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Daily News Feeds

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

Taxpayer Advocate Service Feed

Deadlines for some ACA information forms extended – What this means for you

Thu, Jan 28, 2016

The IRS has extended the due dates for providers of health insurance coverage to submit health care information reporting forms in 2016. Insurers, self-insuring employers, other coverage providers, and applicable large employers now have additional time to provide health coverage information for 2015 to individual taxpayers and the IRS.  Individual taxpayers for the most part won&rsqu...

Do you qualify for an exemption from the Individual Shared Responsibility Payment?

Tue, Jan 19, 2016

If you didn’t have health care coverage in 2015, before you submit your 2015 Individual Tax Return, see if you qualify for an exemption from the Individual Shared Responsibility Payment (ISRP). Last year’s filing season saw new rules and forms around health care coverage, and a significant number of taxpayers overpaid the ISRP. Reviews by the Taxpayer Advocate Service and the IRS fo...

Secret plan shows the IRS wants to ‘get out of the business of talking with taxpayers,’ advocate says (The Washington Post)

Sat, Jan 16, 2016

The Washington Post reported on the release of the 2015 Annual Report to Congress last week, saying: Doing business with the Internal Revenue Service of the future will feel a lot like doing business with an online retailer or your bank. You’ll file your taxes online and be notified through a secure email account that the IRS got them. Questions, payments — even audits &m...

IRS Watchdog Warns of Risks in Moving Services to Internet (The Wall Street Journal)

Thu, Jan 14, 2016

The Wall Street Journal reported on the release of the 2015 Annual Report to Congress, saying: An internal watchdog at the Internal Revenue Service is warning that the agency’s plan to shift many taxpayer services to the Internet contains risks for the public and may not work as the IRS intends. Nina Olson, the national taxpayer advocate, deemed the uncertainty about the IRS “futur...

Report warns IRS's online plans could hurt taxpayers (USA Today)

Wed, Jan 13, 2016

USA Today reported on the release of the 2015 Annual Report to Congress, saying: NEW YORK-- The Internal Revenue Service is quietly moving toward a high-tech future that could end up hurting taxpayers and costing them more money, a new report warns. Since 2014, the IRS has invested millions of dollars on a plan to make better use of its limited resources, including adoption of online...

Taxpayer Advocate Warns of ‘Pay to Play’ I.R.S. System (The New York Times)

Tue, Jan 12, 2016

The New York Times covered the release of the 2015 Annual Report to Congress, saying: Under pressure from Congress to do more with less, the Internal Revenue Service is planning to increase its reliance on technology and tax preparers. But this push threatens to create a “pay to play” system where the only taxpayers who will receive personalized service are those who can afford to ...

National Taxpayer Advocate Publishes Paper on Earned Income Credit Compliance Strategy

Mon, Jan 11, 2016

National Taxpayer Advocate Nina E. Olson published a paper titled "Procedural Justice for All: a Taxpayer Rights Analysis of Irs Earned Income Credit Compliance Strategy" in Volume 22 of the journal Advances in Taxation. THE TAX SYSTEM AS A VEHICLE FOR DELIVERING BENEFITS TO LOW-INCOME INDIVIDUALS AND FAMILIESSince its inception, taxation has been used to further social and economic policies t...

IRS watchdog warns of scaled-back service in agency plans (Associated Press)

Mon, Jan 11, 2016

The Associated Press covered the release of the National Taxpayer Advocate's 2015 Annual Report to Congress.  WASHINGTON (AP) — The IRS is planning to push you to fire up the computer rather than calling for tax help, but the agency's in-house watchdog says that could freeze out millions of taxpayers or force them to pay for advice. ... "Implicit in the plan — and explicit in ...

National Taxpayer Advocate Releases 2015 Annual Report to Congress

Wed, Jan 06, 2016

Today National Taxpayer Advocate Nina E. Olson today released her 2015 Annual Report to Congress, expressing concern that the IRS may be on the verge of dramatically scaling back telephone and face-to-face service it has provided for decades to assist the nation’s 150 million individual taxpayers and 11 million business entities in complying with their tax obligations. The report reiterat...

Press Release: National Taxpayer Advocate Delivers Annual Report to Congress; Focuses on IRS’s Future Plans for Taxpayer Service

Wed, Jan 06, 2016

IR-2016-01, Jan. 6, 2016 WASHINGTON — National Taxpayer Advocate Nina E. Olson today released her 2015 annual report to Congress, expressing concern that the IRS may be on the verge of dramatically scaling back telephone and face-to-face service it has provided for decades to assist the nation’s 150 million individual taxpayers and 11 million business entities in complying with thei...