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Daily News

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

Reuters Money

Largest banks clear U.S. Fed's toughest annual stress tests

Thu, Jun 21, 2018

WASHINGTON (Reuters) - The 35 largest U.S. banks are poised to put more money toward dividends, share buybacks and business investments, after clearing the first stage of an annual regulatory stress... ...

Companies need older workers: here is why

Thu, Jun 21, 2018

CHICAGO (Reuters) - The demographic trend is no secret: the populations of the United States and other major industrial countries are getting older, and fast. That means workforces are aging too, but... ...

How a powerful inquiry upended one of Australia's grandest companies

Thu, Jun 21, 2018

SYDNEY (Reuters) - One of Australia's oldest financial institutions, AMP Ltd , spent years building the country's largest network of financial advisers to recommend its products, and well over a... ...

Hedge fund Voce's nominees elected to Natus board

Fri, Jun 22, 2018

(Reuters) - Natus Medical Inc said on Friday its stockholders had elected hedge fund Voce Capital Management's nominees to the company's board, ending a months long proxy fight. ...

U.S.-based money market funds post $51 billion net outflows for week: Lipper

Thu, Jun 21, 2018

NEW YORK (Reuters) - U.S.-based money market funds posted $51 billion of net outflows for the week ended Wednesday, the largest cash withdrawal since 2011 and the seventh largest ever, according to... ...

Credit Suisse prevails in lawsuit seeking $300 million for brokers: U.S. judge

Thu, Jun 21, 2018

(Reuters) - A federal judge on Thursday dismissed a lawsuit accusing Credit Suisse Group AG of withholding up to $300 million of compensation from U.S.-based brokers when it closed their private... ...

The Ballmers are upping the game of giving away money

Thu, Jun 21, 2018

NEW YORK (Reuters) - (The writer is a Reuters contributor. The opinions expressed are his own.) ...

Twenty U.S. states target protections for pre-existing health conditions

Thu, Jun 21, 2018

CHICAGO (Reuters) - (The writer is a Reuters columnist. The opinions expressed are his own.) ...

Investors poured $7.54 billion into equity ETFs after rocky G7 meeting: ICI

Wed, Jun 20, 2018

NEW YORK (Reuters) - Equity exchange-traded funds, which draw a diverse set of clients including fast-trading hedge funds, attracted $7.54 billion of net new cash in the week ended June 13, according... ...

Post-MiFID II, most hedge funds make clients foot research bill

Wed, Jun 20, 2018

LONDON (Reuters) - The majority of hedge funds are passing on charges for investment research to investors under new European Union rules, despite years of poor average performance and as many large... ...

The Tax Adviser

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Taxpayer Advocate Service

NTA Blog: Participants in the Sharing Economy Lack Adequate Guidance From the IRS

Wed, Jun 20, 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. In my most recent Annual Report to Congress, I included the IRS’s efforts to reach out to participants in the sharing economy (also know as the “gig econ...

NTA Blog: The IRS’s Continued Refusal to Exclude Already Open TAS Cases From the Passport Certification Program Violates Taxpayer Rights

Thu, Jun 14, 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. In January, I wrote my third blog about the IRS’s new program to certify the seriously delinquent tax debts of taxpayers for the purposes of passport denial, l...

NTA Blog: One Year Later, The IRS Has Not Adjusted Its Private Debt Collection Initiative To Minimize Harm To Vulnerable Taxpayers

Wed, Jun 06, 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. Since the IRS implemented the private debt collection (PDC) initiative last year, I have been concerned that taxpayers whose debts are assigned to private collection...

IRS Announces Webinar on the 2019 Low Income Taxpayer Clinic (LITC) Grant Application Process

Thu, May 31, 2018

The IRS announced today that the Low Income Taxpayer Clinic Program Office will host two webinars on Tuesday, June 5, 2018, and Tuesday, June 12, 2018. The webinars are to provide potential applicants with information about the application requirements and process. The intended audience for this webinar include applicant’s proposing to open or expand the work of existing: Clinical progra...

