Finance

The Internal Revenue Service is facing renewed pressure over its reluctance to grant tax-exempt status to political fundraising and advocacy organizations, particularly Tea Party-affiliated groups.

On April 1, the tax rate for U.S. corporations will go from second highest to the highest tax rate in the world. That’s when Japan will lower its rate by five points from its current 39.5 percent.

Senator Carl Levin, D-Mich., has proposed closing a tax loophole that would give Facebook an estimated $3 billion tax break on stock options for CEO Mark Zuckerberg.

In a rare sign of bipartisanship, Congressional Republicans and Democrats are moving forward with a group of jobs bills with bipartisan support, aimed at improving capital formation for small businesses and spurring the growth of startups.

The New York City Department of Consumer Affairs conducted a two-week-long enforcement sweep of tax preparers across the city and issued violations to one out of every three preparers it inspected, mainly for violating laws governing refund anticipation loans and disclosure of their true qualifications and fees.

Now that the payroll tax cut extension is safely out of the way, the latest tax legislation gambit in Congress appears to be a tongue-in-cheek effort to provide an annual $250 tax deduction for people with mustaches.

The Financial Crimes Enforcement Network is allowing some extensions and exemptions to its new requirements that all FineCEN reports be filed electronically starting July 1, 2012, while pushing back the requirement for mandatory e-filing of FBAR reports until June 30, 2013.

A Silicon Valley-based CPA is warning taxpayers and their accountants to begin planning for the tax increases that are set to take effect next year unless the current tax rates are extended by Congress and President Obama.

The Middle Class Tax Relief and Job Creation Act of 2012 may be the last piece of tax legislation we’ll see this year.

Republican Presidential candidate Mitt Romney has released an updated set of proposals for cutting taxes.

The Internal Revenue Service released a revised Form 941 on Thursday to allow employers to properly report the newly extended payroll tax cut, which has now been extended through the end of the year.

The National Small Business Association is warning that some of the tax proposals in President Obama’s business tax reform framework could hurt small businesses.

President Obama has signed into law an extension through the end of the year of the payroll tax cut, unemployment benefits, and the so-called “doc fix” to prevent Medicare physician reimbursement rates from plunging.

President Barack Obama launched a dialogue with corporate America on Wednesday over business tax reform, offering his first clear plan to cut the corporate tax rate, with little prospect of it becoming law in an election year.

The Obama administration unveiled a set of proposals for business tax reform on Wednesday aimed at lowering the corporate tax rate to 28 percent from a high of 35 percent, while eliminating dozens of tax loopholes and subsidies.

A nonprofit group representing the interests of U.S. citizens living overseas met with congressional staffers to push for a residence-based taxation system.

Congress passed legislation Friday extending the payroll tax cut, unemployment benefits, and the “doc fix” for Medicare physician reimbursements through the remainder of the year.

There hasn’t been a federal budget in three years, so what’s to worry about the just-released budget for fiscal year 2013?

House and Senate negotiators have released a conference committee report spelling out several of the provisions of the payroll tax cut extension legislation, which also extends unemployment benefits and the “doc fix” for Medicare reimbursements for physicians.

Presidential candidate Rick Santorum released four years’ worth of his joint income tax returns with his wife Karen, showing the former senator had adjusted gross income of nearly $1 million in 2010.