Finance

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, released a legislative discussion draft Wednesday to lay the groundwork for tax reform in the area of financial derivatives.

The Senate Finance Committee held a hearing Tuesday on integrating the corporate and individual tax codes, specifically in terms of allowing corporations to deduct the dividends they pay shareholders from their taxes.

Rep. Sander Levin, D-Mich., the ranking Democrat on the House Ways and Means Committee, introduced legislation to limit two tax strategies used by some foreign-controlled U.S. multinational corporations, known as “hopscotching” and “de-controlling.”

The House passed bipartisan legislation Monday to prevent taxpayer identity theft and help victims whose tax refunds have been stolen by identity thieves. The bill was co-sponsored by a CPA turned lawmaker whose own identity was stolen last tax season.

President Barack Obama has now joined personally in renewed efforts to pressure Kentucky Senator Rand Paul to stop blocking the ratification of eight tax treaties pending before the U.S. Senate. Paul is sticking to his guns, and it’s important for Americans to understand why.

The House has passed legislation permitting the Internal Revenue Service to share taxpayer information with state and local law enforcement agencies to help find missing or exploited children, while maintaining safeguards for sensitive taxpayer information.

Donald Trump made a break from conservative orthodoxy on Sunday when he backed away from proposing large tax cuts for wealthy Americans.

Donald Trump said “hedge fund guys are getting away with murder” when he called for ending a lucrative tax advantage for investment managers, but his published tax plan would give them an even bigger break.

Not everyone is a fan of Congress’ plan to have the Internal Revenue Service use outside agencies to collect unpaid taxes. (See “Highway Bill Would Revive Private Collection of Tax Debts.”)

A permanent exclusion for qualified SMB stock means big change

The House Ways and Means Committee has passed three bills related to the Internal Revenue Service in the areas of taxpayer identity theft, recovery of missing children, and donor information for tax-exempt organizations.

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight line depreciation only.

Sen. Ron Wyden, D-Ore., has proposed to simplify the complicated capital depreciation rules for businesses.

A pair of Senate Democrats, Chuck Schumer, D-N.Y., and Maria Cantwell, D-Wash., are urging their colleagues to increase the Low-Income Housing Tax Credit by 50 percent.

As a general rule, the cost of commercial real estate improvements is recovered over a painfully long period of 39 years via straight-line depreciation only.

The House passed a bill Thursday prohibiting bonuses for IRS employees until the Treasury develops a better customer service strategy, the last of six bills passed this week affecting IRS bonuses, hiring practices and policies.

The Senate Finance Committee passed legislation Wednesday to protect taxpayers from identity theft and tax fraud, but without a provision for regulating tax preparers.

Rep. Sander Levin, D-Mich., the ranking member of the tax-writing House Ways and Means Committee, and other House Democrats introduced legislation Wednesday to restore the estate tax and gift tax rate and exemption level to the same amounts as in 2009.

When it comes to driving the U.S. economy, small businesses translate into big dollars.

The Senate Finance Committee has dropped a provision for regulating tax preparers from legislation that would curb identity theft and tax fraud.