Finance

The House Ways and Means Committee has passed legislation repealing the tax on medical devices included in the health care reform law and allowing health savings account holders to pay for over-the-counter drugs without a prescription.

Amazon.com has struck a deal with the state of New Jersey to open two fulfillment distribution centers in the Garden State and to begin charging sales taxes to New Jersey residents by July 1, 2013.

Top 100 Firm Postlethwaite & Netterville's Melissa Peroyea receives Health Care Leadership Award

House Republicans said they plan to schedule a vote on extending the Bush tax cuts before August.

Senate Democrats and Republicans have failed to pass competing versions of legislation aimed at preventing federally subsidized student loan interest rates from doubling in July.

President Obama urged Congress to extend expiring tax credits for wind energy and other forms of clean energy.

While most observers are reluctant to forecast any tax legislation prior to the November elections, there is legislation pending in Congress that, if enacted, would be a boon to small business and help jumpstart the economy.

A pair of influential senators are looking into the activities of a tax-exempt charity for disabled veterans after questions were raised about whether the group is actually spending the millions of dollars it has collected to help disabled veterans.

The Senate Judiciary Committee has approved bipartisan legislation that would modify the Chapter 11 bankruptcy process to help small companies remain in business and preserve jobs.

A bipartisan group of lawmakers has introduced a Senate bill to spark the creation of startup businesses, with tax breaks and visa opportunities for foreign students, foreign-born entrepreneurs and immigrant employees.

The Congressional Budget Office has issued a report warning that the economy could slip into a recession unless policymakers decide what to do about the steep tax increases and spending cuts that are scheduled to take effect next year.

A group of 60 members of Congress, led by two CPAs turned lawmakers, have written a letter to the Financial Accounting Standards Board warning of “disastrous consequences” for American businesses and the real estate industry if FASB’s proposed changes in lease accounting standards are approved.

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.