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Daily News

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

CNN Top News

The President spent yesterday performing antics that might appeal to his base but threaten to further alienate the moderate voters he needs

Wed, Oct 21, 2020

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The legal doctrine that could sway the election

Wed, Oct 21, 2020

As emergency petitions concerning voting rights challenges have raced through the courts in the final weeks of the election, judges and justices have found themselves trying to explain a legal doctrine that was designed to preserve the integrity of the electoral process. ...

New York Times: President Trump has a Chinese bank account

Wed, Oct 21, 2020

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These voters are still undecided. Here's why

Wed, Oct 21, 2020

Winning over undecided voters in Ohio could could be key for Joe Biden and President Donald Trump. These voters explain why they're struggling to pick a candidate. ...

Wall Street could call the 2020 election before the media does

Wed, Oct 21, 2020

With an unprecedented number of mail-in ballots to count, news organizations will probably exercise extreme caution before declaring a winner on the night of the election. Wall Street, on the other hand, isn't known for its patience. ...

He oversaw the bin Laden raid. See what he says about Trump

Tue, Oct 20, 2020

Retired Navy Adm. William McRaven, the former head of US Special Operations Command who oversaw the successful raid that killed Osama bin Laden, said he is voting for Democratic presidential nominee Joe Biden. ...

Analysis: Trump just lost his go-to debate move

Tue, Oct 20, 2020

On Monday night, the Commission on Presidential Debates unanimously approved a new rule for Thursday night's final debate that will make it virtually impossible for Donald Trump to be, well, Donald Trump. ...

Trump accidentally revealed a LOT about his taxes

Tue, Oct 20, 2020

Donald Trump is the only modern American president to never release any of his tax returns -- either while running for president or during his time in office. He's offered a series of explanations for why that is, including that he is under audit by the Internal Revenue Service and that his taxes are too complicated for anyone to understand. At his town hall with NBC in early October, though, T...

Election officials contact law enforcement after threatening emails sent to voters

Wed, Oct 21, 2020

• Interactive: Trump and Biden's paths to a 2020 election victory • They're the backbone of the Democratic Party. They feel the heavy burden of this election • Opinion: If Trump loses, he'll take this deal ...

Isolation during COVID-19 is proving deadly for some

• Teenager shares tragic story of mother's death • Psychologist on how lockdown harms abuse survivors ...

Taxpayer Advocate Service Feed

TAS Tax Tip Unemployment Compensation is Taxable - Explore Your Options Now

Thu, Oct 15, 2020

Unemployment 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, 2020

Taxpayers 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, 2020

Starting 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, 2020

Non-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, 2020

I 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, 2020

Most 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, 2020

Suscríbase 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, 2020

Need 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, 2020

Subscribe 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...

COVID-19 Business Tax Relief Tool

Tue, Sep 15, 2020

Redirecting you to the COVID-19 Business Tax Relief Tool. ...