Finance

While President Obama mentioned taxes a number of times in his State of the Union speech last night, the details were scant.

President Barack Obama proposed a series of actions to deal with economic issues ranging from the minimum wage to tax reform and student loan debt during his State of the Union address on Tuesday evening.

The Ending Subsidies for Yachts Act, barring the tax deduction for new mortgages on boats, is pushed by two Democrats in the Republican-led House, Representatives Mike Quigley of Illinois and Tim Walz of Minnesota.

Ten years ago, Congress passed a law intended to penalize chief executive officers whose companies shift their legal addresses to tax havens.

The Internal Revenue Service recently drafted Affordable Care Act regulations that offer some insight into what will be the associated monetary penalties for individuals who do not take up health care coverage.

The U.S. Departments of Treasury and Education are partnering with accounting and tax software developer Intuit to raise awareness of income-driven repayment plans and other repayment options for federal student loan borrowers.

The Republican National Committee plans to hold a vote Friday on a resolution calling for the repeal of the Foreign Account Tax Compliance Act.

Employers remain in a holding pattern through 2014 regarding a provision of the Affordable Care Act that the Internal Revenue Service is not yet enforcing.

A coalition of a half dozen business organizations, including the American Institute of CPAs, have banded together to express their opposition to a proposal from the Senate Finance Committee to require businesses to use the accrual method of accounting for tax purposes.

The plaintiffs who lost a recent lawsuit trying to prevent the federal government from providing tax credits to purchase health insurance on federal exchanges have filed for an expedited appeal in the case.

Keeping an eye on all of the legislative and regulatory changes that occur throughout the course of the year is no easy task.

American Citizens Abroad, a group representing U.S. expatriates, has submitted a tax proposal to the Senate Finance Committee recommending a number of international tax reforms, with the American Institute of CPAs also submitting its recommendations to the same committee on tax administration and simplification.

A federal district court judge has ruled in favor of the federal government in a lawsuit that claimed the Internal Revenue Service did not have the authority under the Affordable Care Act to write rules providing tax credits to individuals purchasing health insurance on the health insurance exchange set up by the federal government.

A task force that has been investigating the budget crisis affecting many states across the country is calling for major changes in the ways that states handle their budgeting and financial reporting.

Senator Marco Rubio, R-Fla., plans to introduce legislation that would provide a replacement for the Earned Income Tax Credit in the form of a “wage enhancement.”

The head of the union representing Internal Revenue Service employees is warning about persistent underfunding of the Internal Revenue Service in the omnibus spending bill unveiled yesterday by congressional negotiators.

The Securities and Exchange Commission has delayed until July 1, 2014, the date on which the first set of municipal advisors will be required to register under final rules issued by the commission.

Senators Elizabeth Warren, D-Mass., and Tom Coburn, R-Okla., have introduced bipartisan legislation to increase transparency around settlements reached by federal enforcement agencies, including disclosures of any tax deductions and tax credits.

The Senate has confirmed Janet Yellen as chairman of the Federal Reserve by a vote of 56 to 26, succeeding Ben Bernanke, whose term ends on Jan. 31.

Democrats in Congress plan to renew their efforts next week to extend the Emergency Unemployment Compensation program that expired on December 28.