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Daily News

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

US Energy Administration

U.S. natural gas storage capacity remained relatively unchanged in 2019

Wed, Jun 03, 2020

Underground natural gas storage capacity in the Lower 48 states has remained relatively flat since 2012. The U.S. Energy Information Administration (EIA) measures working natural gas storage capacity in two ways: design capacity and demonstrated peak capacity. Both measures of capacity were relatively unchanged in 2019; design capacity declined 0.4% and demonstrated peak capacity increased 0.1%...

Renewable diesel drives growth in 2019 biomass-based diesel imports

Tue, Jun 02, 2020

U.S. imports of biomass-based diesel, which include biodiesel and renewable diesel, grew 26% in 2019 to more than 27,000 barrels per day (b/d), reversing three years of decline. Imports of biomass-based diesel increased in 2019 because of the increase in renewable diesel imports from Singapore....

U.S. customers experienced an average of nearly six hours of power interruptions in 2018

Mon, Jun 01, 2020

Interruptions in electricity service vary in frequency and duration across the nearly 3,000 electric distribution systems in the United States. Power interruptions are caused by many factors, including weather, vegetation patterns, and utility practices. In 2018, power outage durations for U.S. electricity customers averaged 5.8 hours per customer....

The recent decline in light-duty vehicle sales has affected cars more than light trucks

Fri, May 29, 2020

The 729,000 vehicles sold in the United States in April 2020 amounted to the lowest total since early 2010. The seasonally adjusted annual rate (SAAR) of light-duty vehicle sales in April is the lowest in the U.S. Bureau of Economic Analysis data series that dates back to 1976. Car sales have fallen by a larger percentage than light truck sales: in April, car sales were down 59% from the previo...

U.S. renewable energy consumption surpasses coal for the first time in over 130 years

Thu, May 28, 2020

In 2019, U.S. annual energy consumption from renewable sources exceeded coal consumption for the first time since before 1885, according to the U.S. Energy Information Administration's (EIA) Monthly Energy Review. This outcome mainly reflects the continued decline in the amount of coal used for electricity generation over the past decade as well as growth in renewable energy, mostly from wind a...

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...