision to close, if it is due to financial reasons related to the coronavirus, please u...
TAS Tax Tip Unemployment Compensation is Taxable - Explore Your Options Now
Thu, Oct 15, 2020Unemployment compensation, including special unemployment compensation authorized under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, must generally be included in gross income. If you are receiving unemployment benefits, the benefits are taxable. Do you know you can have tax withheld so you may not owe when you file your tax return next year? How this may affect you If you...
Tax Tip Filing a Petition with the United States Tax Court
Thu, Oct 15, 2020Taxpayers have the right to appeal an IRS decision in an independent forum. One way taxpayers may exercise this right is by filing a petition with the United States Tax Court. How do I get to the Tax Court? Receiving a Statutory Notice of Deficiency from the IRS is often referred to as your “ticket” to the Tax Court for a redetermination of liability. If you receive a Statuto...
Taxpayers Can Now Electronically Submit 2019 Forms 1040-X in Certain Cases
Wed, Oct 14, 2020Starting now, for tax year 2019 only, Form 1040-X, Amended U.S. Individual Income Tax Return can be filed electronically, though commercial tax-filing software. Please be aware that these cannot currently be e-filed directly through IRS systems. Taxpayers will have to check for tax-filing software companies that offer this option via the Internet. Up until now taxpayers had to mail all Forms 10...
Time to claim the Economic Impact Payment for non-filers is extended to November 21
Fri, Oct 09, 2020Non-filers now have until November 21 to register for their Economic Impact Payment (EIP). Eligible individuals, with little or no income and who are not normally required to file tax returns, now have more time to claim an Economic Impact Payment (EIP) using the IRS Non-Filers tool. The tool is designed for U.S. citizens, permanent residents and qualifying resident aliens who have a valid Soc...
TAS Tax Tip: Why Do I Owe a Penalty and What Can I Do About It?
Tue, Sep 29, 2020I sent a payment to the IRS. Why did I get a bill? If you mailed a payment to the IRS on or before July 15, it may still be unopened in the backlog of mail the IRS is processing due to COVID-19. The IRS will process your payment with the date the IRS received it. Do not cancel your check, and make sure funds are available for when the IRS processes your payment. I haven’t sent a payment,...
TAS Tax Tip: Important Reminders for October 15 - Extension Filers
Wed, Sep 23, 2020Most individual taxpayers who filed an extension for their 2019 federal income tax return have until Thursday, October 15 to file. Although October 15 is the last day for most people to file, some taxpayers may have more time. They include: Taxpayers serving in or in support of the Armed Forces in an area designated as a combat zone or contingency operation. They typically have at least 180 d...
Blog de la NTA: El TAS extiende una mano para la Semana Nacional de la Pequeña Empresa
Tue, Sep 22, 2020Suscríbase al Blog de la NTA y reciba actualizaciones sobre las últimas publicaciones del blog de la Defensora Nacional del Contribuyente Erin M. Collins. Se pueden encontrar blogs adicionales en www.taxpayeradvocate.irs.gov/blog. In English Cada año desde 1963, los Estados Unidos han celebrado la Semana Nacional de la Pequeña Empresa. Este año, quizá...
TAS Tax Tip: COVID-19 Business Tax Relief Tool for Businesses and Tax-Exempt Entities
Mon, Sep 21, 2020Need relief for employment taxes? Here’s a simple way to find out what your options might be under the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and/or the Families First Coronavirus Response Act (FFRCA). What Are the Tax Relief Options? Employee Sick and Family Leave Reimbursement: Eligible businesses (including certain self-employed persons) are entitled to recei...
NTA Blog: TAS Extends a Hand for National Small Business Week
Mon, Sep 21, 2020Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Erin M. Collins. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. en Español Each year since 1963, the United States has celebrated National Small Business Week. This year, perhaps more than any other, I recognize and celebrate the importance of small busine...
CNN MONEY NEWS
Why it's time for investors to go on defense
Thu, Oct 04, 2018Howard Marks, co-chairman of Oaktree Capital, explains why investors should start treading lightly....
Premarket: 7 things to know before the bell
Thu, Oct 04, 2018Read full story for latest details....
Barnes & Noble stock soars 20% as it explores a sale
Wed, Oct 03, 2018Barnes & Noble jumped more than 20% after it said it would review a sale of the troubled company....
Toys 'R' Us brand may be brought back to life
Wed, Oct 03, 2018Bankrupt toy retailer tells bankruptcy court it is looking at possibly reviving the Toys 'R' Us and Babies 'R' Us brands....
Honda teams up with GM on self-driving cars
Wed, Oct 03, 2018Read full story for latest details....
Aston Martin falls 5% in London IPO
Wed, Oct 03, 2018Aston Martin is joining the ranks of listed automakers with an IPO that values the British company at more than $5 billion....
JCPenney names Jill Soltau as its new CEO
Tue, Oct 02, 2018Read full story for latest details....
Tesla calms fears with strong sales numbers
Tue, Oct 02, 2018Read full story for latest details....
S&P downgrades debt-riddled GE and GE Capital
Tue, Oct 02, 2018New General Electric boss Larry Culp just got a fresh reminder of the debt-riddled balance sheet he's inheriting....
Amazon announces $15 minimum wage for all US employees
Tue, Oct 02, 2018Read full story for latest details....
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