Finance

The Internal Revenue Service budget would be cut by 24 percent under a House Republican proposal that would create new restrictions on the tax agency.

The House has approved a bill that prohibits the Public Company Accounting and Oversight Board from forcing public companies to automatically change or rotate their independent auditing firms.

The leaders of Congress’s two main tax-writing committees kicked off their national tax reform tour Monday with meetings at two businesses in the Twin Cities area.

The National Association of Professional Employer Organizations has grown in membership, revenue and clout since its inception in 1984 .

Rep. Bill Posey, R-Fla., has written a letter to Treasury Secretary Jack Lew questioning regulations that would require U.S. banks and credit unions to collect and report information on nonresident aliens, urging him to cease enforcement of the Foreign Accounting Tax Compliance Act, or FATCA, and stop negotiating intergovernmental agreements with other countries for FATCA enforcement.

Total nonfarm payroll employment increased by 195,000 in June, and job gains in April and May were revised upward, but the unemployment rate was unchanged at 7.6 percent, the U.S. Bureau of Labor Statistics reported Friday.

Sen. Pat Roberts, R-Kan., and Rep. Tom Price, R-Ga., have introduced legislation in the Senate and the House to block foreign governments from collecting taxes on securities transactions.

The Obama administration has decided to postpone the employer responsibility payment and insurance reporting requirements under the Affordable Care Act for one year to give businesses more time to comply with the health care reform law.

The American Institute of CPAs has requested changes in a Senate bill aimed at combating the growing problem of identity theft and tax fraud to avoid increased penalties for tax preparers who improperly disclose or use taxpayer information.

The chairmen of Congress’s two main tax-writing committees in the House and Senate plan to begin a tour across the country visiting with taxpayers and businesses as they plan a major tax reform overhaul.

Tea Party groups were more likely than self-identified “progressives” to be given extra scrutiny for political involvement by the Internal Revenue Service from 2010 through 2012, according to the Treasury Inspector General for Tax Administration.

The two leaders of the Senate Finance Committee have offered to take a “blank slate” approach as a starting point for tax reform, in which there would be virtually no tax breaks available, and called on their Senate colleagues to provide suggestions on which tax provisions need to be added back and improved in a reformed tax code.

The U.S. Small Business Administration has issued four final rules in the Federal Register, increasing the size standards for small businesses in 70 industries, including finance.

Rep. Nydia M. Velazquez, D-N.Y., the ranking Democrat on the House Small Business Committee, has introduced two bills to foster entrepreneurship and help small firms grow and succeed.

Investors have a bit more to ponder as the administration rolls out its tax program, designed to both address the federal budget deficit and promote economic development.

The Internal Revenue Service has issued a report describing the changes it plans to address the problems with its approval process for reviewing applications for tax-exempt status.

The inability of cities and local jurisdictions to collect existing sales taxes on Internet sales translates into billions of dollars in lost revenue, according to a new report from the U.S. Conference of Mayors, that found New York City, Phoenix and Chicago as the top money-losing cities.

Electronic signatures became effective in the United States on October 1, 2000 when Congress passed the Electronic Signatures in Global and National Commerce Act.

A new study jointly conducted by the Congressional Budget Office and the Joint Committee on Taxation estimates that the bill currently under debate in the Senate would save nearly $1 trillion over the next two decades, largely because more than 10 million additional people would be paying taxes.

Pennsylvania Governor Tom Corbett has signed into law a measure that will allow more practical, broad-based professional experience to fulfill the requirements for getting a CPA license.