Finance

House Republicans have passed an extension of the payroll tax cut for another year, but Senate Democrats have vowed to defeat the bill when it comes up for a vote Wednesday.

A new study has cast doubt on claims from legislators and lobbyists that a tax holiday for multinational corporations on their repatriated foreign earnings would spark an economic revival in the U.S.

A bipartisan group of lawmakers are seeking to make sure an extension of the deduction for state and local sales tax payments is included in the tax extenders package that is expected to come before Congress early next year.

House Republicans introduced their version of a payroll tax cut extension bill on Friday, a day after competing Republican and Democratic versions of payroll tax cut legislation failed for the second time to advance in the Senate.

Former U.S. Senator and New Jersey Governor Jon Corzine faced questions from a skeptical congressional panel Thursday over his role in the collapse of MF Global and the disappearance of $1.2 billion from customer accounts.

The Internal Revenue Service is preparing a legislative proposal for Congress to expand its tax levy authority to include additional income sources, such as rental income and non-employee compensation.

Nearly half of senior executives favor changing how corporate income earned outside the United States is taxed, according to a new survey, although many don’t expect much progress on the issue of corporate tax reform before the 2012 elections.

The Governmental Accounting Standards Board has proposed that state and local governments should include five-year projections of their cash inflows and outflows, and financial obligations, to supplement their financial statements.

The Senate and the House’s tax-writing committees held a rare joint hearing on reforming the tax treatment of financial products such as derivatives.

Senate Majority Leader Harry Reid, D-Nev., offered Monday to compromise on how to pay for the payroll tax cut extension in an effort to convince more Republican lawmakers to vote for the bill.

Online sales tax collections would help states manage their budget problems, but could impose heavy burdens on small online merchants, executives from Internet and brick-and-mortar businesses told a congressional committee.

The Internal Revenue Service has reportedly backed away from plans to heavily penalize U.S. citizens and dual citizens living in Canada who may not have paid all of their taxes.

The nation’s unemployment rate fell four-tenths of a percentage point to 8.6 percent, the Bureau of Labor Statistics reported Friday, marking the lowest unemployment rate since March 2009.

Senate Democrats and Republicans were unable to muster the necessary number of votes to pass two competing bills to extend the expiring payroll tax cut on Thursday night.

For those who had hoped that the Joint Select Committee on Deficit Reduction, aka the Supercommittee, would find a way to reduce the deficit, the announcement that they had failed to reach an agreement came as a disappointment.

Senate Republicans are offering their own legislation to extend the payroll tax cut while avoiding an extra surtax on millionaires.

Embattled Republican Presidential candidate Herman Cain has released an animated campaign video in which his “9-9-9” tax plan slays a monster: the federal Tax Code.

Senate Majority Leader Harry Reid, D-Nev., said Monday that he plans to introduce legislation this week that would extend the payroll tax cut that is due to expire at the end of the year.

The congressional supercommittee called it quits this week only a couple of days before its November 23 deadline, unable to reach a consensus on either taxes or spending cuts.

President Barack Obama told an audience in New Hampshire on Tuesday that their taxes would go up an average of $1,000 to $1,500 unless the payroll tax cut were extended and expanded as part of his jobs bill.