Finance

The Treasury Department and the Internal Revenue Service released a final package of regulations Thursday to implement the Foreign Account Tax Compliance Act and amend the regulations to align them with existing tax rules.

The U.S. Senate Permanent Subcommittee on Investigations will hold a hearing next week on a crackdown on offshore tax evasion that has stalled as prosecutors conduct criminal probes of 14 banks, including Credit Suisse Group AG.

The top Republican tax writer in Congress will release a draft plan to revamp the U.S. tax code amid political odds that are stacked against him.

Participants in the Internal Revenue Service’s Offshore Voluntary Disclosure Program were more likely to disclose foreign bank accounts from Switzerland than other countries, according to a new government report.

Senators Maria Cantwell, D-Wash., and Chuck Grassley, R-Iowa, have introduced bipartisan legislation to reinstate a tax incentive for the production of domestic biodiesel fuel.

Sen. Ron Wyden, D-Ore., has been confirmed as chairman of the Senate Finance Committee, succeeding Max Baucus, D-Mont., who was confirmed last week as Ambassador to China.

The Governmental Accounting Standards Board has launched GASB Outlook, a quarterly electronic newsletter designed to keep stakeholders informed about key GASB projects and activities.

Rep. Blake Farenthold, R-Texas, has reintroduced legislation to provide tax exemptions to American athletes who win medals in the Olympics.

A group of Republican senators has introduced legislation to prevent the Internal Revenue Service from finalizing for one year proposed regulations governing how much political activity tax-exempt 501(c)4 social welfare organizations can legitimately conduct.

The Treasury Department and the Internal Revenue Service issued final regulations Monday implementing the employer shared responsibility provisions of the Affordable Care Act, also known as the employer mandate, providing additional time to small and large businesses.

Senate Finance Committee chairman Max Baucus, D-Mont., was confirmed Thursday as U.S. Ambassador to China, which could prolong an investigation of the Internal Revenue Service’s handling of tax-exempt applications, along with tax reform efforts.

Businesses often take a risk in the development of new products and processes.

The Internal Revenue Service's new commissioner, John Koskinen, told a congressional hearing Wednesday that the IRS has received an unprecedented number of comments on its proposed regulations for 501(c)4 tax-exempt groups and they will not be finalized anytime soon.

The Treasury Department said Wednesday the U.S. has signed intergovernmental agreements with both Canada and Hungary to implement the Foreign Account Tax Compliance Act, or FATCA, in an effort to discourage offshore tax evasion.

Congressman Richard E. Neal, D-Mass., the ranking Democrat on the House Ways and Means Select Revenue Subcommittee, has introduced legislation containing a number of tax and other provisions with the goal of jumpstarting the economy, financing investment in infrastructure, fighting income inequality and creating jobs.

Changes in the implementation of the Affordable Care Act could pose a challenge for the Internal Revenue Service's customer service, according to a new government report.

Democrats on the tax-writing House Ways and Means Committee have written to Speaker of the House John Boehner, R-Ohio, urging him to introduce legislation to raise the debt ceiling without pre-conditions, warning that the Treasury Department would not be able to pay tax refunds without a higher debt limit.

House Ways and Means Committee chairman Dave Camp, R-Mich., has written to Treasury Secretary Jacob Lew and Internal Revenue Service commissioner John Koskinen asking for all documents pertaining to the proposed changes in rules for organizations applying for tax-exempt status under Section 501(c)(4) of the Tax Code.

President Obama introduced a new retirement savings vehicle that he called a “MyRA” in his State of the Union address on Tuesday evening, and the White House has followed up with more details on Wednesday about it.

Rep. Lloyd Doggett, D-Texas, has introduced legislation to limit tax write-offs for executive bonuses to $1 million per employee.