Finance

Barclays Plc and Deutsche Bank AG face scrutiny over their sale of products to a hedge-fund manager that allowed it to skirt borrowing limits and avoid taxes, according to people with knowledge of the matter.

The U.S. Justice Department is investigating the loss of more than two years of e-mails from an Internal Revenue Service employee at the center of a controversy over how the agency handled Tea Party groups.

Washington is buzzing this summer about inversions, and the chatter has nothing to do with the weather.

One of the most closely watched and discussed issues in Washington this year is tax reform.

Treasury Secretary Jacob Lew said comprehensive tax reform would be the best way to prevent further corporate inversions, but called on Congress to pass legislation to stem the tide of corporations merging with other companies overseas in order to cut their taxes.

House Ways and Means Committee chairman Dave Camp, R-Mich., and Ways and Means Oversight Subcommittee chairman Charles Boustany, Jr., R-La., have written a letter to the advocacy group Democracy 21 asking it to provide all communications with the former director of the Internal Revenue Service’s Exempt Organizations unit, Lois Lerner, including emails.

A group of senators has introduced a bipartisan bill governing sales taxes on online purchases and Internet access after previous legislation failed to make progress in the House.

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