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Facebook Crypto Plan Draws Fresh Fury From House Democrats
Facebook Inc. took a beating for a second straight day over its controversial cryptocurrency plans as Democratic lawmakers argued the proposal posed vast privacy and national security risks. At a Wednesday hearing before the House Financial Services Committee, Chairwoman Maxine Waters compared Facebook to Wells Fargo & Co. and Equifax Inc., two scandal ridden companies that have come under scrutiny for harming consumers.
Labor Secretary Alex Acosta Resigns; Acting Secretary Said to Be More ‘Pro-Business’
Labor Secretary Alexander Acosta, under fire for securing a plea deal for convicted pedophile and newly indicted Jeffrey Epstein, resigned his post under pressure today, leaving as acting secretary a man who's considered more aggressively pro-business than Acosta. Current Labor Deputy Secretary Patrick Pizzella, who will become acting secretary until the president names a permanent replacement, is reportedly poised to move more quickly than his predecessor to reverse Obama-era regulations...
IRS Chief Mulls Creation of a Practitioner Division
IRS Commissioner Charles Rettig said he’s considering creation of a new division in the agency focused on the needs of the tax practitioner community. “I’m aware of it. I’m sensitive to it. And I understand the need for it,” said Rettig, a former longtime tax practitioner himself. He said he has received proposals from outside of the Internal Revenue Service for how such a division might work.
Governor Lamont, Attorney General Tong Announce Lawsuit Against IRS, Secretary Mnuchin
Acting to protect Connecticut taxpayers from the harmful effects of the Trump Administration's federal tax overhaul, Attorney General William Tong and Governor Ned Lamont announced today that the State is joining a multistate lawsuit against the Internal Revenue Service (IRS) and the U.S. Treasury Department.
Bitcoin Drops Below $10,000 Again as Congress Scrutinizes Libra
Bitcoin slid below $10,000 just three weeks after surging above it for the first time in more than a year as U.S. legislators expressed deep skepticism about the viability of cryptocurrencies.
National Taxpayer Advocate Nina Olson releases comprehensive report intended to improve EITC administration; publishes "subway map" of taxpayer’s journey through the tax system
National Taxpayer Advocate Nina E. Olson today released a special report on the Earned Income Tax Credit (EITC), which makes recommendations designed to increase the participation rate of eligible taxpayers and reduce overclaims by ineligible taxpayers. Also today, the Taxpayer Advocate Service (TAS) published a subway map that depicts a taxpayer’s “journey” through the tax system to help taxpayers and policymakers better understand the tax administration process.
Tax Security 2.0 – A "Taxes. Security. Together" Checklist
Leaders from the IRS, state tax agencies and the tax industry today called on tax professionals nationwide to take time this summer to review their current security practices, enhance safeguards where necessary and take steps to protect their businesses from global cybercriminal syndicates prowling the Internet. Despite major progress by the IRS and the Security Summit partners against identity theft, evolving tactics continue to threaten the tax community and the sensitive data of taxpayers.
Health care of thousands in CT at stake as court set to hear ACA case
A federal appeals court is about to hear oral arguments in a case that could invalidate the Affordable Care Act, which would imperil health care coverage for tens of thousands of people in Connecticut. About 111,000 residents purchase their insurance through Access Health CT, the state’s health care exchange. Another 267,722 low-income adults have coverage through the ACA’s expansion of Medicaid, known as HUSKY in Connecticut.
Final rules permit truncated TINs on W-2s
In its continuing effort to reduce identity theft, the IRS issued final regulations that permit employers to use truncated taxpayer identification numbers (TTINs) on Forms W-2, Wage and Tax Statement, issued to employees (T.D. 9861). The regulations finalize proposed rules issued in September 2017 with no substantive changes in response to comments (REG-105004-16). Permissible TTINs are Social Security numbers (SSNs) with the first five digits of the nine-digit number replaced with asterisks...
How Wayfair and SST Guide Remote Sales Tax
Accounting professionals and their business clients need to understand how the Wayfair ruling and the Streamlined Sales and Use Tax Agreement intersect. Just one year ago, the seminal Supreme Court ruling in South Dakota v. Wayfair, Inc. (June 21, 2018) shattered a long-standing physical presence rule that prevented states from imposing a sales tax collection obligation on out-of-state sellers. Now, as they strive to negotiate the new sales tax landscape, many states are turning to the SST...