Finance

The perpetual drumbeat for tax reform continues to echo around Capitol Hill.

The Internal Revenue Service has issued a new one-page publication with information about exemptions to the health coverage requirements of the Affordable Care Act.

Governments that default on their sovereign debt could be falling victim to the absence of accrual accounting in most public sector entities, and the International Federation of Accountants wants to change that.

President Barack Obama won’t return campaign donations to executives, advisers and directors who have profited from offshore mergers that reduce corporate taxes using a technique he has called “unpatriotic.”

Senator Charles Schumer released a proposal today that would limit deductions available for U.S. companies that take a foreign address to reduce their taxes.

Six Democrats in Congress have sent a letter to President Obama, encouraging him to deny federal contracts to inverted corporations.

A group known as the Alliance for the Defense of Canadian Sovereignty has filed suit against the Canadian government challenging the constitutionality of an intergovernmental agreement between the U.S. and Canada to implement the Foreign Account Tax Compliance Act.

Big banks and wealthy investors are accused of benefiting from a tax credit program that is supposed to help poor communities, according to a new Senate report.

The American Institute of CPAs, along with the Virgin Islands Society of CPAs and the Guam Society of CPAs have submitted a letter to Congress asking for clarification on whether the Net Investment Income Tax, which was included as part of the Affordable Care Act, applies to bona fide residents of the U.S. Virgin Islands, Guam, and the Commonwealth of the Northern Mariana Islands.

The New York State Society of CPAs has responded to President Obama’s criticism of accountants during a press conference this week.

The Internal Revenue Service has expanded its awards to whistleblowers, allowing tipsters to claim a potentially greater share of the proceeds the IRS collects on extra tax revenue.

Nearly half the members of the U.S. Senate have signed a letter expressing concern about a tax reform proposal to require the use of accrual accounting and are urging the leaders of the Senate Finance Committee to preserve the option of the cash method of accounting for tax purposes.

President Barack Obama put the blame on accountants for the wave of companies doing tax inversions.

In addition to overseeing the daily operation of their business, small business owners rely on accountants to provide guidance on how to comply with changing rules, regulations and laws on the state and federal level.

President Barack Obama says U.S. corporations that adopt foreign addresses to avoid taxes are unpatriotic. His own administration helped one $20 billion American company do just that.

The U.S. Treasury Department is examining whether it has the authority to bypass Congress and curb corporate inversions, reversing the administration’s prior insistence that it lacked power to act.

The Obama administration asked the full U.S. Court of Appeals in Washington to reconsider a three-judge panel’s ruling that customers on the federal marketplace authorized by the health-care overhaul are ineligible for subsidies to buy insurance.

Senate Republicans blocked a final vote Wednesday on a bill aimed at preventing tax breaks for companies that relocate abroad.

Leaders of the Senate Finance Committee have introduced bipartisan legislation to improve protection for taxpayers against fraudulent tax refund claims made with stolen identities.

A number of groups testified or submitted statements recently at a hearing of the House Committee on Small Business Subcommittee on Economic Growth, Tax and Capital Access titled “Cash Accounting: a Simpler Method for Small Firms?”