Finance

The U.S. House Ways and Means Committee approved $310 billion of tax breaks, as Republicans defeated Democratic objections to the plan’s budgetary costs.

The House has unanimously passed the Digital Accountability and Transparency Act, also known as the DATA Act, on Monday, following Senate passage earlier this month and sending the legislation to President Obama’s desk for his signature.

The U.S. House of Representatives plans to vote in May to make the research tax credit permanent, the first step toward ending a 33-year lapse-and-revive cycle that has frustrated companies such as Intel Corp. and Agilent Technologies Inc.

The American Institute of CPAs has written to the head of the tax-writing House Ways and Means Committee voicing strong opposition to draft legislation that would limit the use of the cash method of accounting for pass-through entities and personal service corporations.

More than 100 New Hampshire physicians and health care providers have been reportedly victimized by tax fraud, and U.S. Senator Jeanne Shaheen, D-N.H., is urging federal officials to investigate.

The Internal Revenue Service and other U.S. agencies awarded about $415,000 in contracts to a license plate-tracking company before Homeland Security leaders dropped a plan for similar work amid privacy complaints.

Smaller budgets have hurt the Internal Revenue Service’s performance, according to a new government report.

The RNC has filed a lawsuit against the IRS for withholding records sought by a 2013 Freedom of Information Act request.

Former Secretary of Defense Donald Rumsfeld yesterday made public a letter he said he sends every year to the IRS, along with his tax return.

U.S. taxpayers would need to pay an average of $1,259 more a year to make up the federal and state taxes lost to corporations and individuals sheltering money in overseas tax havens, according to a report.

A pair of senators have called on the Social Security Administration to end the policy of seizing taxpayers’ refunds to hold them accountable for decades-old errors made by the agency that led to the overpayment of benefits, and the agency has agreed to do so.

The House Ways and Means Committee held a hearing last week to discuss the perennial issue of the tax extenders, the temporary tax provisions that expire year after year and are usually renewed.

As the political fight over raising taxes for high-income Americans fades away, so are predictions for negative economic fallout.

President Barack Obama and his wife, Michelle, reported adjusted gross income of $481,098 for 2013, down 21 percent from last year, according to tax returns released yesterday by the White House.

U.S. states are trying to capture corporate income taxes lost to offshore havens, wary of companies exploiting rules that let them channel cash abroad and weary of congressional inaction.

The U.S. Office of Special Counsel has recently investigated several cases in which Internal Revenue Service employees allegedly engaged in partisan political activity in the workplace, advocating in support of President Obama.

The United States is working with other countries on multinational corporate tax issues, including the increasingly thorny issue of base erosion and profit shifting.

The House Committee on Small Business held a hearing to discuss the biggest tax problems for small businesses.

The House Ways and Means Committee voted Wednesday to send a criminal referral letter to Attorney General Eric Holder, asking him to determine whether Lois Lerner, the former director of the Internal Revenue Service’s Exempt Organizations unit, violated the law.

The top lawmakers on the House Ways and Means Committee disagreed over whether extending tax breaks for research and international finance operations should be offset to prevent the U.S. budget deficit from growing.