Finance

The Treasury Department and the Internal Revenue Service said Wednesday they will treat 19 countries that have reached agreements in substance with the U.S. on the Foreign Account Tax Compliance Act as having those agreements in effect, until the end of 2014, and they will also delay the registration deadline for foreign banks for 10 more days.

The Senate Finance Committee plans to hold a hearing next Tuesday to discuss how to protect taxpayers from incompetent and unethical tax return preparers.

Republican Representative Paul Ryan unveiled a $1.014 trillion U.S. budget plan that envisions revamping the tax code and social-safety net in a declaration of party priorities seven months before the midterm election.

A Caterpillar Inc. executive defended her company’s tax maneuvers today, telling a Senate panel that moving profits from its parts business to Switzerland from the U.S. was a legal and appropriate way to eliminate unnecessary expenses.

Leaders of the Senate Finance Committee plan to markup long-awaited legislation to extend a long set of expired and soon-to-expire temporary tax breaks.

House Ways and Means Committee chairman Dave Camp, R-Mich., has announced he will not seek reelection after his term ends this year.

When President Obama announced the myRA program during his State of the Union Address this year, it likely raised several questions among those in the accounting community: What is this new program? How will it work? How does it compare to the retirement benefits businesses already provide to their employees? What do I need to share with my clients about this?

The American Institute of CPAs has written to lawmakers on the tax-writing House Ways and Means Committee supporting their efforts to simplify the array of education tax credits available to students while suggesting several reforms of its own.

Thomson Reuters has released a special report focusing on President Obama’s 2015 budget proposal, which includes tax proposals such as the expansion and permanent extension of the Earned Income Tax Credit and the Research Tax Credit, a number of new international tax proposals, and a renewed push for pairing infrastructure investments with business tax reform.

The Institute of Internal Auditors has created an American Center for Government Auditing and compiled an inaugural list of the Most Influential Professionals in Government Auditing in recognition of professionals who have positively impacted the practice of auditing in the public sector.

Senate Budget Committee Chairman Patty Murray, D-Wash., and two other prominent Senate Democrats introduced legislation Wednesday to update the Tax Code to help workers and families keep more of what they earn, but also double the penalty on tax preparers who do not follow the Internal Revenue Service’s due diligence requirements for claiming the Earned Income Tax Credit.

Caterpillar Inc. began defending its international tax maneuvers as a U.S. Senate investigative panel set an April 1 hearing to examine the company’s “offshore tax strategy.”

A U.S. Senate investigative panel is examining Caterpillar Inc. and whether the company improperly avoided U.S. taxes by moving profits outside the country, said three people familiar with the inquiry.

Dozens of tax breaks that lapsed Dec. 31 would be revived in a plan to be presented soon by the new chairman of the U.S. Senate Finance Committee.

A majority of public companies may be able to avoid the need to file their financial reports using Extensible Business Reporting Language, or XBRL, technology if a congressional bill gets signed into law.

New York State has been going after tax evaders under an aggressive new tax collection program, suspending the driver’s licenses of 8,900 New Yorkers who failed to pay their state taxes and collecting over $56 million, 34 percent more than had been projected.

The House Financial Services Committee has overwhelmingly approved bipartisan legislation that would remove a requirement for smaller public companies with less than $250 million in annual revenue from filing their financial statements in Extensible Business Reporting Language, or XBRL, format for five years.

CCH has released a new tax briefing analyzing the more than 160 tax proposals contained in President Obama’s $3.9 trillion budget plan.

The largest U.S.-based companies added $206 billion to their stockpiles of offshore profits last year, parking earnings in low-tax countries until Congress gives them a reason not to.

Republicans in Congress want to add language to a U.S. aid plan for Ukraine that would block a proposed IRS rule curbing political activity by tax-exempt groups, Senator Bob Corker said Tuesday.