Finance

Far fewer small employers claimed the health insurance tax credit for small businesses in the health care reform law than were eligible, according to a new government report.

Senators Charles Schumer, D-N.Y., and Bob Casey, D-Pa., have unveiled a plan to respond to those like Facebook co-founder Eduardo Saverin, who recently moved to renounce his U.S. citizenship, allegedly to avoid taxes on the profits he is expected to collect from the social networking company’s initial public offering.

The Governmental Accounting Standards Board has published a new user guide to help taxpayers understand the financial statements of local school districts.

The House passed bipartisan legislation Tuesday to bring tax relief to workers employed in more than one state.

The Senate Finance Committee held a hearing Tuesday to examine the impact of tax reform on Native American tribes and U.S. territories such as Puerto Rico, the U.S. Virgin Islands, Guam, American Samoa and the Northern Mariana Islands.

The American Institute of CPAs is urging the House to pass legislation this week to establish a uniform national standard governing the withholding of state income taxes for nonresident employees.

The Treasury Department and the Internal Revenue Service said Monday they plan to hold a listening session with Native American tribal leaders to consult with them on the application of the general welfare exclusion to benefits provided under Indian tribal government programs.

The chairman of an influential congressional subcommittee is demanding information from the Treasury Department on a recent Internal Revenue Service regulation requiring banks to disclose the interest they pay to nonresident aliens.

The American Institute of CPAs has written a letter to the leaders of the House Ways and Means Committee and the Senate Finance Committee asking them to amend the Tax Code to allow estates and nongrantor trusts to fully deduct the cost of complying with the fiduciary duties of administering estates and trusts.

A pair of Democratic lawmakers have introduced a bill aimed at reducing taxes for businesses that move jobs back to the U.S.

A bipartisan group of lawmakers have introduced legislation that would increase the penalties on tax preparers who defraud taxpayers and the Internal Revenue Service by altering tax returns for personal benefit without their clients’ knowledge.

The Internal Revenue Service and the Social Security Administration were urged during a congressional hearing Tuesday to take further steps to curb identity theft-related tax fraud.

Uncertainty lingers over whether Congress will extend all or some of the tax cuts and incentives set to expire at the end of the year.

The General Services Administration is now coming under scrutiny for offering government contractors a tax deduction in exchange for giving the agency 19 percent of the money from the tax break.

Ernst & Young's lobbying unit is no longer listed as a lobbyist for three major U.S. companies, all of whom were 2011 audit clients of the accounting giant.

A disappointing total of 115,000 jobs were added to nonfarm payrolls in April, decreasing the unemployment rate by one-tenth of a point to 8.1 percent, a three-year low.

Things don’t look so good for Amazon laws. The laws, which are the efforts of states to extend nexus to cover sales from remote vendors, have suffered several setbacks in recent weeks.

Sen. Chuck Grassley, R-Iowa, a member of the Senate Finance Committee, is questioning the Internal Revenue Service and the Treasury Department about why they are taking so long to process and pay tax whistleblower rewards.

The upcoming expiration of the Bush-era tax rates at the end of the year is already starting to produce its share of anxiety along with outsize forecasts of financial disruption.

New rules make whistleblowing more of an option for accountants