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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 Northeast leads the country in net-metered wind electricity generation capacity

Fri, Apr 26, 2019

Since 2011, net-metered wind electricity generating capacity in the Northeast has grown faster than in the rest of the United States. Like small-scale solar photovoltaic systems, many of which are net-metered, net-metered wind systems are much smaller than their utility-scale counterparts. Although the amount of net-metered wind in the United States is small—just 0.2% of all U.S. wind capacity ...

New wind and solar power projects tend to come online at the end of the year

Thu, Apr 25, 2019

New electricity generating capacity is brought online throughout the year, but December has historically been the most significant month for both onshore wind and solar photovoltaic (PV) capacity additions in the United States. Over the past nine years (2010–2018), 43% of all onshore wind capacity and 33% of all solar PV capacity have been added in December. U.S. wind and solar capacities recei...

The United States exported a record volume of ethanol in 2018 for second consecutive year

Wed, Apr 24, 2019

The United States exported 112,000 barrels per day (b/d) of fuel ethanol in 2018, surpassing the record high of 91,000 b/d set in 2017. At the same time, U.S. imports of fuel ethanol decreased about 30% in 2018 to less than 4,000 b/d, which resulted in the United States exporting more fuel ethanol than it imported for the ninth year in a row....

U.S. petroleum product exports set record high in 2018

Tue, Apr 23, 2019

U.S. exports of total petroleum products set a record high in 2018, reaching an annual average of 5.6 million barrels per day (b/d), an increase of 366,000 b/d from 2017 levels. The three largest petroleum product exports from the United States in 2018 were distillate, propane, and motor gasoline. U.S. exports of motor gasoline (including blending components) and propane reached record highs in...

U.S. energy trade with Mexico involves importing crude oil, exporting petroleum products

Mon, Apr 22, 2019

Energy trade accounted for 12% of the value for all U.S. exports to Mexico and 5% of all U.S. imports from Mexico in 2018, based on the latest annual data from the U.S. Census Bureau. Energy trade between Mexico and the United States has historically been driven by Mexico’s sales of crude oil to the United States and by U.S. net exports of refined petroleum products to Mexico....

Taxpayer Advocate Service Feed

NTA Blog: The Second Circuit in Borenstein Helped to Close the Gap in the Tax Court's Refund Jurisdiction, but Only for Taxpayers in that Circuit

Wed, Apr 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 In 2017, the U.S. Tax Court decided the case of Borenstein v. Commissioner by applying a technical reading of a statutory rule that produced a gap in its refund juris...

TAS Tax Tip: Updates to Estimated Tax Penalty Waiver

Tue, Apr 23, 2019

The April 15th tax deadline has passed, however the IRS announced on March 22, 2019 that it is expanding the waiver of the Estimated Tax Penalty to include relief for taxpayers whose total withholding and estimated tax payments equal or exceed 80 percent of the tax shown on the return for the 2018 taxable year. This threshold was reduced from the 85 percent threshold in Notice 2019-11, Relief f...

Tax Notes podcast features an interview with the National Taxpayer Advocate

Fri, Apr 19, 2019

On April 11, National Taxpayer Advocate (NTA) Nina Olson sat down with a senior reporter from Tax Notes, an online publication for tax professionals, to record an interview about the filing season and other tax issues. In part one of this two-part podcast, the NTA brings her unique perspective to bear on the status of the filing season and how the government shutdown affected not only the proce...

NTA Blog: The Adoption of a Withholding Code and the Improvement of Free File Fillable Forms Would Streamline Tax Withholding and Reporting

Thu, Apr 18, 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 the potential benefits arising from an expansion of the pay-as-you-earn (PAYE) tax system to incorporate additional income item...

TAS Tax Tips for Tax Pros: Earned Income Credit Tools and Information

Fri, Apr 12, 2019

Earned Income Tax Credit (EITC) rules are complex and helping clients claim this and other refundable credits is sometimes a challenge. That is especially true while performing the Due Diligence steps needed for returns you prepare and advising clients under audit circumstances. Here are a few EITC quick reference tips, along with information on a new tool for assistance during EITC audit situa...

TAS Tax Tip: Payment and Penalty Relief Options

Thu, Apr 11, 2019

Tax time can be especially tough if taxes are owed with your tax return and even harder if penalties and interest are charged. Our website’s Get Help pages have a wealth of information about various payment options and will guide you through why penalties are charged and, when appropriate, how to request a reversal of those charges, along with steps you can take to avoid the same issues n...

NTA Blog: Expanding Pay-As-You-Earn Tax Collection Could Bring Significant Benefits

Thu, Apr 11, 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 Imagine it’s tax filing season. You’re dreading figuring out your tax liability this year, because in the last few years you’ve been earning sporadi...

TAS Tax Tip: Correcting tax returns, if you made a mistake or forgot to file

Tue, Apr 09, 2019

If you make a mistake on your taxes, do you know what to do and how to correct the mistake? There are many options on how to fix a mistake on your tax return, depending on whether you received a notice and the kind of mistake you made. If you simply forgot to file, and have a filing requirement, you should file right away as there are consequences. No IRS Notice Received Yet If you need to make...

NTA Blog: The IRS Should Redesign Its Notices Using Psychological, Cognitive, and Behavioral Science Insights to Protect Taxpayer Rights, Enhance Taxpayer Understanding, and Reduce Taxpayer Burden

Wed, Apr 03, 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 With the filing season in full operation, many taxpayers are receiving correspondence from the IRS that convey significant taxpayer rights and require taxpayers to ta...

TAS Tax Tip: Filing, Requesting an Extension of Time to File and Payment Options

Thu, Mar 28, 2019

The tax return filing deadline is almost here. Have you filed yet? The filing deadline to submit 2018 tax returns is Monday, April 15, 2019 for most taxpayers. Because of the Patriots’ Day holiday on April 15 in Maine and Massachusetts and the Emancipation Day holiday on April 16 in the District of Columbia, taxpayers who live in Maine or Massachusetts have until April 17, 2019 to file th...