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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

Correctible Error Authority Part 2: Why Correctible Error Authority Creates More Problems Than It Resolves

Wed, Aug 16, 2017

In my last blog, I discussed my concerns about the IRS’s current use of math and clerical error authority under IRC §§ 6213 (b) and (g). This week, I’ll take a closer look at the proposal to expand math error authority to “correctible errors,” and explain why I think Congress should not grant such expansion in two of the three instances....

Why Correctible Error Authority Raises Significant Taxpayer Rights Concerns – Part 1

Wed, Aug 09, 2017

People occasionally ask me which areas of tax administration worry me the most. There is certainly no shortage of candidates, but if I had to narrow it down, the IRS’s math and clerical error authority under IRC § 6213(b) and (g) would be right up there at the top of the list, along with the IRS correspondence examination program. In fact, I expressed my con...

NTA Nina Olson Testified on IRS FY 2018 Budget Request

Wed, Aug 09, 2017

National Taxpayer Advocate Nina Olson testified before the Subcommittee on Financial Services on IRS FY 2018 Budget Request. Read her complete testimony....

IRS Allowable Living Expense Standards Do Not Provide Taxpayers With a Sustainable Standard of Living

Wed, Aug 02, 2017

At TAS, we help taxpayers from all walks of life. When it comes to taxpayers with tax debt, some taxpayers have the resources to pay their debt. This blog focusses on the method the IRS uses to determine the amount of basic living expenses it should take into account if a taxpayer needs to pay his or her tax debt over time.  Congress directed the IRS to make sure taxp...

IRS Frequently Asked Questions Can Be a Trap for the Unwary

Wed, Jul 26, 2017

At a recent hearing before the Subcommittee on Oversight of the Committee on Ways and Means, I was asked a seemingly simple question about what types of guidance taxpayers can rely on. Unfortunately, the answer is not simple at all. Generally speaking, there are three buckets of tax guidance: 1. Regulations – Treasury (tax) regulations are subject to a public notice-and-comment period...

TAS assistance offered at local Problem Solving Days

Tue, Jul 25, 2017

    The Taxpayer Advocate Service (TAS) will conduct Problem Solving Day events in communities throughout the country in the coming months and year. During these events, TAS employees from a local office will be available to assist taxpayers in person with tax problems they have not been able to resolve with the IRS. Generally, TAS can assist taxpayers whose problems with the...

Private Debt Collection: Recent Debts (Part 3 of 3)

Wed, Jul 19, 2017

In an earlier blog I discussed my concern about how the IRS’s private debt collection (PDC) program affects taxpayers who are likely experiencing economic hardship. In this blog, I want to share my concern that the IRS is not making good business decisions as it implements the PDC initiative. Since 2004, Internal Revenue Code (IRC) § 6306 has authorized the IRS to ou...

Success Story: TAS Advocates for Return of Levied Proceeds

Fri, Jul 14, 2017

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 issues. All personal details are removed to protect the privacy of the taxpayer. TAS assisted a taxpayer who had been waiting over two years for the IRS to return levied funds. The IRS levied a large amount of the taxpayer's state ...

Private Debt Collection: Hardship (Part 2 of 3)

Wed, Jul 12, 2017

I have always had concerns about outsourcing tax debts to private collection agencies (PCAs). First, I believe tax collection is an “inherently governmental function” within the meaning of section five of the 1998 FEAR Act that should be performed only by federal employees. Second, as a TAS study of the last private debt collection (PDC) initiative showed, ...

Success story: Victim of Preparer Fraud Receives Refund

Fri, Jul 07, 2017

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 issues. All personal details are removed to protect the privacy of the taxpayer. TAS advocated on behalf of a taxpayer who was the victim of tax return preparer fraud. The taxpayer was very frustrated, since the first time she beca...

Motley Fool Headlines

How to Prepare for Retirement in Your 50s

Thu, Aug 17, 2017

If you're in your 50s, it's the ideal time to revisit your retirement plans and make sure they're on track....

3 Stocks That Could Soar More Than McDonald's

Thu, Aug 17, 2017

Looking for a few stocks that could go on a McDonald's-like run? Here's why you should check out Activision Blizzard, American Eagle Outfitters, and Quintiles IMS Holdings....

Fast-Food Innovation War Moves to Breakfast

Thu, Aug 17, 2017

A number of chains have some arguably wacky -- potentially tasty -- new menu items....

The 3 Best Stocks in Healthcare

Thu, Aug 17, 2017

Why Align Technology, Celgene, and Vertex stand at the top of all healthcare stocks....

3 Reasons to Buy Aurinia Pharmaceuticals Stock Right Now

Thu, Aug 17, 2017

Red-hot biotech stock Aurinia Pharmaceuticals might be as cheap now as it will ever be....

How Does Bitcoin's Market Cap Stack Up Next to Gold, the S&P 500, and U.S. Dollar?

Thu, Aug 17, 2017

Hint: Bitcoin is still relatively tiny, even with a greater than $4,000 price tag per coin. ...

3 Reasons It Pays to Have a Roth IRA

Thu, Aug 17, 2017

Not sold on a Roth? Here are a few benefits you need to consider. ...

Sturm, Ruger Shoots Itself in the Foot

Thu, Aug 17, 2017

The gunmaker's earnings report shows the results of its electoral campaign tactics....

3 Stocks Carl Icahn Is Buying and Selling

Thu, Aug 17, 2017

Icahn was busy last quarter, selling shares of PayPal and AIG while adding to his control position in Icahn Enterprises....

Global Payments' Active Approach to Growth

Thu, Aug 17, 2017

This payment processing company just reported another great quarter, raised guidance again, and acquired an interesting enterprise software line. It might be time for investors to take notice....