Finance

The House has approved legislation to increase the criminal penalties against identity thieves who steal taxpayer information to file fraudulent returns.

An independent study of the Governmental Accounting Standards Board commissioned by its parent organization finds opinions divided on what GASB’s responsibilities should include as a standard-setter for state and local government accounting.

Republicans, including Senator Lindsey Graham, accused Senate Majority Leader Harry Reid of lying by saying Mitt Romney hasn’t paid taxes for 10 years.

Newly introduced legislation would cut business taxes by more than half for companies that manufacture patented products in the U.S.

Approximately 7,000 Medicaid providers in three selected states—Florida, New York, and Texas—had an estimated $791 million in unpaid federal taxes from 2009 or earlier, but nonetheless received about $6.6 billion in Medicaid reimbursements that year, according to a new study by the Government Accountability Office.

Employers added 163,000 jobs last month, the U.S. Bureau of Labor Statistics reported Friday, but the unemployment rate nevertheless increased a tenth of a percentage point to 8.3 percent.

The House passed Republican-sponsored legislation Thursday to streamline congressional procedures and pass comprehensive tax reform next year.

The Senate Finance Committee approved legislation Thursday extending dozens of tax cuts known as tax extenders, including the alternative minimum tax patch, which have either expired or are scheduled to expire at the end of the year, while paring back approximately 25 percent of the traditional tax breaks in the name of tax reform.

Senator Marco Rubio, R-Fla., has introduced legislation to exempt U.S. Olympic medal winners from paying taxes on the medals that they win.

The House voted Wednesday to approve a Republican-sponsored bill to extend the current tax rates for all income levels for an additional year, rejecting the Democratic alternative passed by the Senate last week that would have only extended the tax cuts for household incomes under $250,000 a year.

A Senate committee held a hearing Wednesday to discuss legislation requiring Internet retailers to charge their out-of-state customers sales taxes.

The Senate Finance Committee held a hearing Wednesday on tax reform and the tax treatment of different business entities such as pass-through S corporations and C corporations.

The Senate Finance Committee has scheduled a session on Thursday to mark up an extenders bill for the dozens of tax break provisions that expired at the end of 2011, or that will expire at the end of this year.

Grant Thornton's Stephen Chipman on the new Private Company Council

Odds have now turned against those hoping that the health care law passed in 2010 will "just go away."

If you’re an Olympic gymnast and you fail to do all of the moves in a compulsory routine, you’re subject to a mandatory deduction. Does the same thing apply to tax deductions?

The Internal Revenue Service has begun processing more claims under its whistleblower program, paying over 90 awards since October 2011, after an influential senator held up confirmation of two high-ranking Treasury Department officials.

Mitt Romney, the presumptive Republican presidential nominee, admitted he has been audited by the Internal Revenue Service.

Democrats on the House Ways and Means Committee introduced on Monday a version of the middle-class tax cut extension legislation that passed the Senate last week.

Rep. Dave Camp, R-Mich., the chairman of the tax-writing House Ways and Means Committee, is scheduled to undergo treatment for non-Hodgkins lymphoma.