NTA Blog: The Flood That Didn’t Materialize When the IRS Removed the Two-Year Period for Requesting Equitable Innocent Spouse Relief and Granted Relief More Frequently

Wed, May 23, 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. Innocent spouse relief, which has been available under IRC § 6015 since 1998 (and was available prior to that, in a more limited way, under IRC § 6015(e)),...

Success Story: TAS Advocates for Taxpayer Facing Economic Burden

Mon, May 21, 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. A taxpayer under audit requested TAS assistance because his tax refund was being held and he needed the money to make an urgent auto rep...

Practitioner’s ideas wanted in the 2018 Tax Forum focus groups

Fri, May 18, 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. These events feature the latest information from the IRS, news about tax law changes, the chance to meet with software vendors and the opportunity to attend nearly 50 seminars presented by IRS employees and members of profession...

IRS Accepting Applications for 2019 Low Income (LITC) Taxpayer Clinic grants

Thu, May 17, 2018

The IRS has announced the application period for Low Income Taxpayer Clinic (LITC) grants for calendar year 2019 is now open and will run through June 27, 2018. A listing of the 2018 LITC grant recipients is available on IRS.gov. The mission of LITCs is to ensure the fairness and integrity of the tax system for taxpayers who are low income or speak English as a second language: By providing p...

Tax Scholars and Officials Gather for the 3rd International Conference on Taxpayer Rights in The Netherlands

Thu, May 17, 2018

  National Taxpayer Advocate Nina E. Olson convened the 3rd International Conference on Taxpayer Rights in Amsterdam, the Netherlands on May 3 and 4. Hosted by the International Bureau on Fiscal Documentation (IBFD), the conference connected government officials, scholars, and practitioners from around the world to explore how taxpayer rights globally serve as the foundation for effective...

NTA Blog: A Problem of the IRS’s Own Making - Automatic Revocations of 1023-EZ Exempt Organizations

Wed, May 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. The IRS introduced Form 1023-EZ, Streamlined Application for Recognition of Exemption Under Section 501(c)(3) of the Internal Revenue Code, in July 2014. IRS record...

Fox Business

Sam Adams teams to support veteran-owned small businesses

Sat, Jun 23, 2018

Samuel Adams founder Jim Koch launched a partnership to help fund military veteran entrepreneurs....

Xiaomi seeks to raise up to $6 billion in Hong Kong IPO

Sat, Jun 23, 2018

The Chinese smartphone maker is trying to become a worldwide hardware-and-services brand alongside Apple, Google and Amazon....

Stock-market leaders yet to be undercut by trade-war fears

Sat, Jun 23, 2018

The Nasdaq Composite is on pace for double-digit gains for first half of 2018...

Netflix fires communications chief for using racial slur

Fri, Jun 22, 2018

Netflix CEO Reed Hastings said Friedland used the N-word “several months ago” during a meeting with the company’s public relations team about sensitive words....

Oil industry should prevent prices from spiking: Liberty Oilfield Services CEO

Fri, Jun 22, 2018

Despite OPEC’s deal to boost production, oil prices surged to $68.58 a barrel....

US economic growth sets a path for entrepreneurship, says famed investor Patricof

Fri, Jun 22, 2018

Famed investor Alan Patricof tells FOX Business’ Maria Bartiromo that the strong U.S. economy is a great setting for entrepreneurs....

SEC probes whether companies rounded up earnings

Fri, Jun 22, 2018

Federal regulators are investigating the case of the missing "4," exploring the numeral's conspicuous absence in quarterly reports....

At Microsoft, 300 workers protest ICE contract, threaten to resign

Fri, Jun 22, 2018

Some Microsoft employees believe the tech giant is providing ICE with facial-recognition technology....

Chipotle shares rise as chain tests new menu items

Fri, Jun 22, 2018

The company previously relied on a minimalist menu that featured burrito bowls, tacos and salads....

GM to make Chevy Blazer SUV in Mexico

Fri, Jun 22, 2018

The decision was made several years ago, before President Trump's efforts to revamp trade policies....