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Daily News

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

US Energy Administration

Energy products are key inputs to global chemicals industry

Fri, Jun 21, 2019

The industrial sector of the worldwide economy consumed more than half (55%) of all delivered energy in 2018, according to the International Energy Agency. Within the industrial sector, the chemicals industry is one of the largest energy users, accounting for 12% of global industrial energy use. Energy—whether purchased or produced onsite at plants—is very important to the chemicals industry, a...

The Strait of Hormuz is the world's most important oil transit chokepoint

Thu, Jun 20, 2019

The Strait of Hormuz, located between Oman and Iran, connects the Persian Gulf with the Gulf of Oman and the Arabian Sea. The Strait of Hormuz is the world's most important oil chokepoint because of the large volumes of oil that flow through the strait. In 2018, its daily oil flow averaged 21 million barrels per day (b/d), or the equivalent of about 21% of global petroleum liquids consumption....

More new natural gas combined-cycle power plants are using advanced designs

Wed, Jun 19, 2019

Lower natural gas prices in recent years have spurred the construction of new natural gas-fired power plants in the United States. Of the new U.S. natural gas capacity added since 2016, 31% use advanced natural gas-fired combined-cycle (ANGCC) units. Greater use of the new, larger ANGCC designs has led to efficiency gains and economies of scale, which have resulted in reduced capital constructi...

NERC report highlights potential summer electricity issues for Texas and California

Tue, Jun 18, 2019

The North American Electric Reliability Corporation's (NERC) recent 2019 Summer Reliability Assessment finds that enough resources are available to meet this summer's projected peak electricity demand in all areas of the country except the Electric Reliability Council of Texas (ERCOT). ERCOT typically has one of the lowest anticipated reserve margins in the country, meaning it may have relative...

Mixed water supply conditions affect hydropower outlook in Pacific Northwest

Mon, Jun 17, 2019

On June 6, the National Oceanic and Atmospheric Administration's Northwest River Forecast Center (NWRFC) released its final Pacific Northwest water supply projection of 2019. The forecast through September, the end of the current water year, shows above-average water supply in the southern half of the Columbia River Basin and below-average supply in the northern half....

Taxpayer Advocate Service Feed

NTA Blog: National Taxpayer Advocate Nina Olson Issues Her Final Report to Congress Today

Thu, Jun 20, 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 I am issuing my 37th, and final, Report to Congress as National Taxpayer Advocate. With my pending July 31 retirement creeping ever closer, I have approached th...

National Taxpayer Advocate releases Fiscal Year 2020 Objectives Report

Thu, Jun 20, 2019

The National Taxpayer Advocate released her Fiscal Year 2020 Objectives Report to Congress today. In the report, she addresses key IRS challenges, reviews the 2019 filing season, and identifies TAS’s priority issues for fiscal year (FY) 2020.  Key IRS Challenges Taxpayer Service: The report says poor taxpayer service remains the biggest challenge taxpayers face in dealing with the I...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 3 of 3)

Wed, Jun 12, 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 Two weeks ago, I discussed how the Flora rule blocks access to judicial review by low income taxpayers and those subject to “assessable penalties.” Last w...

TAS Tax Tip: I got an IRS notice; now what do I do?

Fri, Jun 07, 2019

The IRS will send a notice or a letter for any number of reasons. It may be about a specific issue on your federal tax return or account, explain changes to your account, ask for more information, or request a payment. You can handle most of this correspondence without calling or visiting an IRS office if you follow the instructions in the notice. However, sometimes these communications can be ...

The Tax Lawyer journal features article by TAS Attorney Advisor

Thu, Jun 06, 2019

An article written by a Taxpayer Advocate Service Attorney Advisor is featured in the Spring 2019 issue of The Tax Lawyer, a tax law journal published quarterly by the American Bar Association. What’s Wrong with Strict Liability and Nonmonetary Penalties? The Case for Reasonable Fault-Based Civil Tax Penalties and Procedural Protections was authored by Eric LoPresti, a Senior Attorney Adv...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 2 of 3)

Wed, Jun 05, 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 In last week’s blog, I discussed how the Flora rule harms low income taxpayers who were not part of the tax system when it was established and sometimes elimina...

National Taxpayer Advocate Congressional Testimony

Tue, Jun 04, 2019

NTA Testimony ...

TAS wants to hear from Practitioners at the 2019 Tax Forums – Join our Focus Groups

Tue, Jun 04, 2019

Each year, the IRS sponsors the Nationwide Tax Forums, a three-day series of tax education and networking conferences for tax professionals in cities around the country. Taxpayer Advocate Service (TAS) holds focus groups at the forums because it is interested in tax practitioners’ thoughts, experiences, and ideas about tax administration. This year TAS wants to talk about IRS notices...

NTA Blog: Why We Should Repeal the Flora Rule or Find Another Way to Give Taxpayers Who Cannot Pay the Same Access to Judicial Review as Those Who Can (Part 1 of 3)

Wed, May 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 Taxpayers have the right to appeal a decision of the IRS in an independent forum. Consistent with this right, in the 2018 Annual Report to Congress (ARC) I recommende...

NTA Blog: The IRS is Not Doing Enough to Protect Taxpayers Facing Economic Hardship

Fri, May 24, 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 The Taxpayer Bill of Rights (TBOR) grants taxpayers the rights to privacy and to a fair and just tax system. The Internal Revenue Service’s official explanation...