Finance

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.

The House moved one step closer to repealing the expanded 1099 information reporting requirements in the Affordable Care Act and Small Business Jobs Act on Wednesday by approving a controversial offset to the cost of the repeal.

Senators Scott Brown, R-Mass., and Bill Nelson, D-Fla., introduced a bill Wednesday that would give taxpayers an itemized receipt showing where their money is being spent and how much the federal government borrows every year.

The American Institute of CPAs is pushing back against the Department of Labor’s proposed changes to the definition of the term “fiduciary.”

The Senate Finance Committee convened a hearing Tuesday aimed at making the Tax Code fairer and simpler, while making U.S. businesses more competitive.

Responding to press reports that the Obama administration is considering hitting small business with more tax hikes, U.S. Senator Orrin Hatch, R-Utah, ranking member of the Senate Finance Committee, called on the White House to take these tax increases off the table that threaten to “destroy the economic recovery our nation deserves.”

The House has tentatively scheduled a vote on legislation that would repeal the expanded 1099 information reporting requirements passed by Congress last year.

Whether or not the Obama administration budget proposal to add some clarity to worker classification sees the light of day, the employee vs. independent contractor issue will surely be undergoing increased scrutiny.

Senators Tom Coburn, R-Okla., and Claire McCaskill, D-Mo., have introduced a bill that would require the Internal Revenue Service to collect unpaid federal income taxes from civilian federal employees.