Finance

House Minority Leader Nancy Pelosi, D-Calif., said she would try to use a procedure known as a discharge petition to bring a Senate-passed bill for extending the middle-class tax cuts to the floor of the House.

The fiscal cliff, once a seeming imaginary event far off on the horizon, is looming large as we approach the beginning of 2013 with a divided government. The cliff, a combination of tax increases and government spending cuts, threatens to send the country deeper into another recession, according to economists from the Congressional Budget Office.

Congressional Republicans dug in to fight President Barack Obama’s plan to skirt the fiscal cliff, rejecting his tax-and-spending proposal as the president heads out today to sell it to the American public.

President Barack Obama urged middle-class families who are in danger of seeing their taxes go up next year to begin using Twitter and other forms of communication to urge lawmakers to extend tax cuts for the middle class.

The U.S. Treasury Department and Mexico’s Ministry of Finance have struck a bilateral agreement to implement the Foreign Account Tax Compliance Act requiring financial institutions to report the holdings of U.S. and Mexican taxpayers to each other’s tax authorities.

New River Innovation has enhanced its Beyond415 Guidance product, a Web-based research center for resolving issues after tax filing, with key features including searchable guidance covering individual, business, and payroll areas of IRS practice and procedure.

A new White House report from the President’s Council of Economic Advisers predicts that allowing tax rates for the middle class to rise and failing to patch the alternative minimum tax would have a negative impact on consumer spending and retailers alike.

The U.S. Treasury Department and the Internal Revenue Service said Wednesday that the governments of the U.S. and Denmark have reached a bilateral agreement to implement the Foreign Account Tax Compliance Act to improve international tax compliance.

South Carolina Governor Nikki Haley released a report from a security company on a data breach at the South Carolina Department of Revenue that exposed the tax information of millions of taxpayers in the state to foreign computer hackers, while asking the IRS to take further steps to encrypt taxpayer information.

The Internal Revenue Service Oversight Board has sent a letter to the leaders of Congress’s two tax-writing committees urging them to act swiftly to patch the Alternative Minimum Tax to keep it from spreading to millions more taxpayers.

President Obama met with congressional leaders at the White House on Friday to negotiate over the expiration of the Bush tax cuts and the looming problem of the so-called “fiscal cliff,” with the leaders agreeing that the meeting had been constructive.

Despite negative market sentiment due to concerns over the looming "fiscal cliff," many investors are unprepared for it, according to a recent survey by Nationwide Financial.

Bank of America Corp.’s commercial customers are already reacting to the “fiscal cliff” looming over the U.S. budget by putting off purchases, chief executive officer Brian T. Moynihan said.

The Securities and Exchange Commission and the Department of Justice have released A Resource Guide to the U.S. Foreign Corrupt Practices Act, a 120-page guide providing a detailed analysis of the U.S. Foreign Corrupt Practices Act, including the accounting provisions, and closely examining the SEC and DOJ approach to FCPA enforcement.

President Obama urged Congress to agree to a deal to extend the Bush-era tax rates for the middle class on Wednesday, while agreeing to consider other tax reform measures for wealthier Americans.

With tax cuts galore expiring at the end of the year, and steep cuts in both defense spending and discretionary spending on the horizon, Democrats and Republicans in Washington are doing a complicated dance at the edge of the so-called fiscal cliff.

White House officials have quietly lobbied Wall Street and the business community over the last several months to support President Barack Obama’s plan to impose higher taxes on the wealthy to cut the deficit and avert going over the fiscal cliff.

The American Institute of CPAs has adopted a resolution calling on lawmakers to do more to ensure the long-term fiscal health of the United States by better controlling the growing national debt.

An estimated 2.1 million workers are in danger of losing their unemployment insurance by the end of the year without congressional action.

President Barack Obama, fresh from his re-election, turned his attention Friday to the economy, offering to talk with Congress about how to avoid the prospect of automatic tax increases on the middle class.