Finance

The U.S. House of Representatives voted to cut the Internal Revenue Service’s budget by $1.14 billion in another blow to the tax agency.

The House has approved by voice vote legislation permanently banning states from taxing Internet access or imposing multiple or discriminatory taxes on e-commerce.

The nonpartisan Tax Foundation research group has released a primer on the Marketplace Fairness Act, the legislation that proposes to establish federal law governing sales taxes on online purchases.

The House of Representatives voted to prevent companies that move their tax addresses from the U.S. to Bermuda or the Cayman Islands from winning some federal contracts.

The U.S. House of Representatives voted to let companies write off more than half the cost of investments in the first year, providing a tax boost to businesses.

An Internal Revenue Service employee has been suspended for 100 days without pay for urging taxpayers to re-elect President Obama in 2012.

Lawmakers in the U.S. House and Senate are advancing dueling measures today that would provide a short-term cash infusion through May 2015 to a fund covering the federal share of road, bridge and mass-transit projects.

A subcommittee of the House of Representatives’ Committee on Small Business held a hearing today to discuss the value of using the cash basis of accounting in small businesses, and whether they should be required to use the accrual basis.

American manufacturer Ingersoll-Rand Co. forged the tools that carved the Panama Canal and shaped Mount Rushmore. When it shifted its legal address to Bermuda in 2001 to reduce taxes, the maneuver sparked bipartisan outrage in Congress.

The Internal Revenue Service is suffering from several new deficiencies in its internal controls, although it has managed to address a number of older problems, according to a new report from the Government Accountability Office.

The Internal Revenue Service said Tuesday it has updated its FATCA Foreign Financial Institution List to coincide with the rollout of the Foreign Account Tax Compliance Act.

The American Institute of CPAs’ Auditing Standards Board has issued two new auditing interpretations in response to the Governmental Accounting Standards Board’s new pension reporting standards.

Health care reform tax issues for 2014

Educating your clients on the ACA

Foreign financial institutions will face tax withholding penalties on Tuesday, July 1 if they have not begun to make efforts to comply with the Foreign Account Tax Compliance Act, or FATCA.

The Supreme Court clarified a portion of the ACA applying to closely held businesses, by deciding, in a 5-4 ruling, that the Department of Health and Human Services regulations under the Affordable Care Act, which impose a contraceptive mandate, violate the Religious Freedom Restoration Act of 1993.

The Internal Revenue Service is about to get an unprecedented look at bank accounts and investments U.S. citizens hold abroad, through a law that is making it harder to hide assets from the tax collector.

A new study suggests that tax filing season could be the best time to sign up clients for health coverage under the Affordable Care Act rather than the current open enrollment period.

House Republicans are accusing Lois Lerner, the former director of the Internal Revenue Service’s Exempt Organizations unit, of emailing a colleague about subjecting Sen. Charles Grassley, R-Iowa, the former chairman of the Senate Finance Committee, to an IRS examination.

The House Ways and Means Committee has approved legislation aimed at simplifying the many tax credits available for education.