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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

TAS Tax Tip: Some Medicaid Waiver Payments May Be Excludable From Income

Mon, Jun 01, 2020

  When and how to claim certain Medicaid waiver payments you received as an individual care provider can be confusing. Even if the Medicaid waiver payments you received are not taxed, you may qualify to use the amount of those payments to calculate the Earned Income Credit (EIC), and the Additional Child Tax Credit (ACTC). See Publication 596, Earned Income Credit (EIC), for more informat...

TAS Tax Tip: Some Economic Impact Payments are coming as prepaid debit cards in plain envelopes

Thu, May 28, 2020

 The IRS warns taxpayers that their Economic Impact Payments (EIP) may be coming as prepaid debit cards in in plain envelopes from “Money Network Cardholder Services.” The Visa name will appear on the front of the card; the back of the card has the name of the issuing bank, MetaBank®, N.A. So be very careful not to throw the envelope away thinking it is junk mail – op...

TAS Tax Tip: Private Debt Collection Information for Taxpayers

Wed, May 27, 2020

  In an effort to assist taxpayers during the COVID 19 pandemic, the IRS announced the People First Initiative on March 25, 2020. The IRS will not be assigning any new accounts to private collection agencies (PCAs) from April 1 through July 15, 2020. Accounts currently assigned to PCAs will remain there and PCAs may continue contacting taxpayers. As a reminder, taxpayers may request at an...

Alert: Provide your bank account information by noon (ET) on May 13, for faster delivery of the Economic Impact Payment

Tue, May 12, 2020

This is a special alert for taxpayers who did not request direct deposit on tax returns, can provide bank account information by noon Wednesday, May 13  to get payments faster. The Internal Revenue Service (IRS) urged people to use the Get My Payment tool by noon Wednesday, May 13, for a chance to get a quicker delivery of their Economic Impact Payment. In the statement, the IRS advised...

NTA Blog: During Public Service Recognition Week, the National Taxpayer Advocate praises TAS and IRS employees for their extraordinary service to taxpayers and the US tax system

Fri, May 08, 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. As we wrap up Public Service Recognition Week, a week set aside to honor individuals who serve our nation as federal, state, county and local government employees, I want to take a moment to publicly...

NTA Blog: The Value of “Superseding” Returns and Processing the Additional $500 Stimulus Benefit for Certain Non-Filers

Wed, Apr 29, 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. For the IRS, like much of the country, it seems like the focus in recent weeks has been “All COVID, all the time.” The IRS is playing a central role in administering the Coronavirus Aid, ...

TAS Tax Tip: How to request Levies and Liens releases

Fri, Apr 24, 2020

Some taxpayers may need some additional relief during the COVID-19 pandemic from existing federal tax liens and IRS levies on bank accounts, wages or property. IRS describes available relief in the People First Initiative. Taxpayer Advocate Service (TAS) would like to provide some simple instructions for taxpayers to follow, especially in situations causing economic hardship. Levy Releases A l...

TAS Tax Tip: What Steps Do I Need to Take to Get an Economic Impact Payment?

Mon, Apr 20, 2020

   The Economic Impact Payments are automatic for most taxpayers. For most, including seniors and retirees, no further action is needed if they filed a tax return in 2018 or 2019 or received Supplemental Security Income, Social Security retirement benefits, Social Security disability insurance, Veterans Affairs benefits, or Railroad retirement benefits. You can use the IRS’s "G...

How Do I Get an Economic Payment?

Mon, Apr 20, 2020

Visit our Coronavirus (COVID-19) Tax Updates webpage and use the “How Do I Get an Economic Impact Payment” tool. Taxpayers who know they qualify for the Economic Impact Payment can determine what steps, if any, need to be taken to receive their payment. ...

Coronavirus (COVID-19) - TAS Customer Case Related Alerts

Fri, Apr 17, 2020

The Taxpayer Advocate Service (TAS) remains committed to assisting taxpayers and championing their taxpayer rights. The information provided on this page applies only to taxpayers who have open cases with TAS. Updates will be posted here as information changes. Amended Tax Return Updates (5/29/20) If you were instructed by the Taxpayer Advocate Service to write “ICT/IVO” on the top...

News

Stocks slide as coronavirus job losses reach 42M

Initial jobless claims for the week ended May 30 reached 1.88 million, pushing the total over the past nine weeks to 42 million....

Las Vegas casinos light back up to 'pent-up demand'

Gaming companies, which have lost about $4 billion since they were forced to close, are reopening at 50% capacity....

Amazon Air expands fleet of Boeing jets

Amazon has added 12 additional Boeing aircraft to its existing fleet of 70 aircraft....

US trade deficit widens as exports hit 10-year low

The U.S. trade deficit surged in April as the COVID-19 pandemic upended the global flow of goods and services, pushing exports to a 10-year low....

Charles Schwab lands DOJ approval to buy TD Ameritrade

Charles Schwab Corp. said the U.S. Justice Department's antitrust division has closed its investigation of the company's proposed acquisition of TD Ameritrade....

Why stocks are rallying amid American riots

The stock market has surged despite sometimes violent protests and riots after the death of George Floyd....

JM Smucker sales hit record as coronavirus shoppers stock up kitchens

The Orville, Ohio-based food-products manufacturer earned $226.3 million on revenue of $2.09 billion....

Stock futures pause rally ahead of fresh jobless claims numbers

Stocks have gained for four straight sessions...

Nevada betting on health safety as Las Vegas casinos reopen

Las Vegas casinos will be opening their doors for the first time in 78 days....

US new weekly jobless claims seen falling below 2 million

Thursday's report would suggest the worst is over for the labor market...