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Daily News

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

US Energy Administration

Natural gas inventories surpass five-year average for the first time in two years

Fri, Oct 18, 2019

Working natural gas inventories in the Lower 48 states totaled 3,519 billion cubic feet (Bcf) for the week ending October 11, 2019, according to the U.S. Energy Information Administration's (EIA) Weekly Natural Gas Storage Report (WNGSR). This is the first week that Lower 48 states' working gas inventories have exceeded the previous five-year average since September 22, 2017. Weekly injections ...

EIA’s Hourly Electric Grid Monitor shows effects of California wildfire-related shutoffs

Thu, Oct 17, 2019

Starting on Wednesday, October 9, 2019, California electric utility Pacific Gas and Electric (PG&E) shut off electricity to hundreds of thousands of customers in 34 California counties. PG&E had restored electricity to all of those customers by Saturday, October 12. PG&E attributed its decision to shut off electricity to gusty winds and dry conditions in the area, which increases the risk of fi...

U.S. Federal Gulf of Mexico crude oil production to continue to set records through 2020

Wed, Oct 16, 2019

U.S. crude oil production in the U.S. Federal Gulf of Mexico (GOM) averaged 1.8 million barrels per day (b/d) in 2018, setting a new annual record. The U.S. Energy Information Administration (EIA) expects oil production in the GOM to set new production records in 2019 and in 2020, even after accounting for shut-ins related to Hurricane Barry in July 2019 and including forecasted adjustments for...

Northeast natural gas spot prices fall as pipelines fill

Tue, Oct 15, 2019

Natural gas flows out of the Northeast region into the rest of the United States averaged over 16 billion cubic feet per day (Bcf/d) during September—between 1 Bcf/d and 2 Bcf/d more than in previous months, according to data from Genscape. The movement of natural gas increased as natural gas spot prices have declined in the Northeast, and as production in Appalachia has continued to grow....

Crude oil used by U.S. refineries continues to get lighter in most regions

Fri, Oct 11, 2019

The API gravity of crude oil input to U.S. refineries has generally increased, or gotten lighter, since 2011 because of changes in domestic production and imports. Regionally, refinery crude slates—or the mix of crude oil grades that a refinery is processing—have become lighter in the East Coast, Gulf Coast, and West Coast regions, and they have become slightly heavier in the Midwest and Rocky ...

Taxpayer Advocate Service Feed

NTA Blog: Volume 2 of NTA Objectives Report Features IRS Responses to Most Serious Problems

Thu, Sep 19, 2019

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. Each December, the National Taxpayer Advocate identifies the Most Serious Problems facing taxpayers and makes recommendations for addressing them in the Annual Report to Congress (ARC). Eac...

Success Story: TAS's advocacy helps taxpayer get refund using wire deposit to a foreign bank account

Fri, Sep 06, 2019

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’s tax issues. All personal details are removed to protect the taxpayer’s privacy. The mission of TAS is to help taxpayers resolve problems with the IRS and recommend changes to prevent the problems. When constituents c...

Alert: Planning to travel outside of the U.S. this year? Don’t risk a passport revocation - arrange to settle large IRS debts now

Wed, Sep 04, 2019

The Internal Revenue Service is urging taxpayers to resolve their significant tax debts, $50,000 or more, to avoid putting their passports in jeopardy. If you owe $50,000 or more and haven’t made payment arrangements, please contact the IRS now to avoid travel delays later. Why is the State Department allowed to limit or revoke my passport due to unpaid taxes? In December 2015, Congress p...

NTA Blog: IRS Agrees to Temporary Exclusion from the Passport Certification Program for TAS Cases

Tue, Sep 03, 2019

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from Acting National Taxpayer Advocate Bridget T. Roberts. Additional blogs can be found at www.taxpayeradvocate.irs.gov/blog. In my first blog as the Acting National Taxpayer Advocate, I’d like to address a topic that has been in the news a good deal over the past year—“passport certification.&rd...

TAS Tax Tip: It’s Time to Check Your Tax Withholding

Tue, Aug 20, 2019

The Internal Revenue Service recently launched the new Tax Withholding Estimator, an expanded, mobile-friendly online tool designed to make it easier to have the right amount of tax withheld during the year. The new Estimator features include: plain language to improve comprehension; ability to move back and forth through the steps and correct previous entries and skip questions that don&rsquo...

Success Story: Taxpayer Advocate Service's Advocacy Helps Taxpayer Keep Housing Subsidy

Thu, Aug 15, 2019

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’s tax issues. All personal details are removed to protect the taxpayer’s privacy. TAS received a congressional inquiry where a taxpayer, living in a rural area, was unable to secure a tax account transcript. Without th...

Tax Tips Page

Thu, Aug 08, 2019

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Taxpayer Roadmap

Tue, Aug 06, 2019

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NTA Blog: NTA Farewell

Wed, Jul 31, 2019

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog Today is the last day of my tenure as the National Taxpayer Advocate. It has been a wild ride over these last 18 years. It will take me years to sort out what has gon...

NTA Blog: The Roadmap to the Roadmap: A Travelogue

Mon, Jul 29, 2019

Subscribe to the NTA’s Blog and receive updates on the latest blog posts from National Taxpayer Advocate Nina E. Olson. Additional blogs from the National Taxpayer Advocate can be found at www.taxpayeradvocate.irs.gov/blog On July 10th, my office released the 2019 Taxpayer Roadmap—a visual representation of the taxpayer’s journey through the tax system. I am enormously ...