Finance

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.

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.