Finance

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?”

A bill requiring government agencies to disclose how much companies would be able to claim in tax credits and other benefits when they reach settlements with enforcement agencies has passed a key committee.

A group of Democratic lawmakers has introduced legislation designed to prohibit federal contracts to multinational companies that use corporate inversions to cut their tax rates.

The Treasury Department’s Financial Crimes Enforcement Network is hoping to lift the veil on the use of anonymous companies for financial transactions by forcing financial firms to disclose and verify the identities of the actual people, or “beneficial owners,” behind the transactions.

Getting a foreign address isn’t the only way American companies are skirting corporate income taxes.

Republicans are considering voting this year to repeal the U.S. estate tax, said House Ways and Means Chairman Dave Camp.

Lois Lerner, the former director of the Internal Revenue Service’s Exempt Organizations unit, referred to “crazies” and “---holes” in an email exchange uncovered by Republican lawmakers on the tax-writing House Ways and Means Committee.

New York Governor Andrew Cuomo said Wednesday that 40 tax preparers across the state have been suspended by the state tax department under new regulations requiring them to file their own taxes.

A pair of Democratic lawmakers have introduced a bill that would provide tax relief to student loan borrowers who have been granted debt relief after consistently repaying their student loan debt for at least 20 years, giving them an exemption from being taxed on the amount forgiven on the loans.