Finance

A new report finds that the majority of financial institutions and companies that received funds from the Troubled Asset Relief Program have resolved the unpaid federal taxes they had owed.

Senate Majority Leader Harry Reid, D-Nev., has introduced an amendment to the tax extenders bill that would extend the transaction closing date for the First-Time Homebuyer Credit from June 30 to Sept. 30.

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While no new formal proposals are in the books, the prospect of implementing a value-added tax has elicited both support and opposition across the political spectrum.

Sen. Charles Schumer, D-N.Y., wants to put a stop to U.S. companies that transfer customer service calls halfway around the world.

The Federal Trade Commission has further delayed enforcement of the so-called “Red Flags” Rule for identity theft prevention until Dec. 31, while Congress considers legislation that would affect the scope of entities covered by the rule.

The House approved a bill to extend many expiring and expired tax breaks through the end of the year, as well as extend unemployment insurance benefits through the end of November.

House Financial Services Committee Chairman Barney Frank, D-Mass., said he anticipates an exemption for small and midsized public companies from Sarbanes-Oxley Section 404(b) requirements for independent audits of their internal controls to remain in the final version of the financial regulatory reform bill.

The bipartisan leaders of the Senate Finance Committee have introduced legislation to create job opportunities for veterans returning home from war by providing tax credits for businesses that hire them.

CCH has published a pair of special briefing papers on the financial reform bill that passed in the Senate last week and the tax extenders bill introduced last week in the House and Senate.

Senate Finance Committee Chairman Max Baucus, D-Mont., plans to convene a hearing to consider White House proposals for reducing waste and overpayments in the unemployment insurance program.

The Treasury Department released new guidelines for applying for tax credits to fund promising new therapies, with small medical research firms eligible to receive up to $5 million each out of a $1 billion pie.

The Senate voted last week to approve a historic financial regulatory reform bill that would make sweeping changes in how the financial system is regulated.

Connecticut Governor Jodi Rell has vetoed legislation that would have taxed bonuses paid to people who work for financial companies that received federal bailouts.

The Center for Audit Quality and the Council of Institutional Investors are protesting two proposed amendments to the financial regulatory reform bill that would exempt smaller public companies from compliance with Sarbanes-Oxley Section 404(b) audits of their internal controls.

Senate Finance Committee Chairman Max Baucus, D-Mont., and House Ways and Means Committee Chairman Sander Levin, D-Mich., have introduced legislation that would extend unemployment insurance and the 65 percent COBRA health insurance subsidy for the unemployed through the end of the year, as well as many expiring tax breaks.

The majority of leaders at Fortune 1000 corporations support many financial regulatory reforms, according to a new survey, but balk at executive pay limitations and shareholder votes on executive compensation.

Senate Majority Leader Harry Reid, D-Nev., has filed a cloture motion on the financial regulatory reform bill as he pushes for the debate to end this week, but with hundreds of amendments still waiting to be decided, he may not get his wish.

Ernst & Young has joined the U.S. State Department’s new E-Mentor Corps program to provide mentorship to entrepreneurs around the world.