Finance

The Connecticut Department of Revenue Services plans to begin a tax amnesty program from Sept. 16, until November 15, 2013 for any taxable period ending on or before Nov. 30, 2012.

The National Federation of Independent Business and the S Corporation Association released a new study Wednesday showing that S corporations pay the highest effective rates of any business type.

A proposal to drastically cut or abolish state income taxes in Georgia and replace them with higher sales taxes would raise taxes on up to 80 percent of Georgia taxpayers and spike Georgia's average state and local sales tax to as high as 14.5 percent, according to a new study.

A pair of Senate Democrats have introduced legislation to end unlimited tax write-offs on performance-based executive pay, allowing publicly traded corporations to deduct only up to $1 million in pay per employee.

New York Governor Andrew M. Cuomo announced a new initiative Monday to encourage individuals who owe significant back taxes to the state to pay their bills by suspending their New York State driver licenses when their past-due tax liability exceeds $10,000.

Governmental Accounting Standards Board chairman David Vaudt talks about his plans as GASB's new leader and the board's agenda for pension standards, post-employment benefits in the retiree health care area, and the need to provide useful information for elected officials and government policymakers, in an interview with Accounting Today editor-in-chief Daniel Hood.

The House passed a bill to prohibit the Internal Revenue Service from implementing or enforcing the Affordable Care Act before heading home for Congress’s August recess, but the legislation has little chance of advancing in the Senate.

House Oversight Committee Chairman Darrell Issa sent a subpoena for Internal Revenue Service documents to the Treasury Secretary, saying he thinks the agency’s chief counsel’s office is “compromised.”

The U.S. tax systems for individuals and corporations should be revamped together, said the top Republican tax writer in Congress, resisting President Barack Obama’s call for a business-only approach.

Total nonfarm payroll employment increased by 162,000 in July, the Bureau of Labor Statistics reported Friday, sending the unemployment rate down by two-tenths of a percentage point to 7.4 percent, although many of the gains were in low-wage jobs.

Tax reform talk is heating up. Support is growing for bipartisan efforts to rewrite the tax code, with committee chairmen and ranking members in both the House and the Senate jumping aboard the effort.

A bipartisan group of senators have introduced legislation to combat acts of tax evasion, money laundering, terrorism and other wrongdoing facilitated by U.S. corporations with hidden owners.

The American Institute of CPAs has sent a letter to the Senate Finance Committee recapping its recommendations on tax reform as the committee moves closer to drafting a tax reform bill.

It is time that all governments started keeping their books using the same accounting system that for-profit businesses use.

Congress gave final approval to legislation that would peg the interest rates on government-sponsored student loans to a market-based rate, ensuring that almost 9 million undergraduates will pay 3.86 percent interest on their next loan.

Self-described conservative and Tea Party groups seeking tax-exempt status were asked more questions by the Internal Revenue Service and had longer delays than progressive organizations, according to an analysis by the House Ways and Means Committee.

President Barack Obama, prodding Congress to consider fresh economic proposals after two years of gridlock, called for restructuring business taxes so long as the initial revenue generated goes toward job creation.

The leaders of Congress’s two main tax committees continued their tax reform road show tour with a stop at a New Jersey small business that makes kitchen appliances.

David A. Vaudt, the new chairman of the Governmental Accounting Standards Board, plans to closely monitor the impact of GASB’s new pension accounting standards on the finances of state and local governments.

There’s a tie that binds the Securities and Exchange Commission’s separate probes of SAC Capital Advisors LP founder Steven A. Cohen and Fabrice Tourre, the former Goldman Sachs Group Inc. vice president.