Finance

The Internal Revenue Service has posted an updated Foreign Financial Institution Agreement on its Web site for implementing the Foreign Account Tax Compliance Act, or FATCA.

The Senate Finance Committee held a hearing Tuesday to examine ways to improve tax credits for education and lower student debt as part of the latest series of hearings on tax reform.

U.S. lawmakers argued late into the night over a computer hard drive that crashed in 2011, taking the controversy surrounding the Internal Revenue Service to a new level of acrimony.

A central character in the 14-month dispute in Congress over the Internal Revenue Service’s scrutiny of Tea Party groups is a computer hard drive.

The House Ways and Means Committee chairman called for a special prosecutor to probe the Internal Revenue Service’s loss of e-mails from the time the agency gave extra scrutiny to Tea Party groups seeking tax-exempt status.

The House Judiciary Committee has approved legislation by a wide margin that would prohibit states from taxing Internet access.

It is widely acknowledged that fraud, including fraudulent financial reporting and other improprieties targeted against businesses, has become epidemic.

Bill and Hillary Clinton have long supported an estate tax to prevent the U.S. from being dominated by inherited wealth. That doesn’t mean they want to pay it.

Congressional Republicans said Tuesday that the Internal Revenue Service has lost emails from six other officials besides Lois Lerner, the former director of the IRS’s Exempt Organizations unit.

Congressional Republicans are demanding answers from the Internal Revenue Service after the agency lost more than two years of e-mails requested by lawmakers.

The Governmental Accounting Standards Board has published two proposed statements to improve financial reporting by state and local governments of other post-employment benefits, such as retiree health insurance.

The Internal Revenue Service claims to have lost two years’ worth of email messages between Lois Lerner, the former director of the Exempt Organizations unit who is facing contempt of Congress charges, and correspondents outside the agency.

Sen. Charles Grassley, R-Iowa, the former chairman of the Senate Finance Committee, is warning that tax season could be delayed next year if approval of tax extenders legislation is put off until after the mid-term elections in November.

The House passed a pair of bills Thursday to provide tax breaks to businesses.

Facing a series of budget cuts in recent years, the Internal Revenue Service is being urged to set a long-term strategy and use return on investment data to better manage budget uncertainty and set priorities at the agency, in a new report from the Government Accountability Office.

A temporary tax holiday for U.S. companies to repatriate offshore profits would cost the government $95.8 billion in revenue over a decade, said the Joint Committee on Taxation, Congress’s nonpartisan scorekeeper.

Amid continuing gridlock in Congress that has held up agreement between Democrats and Republicans on tax reform, the leaders of the Senate Finance Committee outlined a series of hearings this summer aimed at moving forward on the effort.

The Treasury Department’s Community Development Financial Institutions Fund plans to distribute $3.5 billion in New Markets Tax Credit awards to revitalize low-income communities.

The top Republican tax writers in Congress and the biggest U.S.-based companies are warning that global negotiations to limit businesses from shifting profits to low-tax countries could harm Americans.

Paul Beswick, who has served as chief accountant in the Securities and Exchange Commission's Office of the Chief Accountant, plans to return to the private sector.