Finance

The Senate Agriculture Committee has approved bipartisan legislation that would require derivatives to be traded on regulated exchanges and cleared through central clearinghouses, advancing the financial regulatory reform effort.

The Senate Finance Committee held the first of a series of hearings on the Obama administration’s proposal to tax financial institutions in order to recoup losses from the Troubled Asset Relief Program.

The American Institute of CPAs is keeping a close watch on financial reform legislation as the Senate is expected to begin debate on the bill within the next week.

President Obama’s Financial Fraud Enforcement Task Force has introduced a new Web site to educate Americans about how to protect themselves from fraud and report instances of fraud.

The Treasury Department has launched a new initiative to dramatically increase the number of electronic transactions, including quarterly tax payments, in order to reduce paperwork.

Washington, D.C.-The House Financial Services Committee plans to probe the regulatory failures that led up to the collapse of Lehman Brothers after a bankruptcy examiner released a damning report in March on the investment bank's accounting manipulations.

A flood of enacted and proposed legislation and regulations is making the international tax arena one of particular interest to CPAs and their clients.

The Senate has approved a two-month extension of eligibility for unemployment benefits and tax credits to help cover the cost of health insurance premiums for the unemployed.

President Barack Obama and First Lady Michelle Obama released their joint income tax return on Tax Day, April 15, reporting adjusted gross income of $5.5 million, not including his Nobel Peace Prize winnings.

The House has approved a bill to help taxpayers enter into payment agreements with the IRS, relax the record-keeping requirements on cell phones, and improve IRS services for low-income taxpayers.

The House Ways and Means Committee held a hearing Wednesday on ways to provide energy-related tax incentives to encourage more “green” jobs.

The House Ways and Means Committee has introduced legislation to help taxpayers enter into payment agreements with the IRS, relax the record-keeping requirements on cell phones, and improve IRS services for low-income taxpayers.

IBM has introduced software to help governments around the world collect delinquent tax debt.

The Financial Crisis Inquiry Commission held three days of hearings this week to investigate some of the causes behind the financial crisis, grilling former Federal Reserve Chairman Alan Greenspan and various executives.

Tea Party activists are planning an Online Tax Revolt that will send an army of avatars on a virtual march on Washington on Tax Day, April 15.

The Treasury Department and the Office of Management and Budget have opened a new office that will focus on improving financial management processes across the federal government.

Fifteen of the largest U.S. states have forecast gains intax revenue for 2011, ending a two-year slide in tax collections, while all 50states expect to hike collections by about 3.5 percent.

The Senate has temporarily extended two provisionsenacted in the Recovery Act that increase government guarantees and eliminatefees on small-business loans through April 30.

Rep. Charles Rangel, D-N.Y., who has temporarily stepped aside as chairman of the tax-writing House Ways and Means Committee amid ethics investigations of unpaid taxes and other matters, is now facing criticism for a recent mailing to constituents offering tax advice.

The Senate voted 56-43 on Thursday to approve a set of improvements to the sweeping health care reform bill that was passed by the House on Sunday night, but it needed to send the bill back to the House after two provisions were changed in the student lending part of the bill.