Finance

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.

Changes to tax provisions in a bill providing health coverage for 9/11 emergency responders helped enable the legislation to pass Congress despite the opposition of some leading Republican lawmakers.

Congress has passed legislation exempting accountants from the Federal Trade Commission’s Red Flags Rule requiring businesses to implement a written identity theft protection program.

Vice President Joe Biden said the administration would be better prepared to oppose the extension of tax cuts for the wealthiest Americans when they expire in 2012.

Vice President Joe Biden indicated the Obama administration intends to limit the newly extended tax cuts when they come up again for renewal in 2012.

The Governmental Accounting Standards Board has issued revisions to its financial reporting entity standards to better account for business-type activities at government-run institutions such as state universities.

With just weeks to go before the end of the year, Congress has cleared tax relief legislation extending the Bush-era individual and capital gains and dividend tax cuts for all taxpayers for two years, as well as a 13-month extension of unemployment benefits.

The House approved an $858 billion extension of the Bush-era tax rates and unemployment benefits late Thursday night, a day after the Senate approved the bill, sending the bill to President Obama’s desk.

Senate Finance Committee Chairman Max Baucus, D-Mont., urged the Senate on Wednesday to pass legislation to eliminate the expanded 1099 reporting requirements for businesses in the health care reform bill.