Finance

Internal Revenue Service Acting Commissioner Steven T. Miller told a congressional panel Thursday that while tax season began with delays caused by the late passage of the fiscal cliff legislation, the rest of the season eventually went smoothly.

A loose coalition of anti-tax activists, direct marketers and financial industry trade groups has a tough task this week in overcoming bipartisan support for letting states impose sales taxes on out-of-state sellers.

Senate Finance Committee chairman Max Baucus, D-Mont., has decided not to run for re-election in 2014, instead opting to spend the next year and a half focusing on his job as Montana’s senior Senator and chairing the Senate committee in charge of tax policy, as opposed to re-election.

The Governmental Accounting Standards Board has approved a new standard that provides accounting and financial reporting guidance to state and local governments that offer nonexchange financial guarantees and governments that receive guarantees on their obligations.

Rep. Keith Ellison, D-Minn., introduced a bill Wednesday that would establish a tax on the trading of stocks and other financial products.

A pair of senators have introduced bipartisan legislation aimed at expanding the use of S corporation employee stock ownership plans, or S ESOPs, to encourage more Americans to save for retirement.

The Senate Finance Committee held a hearing Tuesday on moving forward with solutions to tax fraud and tax identity theft as they grappled with an expanding problem that has plagued recent tax seasons.

A pair of Congressmen have introduced legislation that would allow the Internal Revenue Service to provide taxpayers with a tax form already containing information received from employers and banks to streamline the tax prep process.

Rep. Lloyd Doggett, D-Texas, introduced legislation on tax deadline day to close offshore tax loopholes for corporations and encourage greater financial transparency.

CCH has released a new tax briefing analyzing President Obama’s fiscal year 2014 budget and the tax ramifications of the President’s proposals.

President Barack Obama and First Lady Michelle Obama earned $608,611 in adjusted gross income in 2012, down 23 percent from 2011 as royalties from Obama’s books continued to decline, tax returns released today showed.

The American Institute of CPAs has sent congressional leaders a set of legislative proposals for reforming the civil tax penalty provisions of the Tax Code, arguing that some penalties are disproportionately severe and punish innocent conduct.

Owning your own business is about doing the one thing you love to do, and 99 other things you dislike but must do, according to Roger Harris, president and chief operating officer of Padgett Business Services.

A group representing charitable organizations said it is concerned about a proposed cap to the charitable tax deduction included in President Obama's budget plan.

President Barack Obama formally unveiled the administration’s fiscal 2014 budget on Wednesday with some familiar proposals for tax reform, along with key concessions on entitlement reform.

The U.S. Senate confirmed Mary Jo White to lead the Securities and Exchange Commission, putting the former U.S. attorney in charge of an agency that has failed to satisfy critics with its response to the financial crisis.

The leaders of Congress’s main tax-writing committees said they plan to ask for proposals from the public for tax reform ideas using social media in an effort to make the process more transparent.

An audit by the Government Accountability Office of the Securities and Exchanges Commission’s Investor Protection Fund financial statements for fiscal years 2011 and 2012 found two areas of significant deficiency in the SEC’s internal controls.

President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.

President Barack Obama’s budget plan will incorporate deficit-cutting proposals that include changing the calculation for Social Security cost-of-living increases and tax brackets, according to a White House statement.