Finance

President Obama challenged Republicans on Monday to offer him their tax reform proposals for resolving the debt ceiling dilemma as he pushed for a deal that the two parties could agree to before the August 2 deadline on raising the debt limit.

The Governmental Accounting Standards Board is proposing some far-reaching changes in the field of pension accounting that should affect public employees and state and local governments across the country.

The Governmental Accounting Standards Board has issued two exposure drafts proposing improvements to financial reporting of pensions by state and local governments.

A bipartisan pair of lawmakers have introduced a bill that aims to ensure better tax compliance on the part of professional employer organizations and protect small businesses.

The unemployment rate climbed a tenth of a percentage point to 9.2 percent after employers added only 18,000 jobs in June, the lowest level in nine months.

A bipartisan pair of senators have announced a compromise on ending the Volumetric Ethanol Excise Tax Credit at the end of this month.

The Internal Revenue Service said Thursday it would stop its examinations of donors to tax-exempt 501(c)(4) political organizations asking whether they had paid gift taxes, after the agency came under pressure from Republican lawmakers.

President Obama took to Twitter for the White House’s first-ever Twitter Town Hall, answering questions from his “tweeps” about taxes, the economy and other subjects.

President Barack Obama plans to meet with congressional leaders on Thursday to try to strike an agreement on raising the debt ceiling through a combination of spending cuts and revenue increases.

Officials from the Securities and Exchange Commission and the Public Company Accounting Oversight Board are heading to China later this month to meet with officials there to try to resolve the growing problems with audits of U.S.-listed Chinese companies.

Sen. Jay Rockefeller, D-W.Va., offered 18 proposals to cut $1.29 trillion from the federal budget deficit over 10 years, including closing corporate tax loopholes and eliminating special tax breaks for wealthy Americans and big companies.

President Obama used his weekly address to say it was necessary to raise taxes on the wealthy to help close the budget deficit.

The Federal Unemployment Tax Act surtax is set to expire Thursday after House Republicans refused to extend the 35-year-old “temporary” unemployment surtax.

President Obama took Republican lawmakers to task during a news conference Wednesday for inflexibly refusing to compromise on taxes as part of a deal to raise the debt limit.

National Taxpayer Advocate Nina E. Olson told Congress that proposed budget cuts for the Internal Revenue Service could reduce taxpayer service and compliance.

The complexity of the federal Tax Code can engender errors and underpaid taxes, according to a new government study.

U.S.-based multinational corporations and their lobbyists are pushing hard for a so-called “tax holiday” that would repatriate the earnings from their foreign subsidiaries, arguing that it would inject up to $1 trillion into the U.S. economy, but the prospects for job growth are murky at best.

California Governor Jerry Brown and Democratic lawmakers have struck a deal to close the state’s estimated $15 billion budget deficit, including provisions to force online retailers like Amazon.com to collect sales tax from customers.

The Governmental Accounting Standards Board is expected to issue new proposals this week that would require state and local governments to be more open about their pension-funding obligations.

Eight Democratic senators have written to the Internal Revenue Service urging the agency to address problems faced by same-sex couples while filing their 2010 federal income tax returns.