Finance

President Obama encouraged Congress to act on a package of legislative proposals to expand tax breaks and financing for startups and small businesses.

Rep. Pete Stark, D-Calif., the ranking Democratic member of the House Ways and Means Health Subcommittee, has introduced a new bill aimed at closing what he considers a “tax loophole” exploited by former House Speaker Newt Gingrich.

The break-up of Switzerland's oldest bank Wegelin on Friday shows the need to settle a dispute with U.S. authorities over tax cheats hiding cash in secret Swiss accounts, the finance minister said on Saturday.

The Senate Finance Committee plans to hold a hearing Tuesday to discuss finding a long-term way to handle “tax extenders”—tax provisions that frequently require annual or biannual renewals—to provide more certainty for taxpayers, not to mention tax preparers.

More than 279,000 federal employees, including members of the military, collectively owed approximately $3.42 billion in unpaid taxes as of Sept. 30, 2010, up more than 3 percent from the prior year, according to a recently released report from the Internal Revenue Service.

Former Senator Rick Santorum took a break from the campaign trail on Friday and said he was going home to do his taxes.

The President’s annual State of the Union speech is traditionally more than just a memo of the past or a blueprint for the future.

The Senate Permanent Subcommittee on Investigations held a hearing Thursday to explore decisions by the Internal Revenue Service that have increased commodity speculation by allowing some mutual funds to use offshore shell corporations and complex financial instruments to circumvent longstanding Tax Code limits on mutual fund trading in commodities.

IMGCAP(1)]The impact of the financial crisis and resultant recession, even if now officially ended, continues to be felt.

President Obama’s State of the Union address gave a preview of several of the administration’s tax policies over the coming year, including tax incentives to encourage more U.S.-based multinational corporations to bring jobs back home.

President Barack Obama called for millionaires to shoulder a greater share of taxes, but also agreed to lower corporate taxes fpr companies that hire in the U.S., during his State of the Union address on Tuesday night.

Former Massachusetts Governor and Republican Presidential candidate Mitt Romney has released his tax return for 2010 and an estimate for 2011.

Newt Gingrich’s recently released tax returns show some questionable items, according to one tax expert.

Former Massachusetts Governor and Republican Presidential candidate Mitt Romney said he would release his 2010 tax return and an estimated tax return for 2011 on Tuesday in the wake of a stinging defeat in the South Carolina primary and renewed pressure from fellow Republicans.

The Public Company Accounting Oversight Board is continuing to prod officials in Washington for the power to make public its disciplinary proceedings against auditing firms and auditors.

Republican Presidential candidate Newt Gingrich released his income tax returns as pressure mounted on rival candidate Mitt Romney to do the same.

Republican Presidential candidate Rick Santorum’s tax plan would reduce federal tax revenues substantially, according to a preliminary analysis by the Tax Policy Center.

Rep. Sander Levin, D-Mich., the ranking Democrat on the tax-writing House Ways and Means Committee, said Wednesday he would re-introduce legislation later this year to end the tax break on carried interest income.

A White House-appointed group of business, academic and labor leaders recommended corporate tax reforms and other measures to increase jobs and improve the economy.

Republican Presidential candidate Mitt Romney reversed course and, under pressure from rival candidates, said that he would release his tax returns, probably around April 15.