Finance

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.

Lois Lerner, who oversaw the Internal Revenue Service’s scrutiny of Tea Party groups, was looking for someone from every branch of government to help resolve the issue that eventually cost her job.

Policy makers on both sides of the partisan divide, from Treasury Secretary Jacob J. Lew to Mitt Romney’s economic adviser Glenn Hubbard, favor expanding the Earned Income Tax Credit. This rare harmony holds the potential to reshape the debate on bridging the growing opportunity gap.

House Ways and Means Committee Chairman Dave Camp, R-Mich., said that after months of discussions with the Internal Revenue Service on producing documents pertaining to the committee’s investigation of the IRS scrutiny of political groups and subsequent issuance of 501(c)(4) rulemaking, the IRS will turn over emails and documents from the former head of the IRS’s Exempt Organizations unit, Lois Lerner, to him.

Thousands of Credit Suisse Group AG’s U.S. clients still don’t know whether tax authorities will learn their identities as prosecutors work to conclude a three-year probe of how the bank helped them evade taxes.

There weren’t a lot of surprises in the President’s Budget, set at $3.9 trillion for fiscal year 2015, which was released on March 4.

House Speaker John Boehner said an IRS official should be held in contempt if she continues to refuse to testify on the agency’s scrutiny of Tea Party groups.

President Barack Obama is proposing more tax increases for U.S. multinational corporations, seeking ways to prevent them from avoiding taxes by exploiting gaps in international law.

President Obama released his budget plan on Tuesday, with proposals for expanding a number of tax breaks along with the budget of the Internal Revenue Service.