Finance

The House Ways and Means Committee held a hearing Thursday on proposals to limit tax breaks for employers who provide health care for employees.

Senator Elizabeth Warren, D-Mass., has introduced legislation, co-sponsored by Sen. Bernie Sanders of Vermont, that would require the Internal Revenue Service to develop a free, online tax preparation and filing service that taxpayers could use to prepare and file their taxes directly with the federal government.

The House Ways and Means Committee passed four pieces of Republican-sponsored legislation Wednesday restricting IRS employee bonuses, hiring and spending, with less than a week to go in tax season.

The House Ways and Means Committee plans to markup and vote Wednesday on four pieces of Republican-sponsored legislation aimed at limiting the Internal Revenue Service’s authority over its spending, particularly in the areas of employee bonuses, hiring, and delegation of user fees.

Senate Judiciary Committee Chairman Chuck Grassley, R-Iowa, has introduced legislation to combat tax refund theft by identity thieves.

Among the issues that are keeping tax executives up at night are anti-inversion rules that don’t address the root cause: an anti-competitive U.S. tax system.

Senior business leaders are concerned about some of the proposed tax changes they have heard from presidential candidates and other sources, according to a new survey by Friedman LLP.

While it has been around in a variety of forms since 1993, the exclusion for Qualified Small Business Stock Gains under section 1202 of the Tax Code didn’t really come into its own as a tax benefit until the exclusion rate increased to 100 percent in 2010.

The House Ways and Means Oversight Subcommittee is calling on the Internal Revenue Service, the Treasury Department and the Justice Department to return funds wrongly seized from taxpayers during civil asset forfeitures.

The National Retail Federation is urging Congress to reject any form of consumption tax as it considers a variety of tax reform proposals in a hearing Tuesday.