Finance

Senate Finance Committee Chairman Max Baucus, D-Mont., and Senate Majority Leader Harry Reid, D-Nev., have introduced and pledged to pass a bill to repeal the expanded 1099 reporting requirements in the health care reform bill.

Senate Minority Leader Mitch McConnell, R-Ken., said he expects President Obama to call for lowering the corporate income tax rate during the president’s State of the Union address on Tuesday evening.

The Senate has introduced bipartisan legislation that would give law enforcement access to tax return information that could help them locate missing children.

Three Democratic Senators have written a letter to House Speaker John Boehner, R-Ohio, urging him to fix the 1099 reporting requirement in the health care reform law, and have pledged speedy action in the Senate if he does.

With nine out of 10 families either hiring tax preparers or purchasing tax software in order to file their taxes, it is clear that the Tax Code is too complex, too time-consuming and too costly for our families and businesses. So says Dave Camp, R-Mich., the new chairman of the House Ways and Means Committee.

Senate Finance Committee Chairman Max Baucus, D-Mont., and ranking member Chuck Grassley, R-Iowa, released the language of legislation they intend to introduce that would eliminate the patenting of tax strategies, a key priority of the American Institute of CPAs.

The Republican-controlled House voted Wednesday evening to repeal President Obama’s landmark health care reform law, but the measure is not expected to come to a vote in the Democratic-controlled Senate.

President Obama has issued an executive order directing federal agencies to consider the costs and benefits of regulations both new and old.

What full faith and credit? That’s the question many are asking as Congress is coming under increasing pressure to raise the debt ceiling yet again to avoid a possible default on the federal government’s credit obligations.

National Taxpayer Advocate Nina E. Olson released her annual report to Congress on Wednesday, focusing on the need for tax reform as the No. 1 priority in tax administration.

Every few years, as regularly as clockwork, Washington starts talking about “simplifying” the Tax Code.

Democratic and Republican lawmakers are gearing up for a fight over a bill that would repeal health care reform and the tax credits associated with the law.

The House Republican leadership plans to introduce rule changes that would make it harder for Congress to pass tax increases or close tax loopholes.

It's been over three years since the adoption of GASB Statement 45, the accounting standard requiring government entities to report their liability for retiree other-than-pension post-employment benefits. The goal of the new standard was to awaken government employers to the magnitude of the liability for those benefits — largely retiree health benefits — and to make them aware of how those liabilities should be managed now, so employers can make good on their promises for the future.

The Governmental Accounting Standards Board issued a new accounting statement Thursday aimed at incorporating accounting guidance issued by outside standard-setters that is applicable to state and local governments.

The Senate extended two funding programs for small businesses carrying out innovative technology research on the final day of the lame duck session last week, but their fate in the House remains undecided.

The past year witnessed plenty of head-spinning developments in the worlds of accounting and taxes, and AccountingToday.com (along with its predecessor site WebCPA) was there to chart the latest developments.

A successor to outgoing National Economic Council Director Lawrence Summers will probably be named next month.

White House officials said President Obama would delay delivery of his fiscal year 2012 budget by about one week after February 14.

The U.S. Government Accountability Office said it could not render an opinion on the 2010 consolidated financial statements of the federal government, because of widespread material internal control weaknesses, significant uncertainties, and other limitations.