Finance

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.

The Treasury Department said it is engaging with more than 50 countries and jurisdictions across the globe to improve international tax compliance and implement the information reporting and withholding tax provisions in the Foreign Account Tax Compliance Act.

The election results, while no surprise, have pretty much left us where we were in terms of tax policy, according to Roger Harris, president of Padgett Business Services.

Check out all of our post-election coverage and find out what the results mean for accounting and tax professionals:

The chances for comprehensive tax reform occurring in the wake of Tuesday’s elections are murky at best, with a divided Congress and a re-elected President who has been unable to persuade Republicans to support his tax policies.

While the accounting profession's biggest political action committees lost their main bet on Election Day, they can hope to recoup some of their losses from their side bets in the Senate.

The re-election of President Obama is likely to result in substantial changes for taxpayers, especially with the expiration of the Bush-era tax rates approaching.

President Barack Obama delivered his acceptance speech early Wednesday morning after winning re-election in a hard-fought campaign against Republican rival Mitt Romney as the U.S. faces the risk of another plunge into recession with the expiration of the current tax rates coupled with deep automatic spending cuts.

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