Finance

Sen. Ron Wyden, D-Ore., has proposed to simplify the complicated capital depreciation rules for businesses.

A pair of Senate Democrats, Chuck Schumer, D-N.Y., and Maria Cantwell, D-Wash., are urging their colleagues to increase the Low-Income Housing Tax Credit by 50 percent.

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight-line depreciation only.

The House passed a bill Thursday prohibiting bonuses for IRS employees until the Treasury develops a better customer service strategy, the last of six bills passed this week affecting IRS bonuses, hiring practices and policies.

The Senate Finance Committee passed legislation Wednesday to protect taxpayers from identity theft and tax fraud, but without a provision for regulating tax preparers.

Rep. Sander Levin, D-Mich., the ranking member of the tax-writing House Ways and Means Committee, and other House Democrats introduced legislation Wednesday to restore the estate tax and gift tax rate and exemption level to the same amounts as in 2009.

When it comes to driving the U.S. economy, small businesses translate into big dollars.

The Senate Finance Committee has dropped a provision for regulating tax preparers from legislation that would curb identity theft and tax fraud.

Most people think of April as income-tax month for individuals, but it’s also the biggest business tax-filing month of the year. Why? Because four out of every five U.S. businesses are “pass-throughs,” meaning they are taxed on individual returns at individual rates.

The American Institute of CPAs is pushing for legislation that would make it easier for employees who work across state lines to do their taxes.