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Daily News

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

US Energy Administration

The Wolfcamp play has been key to Permian Basin oil and natural gas production growth

Fri, Nov 16, 2018

Space heating and water heating were the top two energy-consuming uses in U.S. homes in 2015, according to EIA’s latest Residential Energy Consumption Survey (RECS). Space heating consumption can vary considerably by climate and building characteristics, while variation in water heating consumption is driven primarily by the number of occupants in a home. Households use a variety of fuels for s...

Total U.S. natural gas stocks end refill season at lowest level in 13 years

Thu, Nov 15, 2018

Working natural gas in underground storage in the Lower 48 states as of October 31, 2018, totaled 3,208 billion cubic feet (Bcf), according to interpolated data from EIA’s Weekly Natural Gas Storage Report released on November 8. Inventory levels for the Lower 48 states and in each of the U.S. natural gas regions ended the refill season at their lowest levels since October 2005, and these level...

U.S. crude oil and natural gas production increased in 2017, with fewer wells

Wed, Nov 14, 2018

The total number of wells producing crude oil and natural gas in the United States fell to 991,000 in 2017, down from a peak of 1,039,000 wells in 2014. This recent decline in the number of wells reflects advances in technology and drilling techniques. EIA’s updated U.S. Oil and Natural Gas Wells by Production Rate report shows how daily production rates of individual wells contributed to U.S. ...

Renewable diesel is increasingly used to meet California s Low Carbon Fuel Standard

Tue, Nov 13, 2018

Renewable diesel net supply to California’s fuel market has increased since the state’s Low Carbon Fuel Standard (LCFS) program went into effect in 2011, reaching 100 million gallons during the second quarter of 2018, or 10.1% of the total diesel supplied to California that quarter. The LCFS program, which is administered by the California Air Resources Board, sets standards to incrementally de...

Water withdrawals by U.S. power plants have been declining

Fri, Nov 09, 2018

Water withdrawals by U.S. thermoelectric power plants reached 52.8 trillion gallons in 2017, continuing a decline in withdrawal volumes since 2014. The water intensity of total U.S power generation—the average amount of water withdrawn per unit of total net electricity generated—fell from 15.1 gallons per kilowatthour in 2014 to 13.0 gallons per kilowatthour in 2017....

Taxpayer Advocate Service Feed

NTA Blog: Veterans Face Challenges in Claiming Refunds for Taxes Improperly Withheld from Disability Severance Pay

Fri, Nov 16, 2018

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. With having celebrated Veteran’s Day this week, it is worth reflecting on the continuing challenges military taxpayers face. Background In December 2016, lawma...

Success Story: Taxpayer Advocate Service’s persistence reduces tax debt

Thu, Nov 08, 2018

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. Sometimes taxpayers contact TAS for help with one issue and, in resolving that issue, multiple issues arise – some of them quite c...

NTA Blog: When Evaluating its Pilot Program on the Participation of Counsel and Compliance in Conferences, Appeals Should be Transparent and Should Consider Both Objective and Subjective Data

Wed, Nov 07, 2018

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. Over the years, I have expressed significant concern with the continuing erosion of taxpayers’ right to appeal an IRS decision in an independent forum. (IRC &s...

The 2018 Nationwide Tax Forums a Success for TAS

Fri, Nov 02, 2018

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. The 2018 Tax Forums featured the latest information from the IRS, news about tax law changes, a chance to meet with software vendors, and the opportunity to attend seminars presented by IRS and TAS employees in addition to memb...

NTA Blog: Now is the Perfect Time for the IRS to Make Improvements to the Individual Taxpayer Identification Number Program

Wed, Oct 31, 2018

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. For years, I’ve been writing about the problems with how the IRS runs the Individual Taxpayer Identification Number (ITIN) program.  ITINs are required fo...

National Taxpayer Advocate Nina E. Olson honored in Accounting Today’s top 100 list

Wed, Oct 31, 2018

Accounting Today magazine honored National Taxpayer Advocate Nina E. Olson by selecting her for its annual list of Top 100 Most Influential People in Accounting. According to the magazine, the honor is “a clear-eyed assessment by our editors of the individuals who are having the biggest impact on the current state and the future direction of the profession.” As part of its selection...

NTA Special Blog: Taxpayer Advocate Service Launches Tax Reform Website in Spanish

Fri, Oct 26, 2018

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. I’m proud to announce the launch of Cambios en la Reforma de Impuestos, the Spanish-language version of the Taxpayer Advocate Service’s recently launched...

NTA Blog: Form 1023-EZ Now Elicits Additional Information, But It’s Not Clear That IRS Reviewers Are Considering It

Wed, Oct 24, 2018

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. Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, introduced in the summer of 2014, has been i...

NTA Blog: Announcing the 4th International Taxpayer Rights Conference and Requesting Presentation and Paper Proposals

Wed, Oct 17, 2018

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. I’m pleased to announce the 4th International Taxpayer Rights Conference to be held May 23 and 24, 2019, in Minneapolis, Minnesota, U.S.A. Convened by the Nati...

NTA Blog: The IRS Refuses to Provide Mandatory Employee Training on Taxpayer Rights

Wed, Oct 10, 2018

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. For many years, I urged the IRS to adopt a Taxpayer Bill of Rights (TBOR) and for Congress to add the list of fundamental taxpayer rights to the Internal Revenue Cod...