Finance

It’s comforting to know that tax reform is proceeding apace on several different fronts.

House Ways and Means Committee Chairman Dave Camp, R-Mich., has proposed reducing the top individual and corporate tax rate to 25 percent.

The House Ways and Means Subcommittee on Select Revenue Measures held a hearing Wednesday on the tax implications of a proposed bill aimed at preventing taxpayer money from being used to fund abortions.

A Tennessee congressman has introduced a bill that would allow the Internal Revenue Service to prepare taxes for a taxpayer.

State budget deficits are prompting governors to slash spending, but also shift the tax burden away from corporations.

While the IRS has made progress in correcting some of its previously discovered information security weaknesses, control weaknesses over key financial and tax processing systems continue to jeopardize the confidentiality, integrity, and availability of financial and sensitive taxpayer information, according to a new report from the Government Accountability Office.

The Joint Committee on Taxation, which operates under the auspices of the tax-writing committees of the Senate and the House, has been given the task of conducting specific research that will help advance the ability of Congress to enact comprehensive tax reform.

Internal Revenue Service contractors received more than $356 million in payments from the IRS in 2009 despite owing a combined $3.8 million in back taxes, according to a new government report.

Democratic and Republican lawmakers in the House and the Senate have re-introduced a bill that would impose a five-year moratorium on any new taxes or fees on wireless service.

The Senate Budget Committee held hearings on the distribution and efficiency of spending in the Tax Code.

Democratic lawmakers on the House Ways and Means Committee have introduced a new bill intended to finance infrastructure investments to create jobs.

House Ways and Means Committee Chairman Dave Camp, R-Mich., said Wednesday the Senate should act on the 1099 repeal bill approved by the House and send the bill to President Obama’s desk for his signature this week.

A bipartisan pair of senators introduced a bill Wednesday that would repeal the Volumetric Ethanol Excise Tax Credit, saying it would save taxpayers $6 billion.

The Senate passed a patent reform bill on Tuesday that contains provisions banning patents on tax strategies.

The Senate Finance Committee held hearings Tuesday to consider the Tax Code’s effect on job creation and economic growth.

President Obama credited the tax cut extension deal he forged with Congress for helping to turn around the unemployment problem.

The accounting profession’s drive for a more predictable and user friendly Federal Tax Code seems to be gaining traction with at least one segment of Congress: the freshly-elected corps of Tea Party activists and their conservative allies in the House and Senate.

The U.S. Bureau of Labor Statistics reported Friday that nonfarm payroll employment increased by 192,000 in February, and the unemployment rate dipped by one-tenth of a percentage point to 8.9 percent.

Tax reform for business isn’t just about lowering the corporate tax rate. That’s what Patricia Thompson, chair of the AICPA’s Tax Executive Committee, told the House Ways and Means Subcommittee on Select Revenue Measures yesterday.

The House approved a repeal of the expanded 1099 information reporting requirements by a vote of 314-112 on Thursday.