Finance

With Paul Ryan newly instated as House Speaker, many are saying 2016 will be the year for major tax reform, according to Matt Becker, BDO USA regional managing partner for tax services.

An advocacy group for U.S. expatriates, American Citizens Abroad, is sounding the alarm about a provision in Congress’s highway funding bill that would revoke the passports of people who owe more than $50,000 in taxes.

The Republican Party's leading presidential candidates clashed over how to reform the nation's financial system and handle immigration in their fourth debate on Tuesday, exposing deep rifts in the Republican Party and starkly different strategies for winning the election.

Seven former Internal Revenue Service commissioners dating back to the Kennedy administration have written a joint letter to the leaders of Congress’s appropriations committees urging them to reconsider proposed cuts in the budget for the agency they once ran.

Rep. Mark Pocan, D-Wis., has introduced two pieces of legislation to combat corporate tax inversions and tax deferral.

The House passed a highway funding bill Thursday that includes a provision reviving the use of private debt collectors by the Internal Revenue Service.

In his first big personnel decision, House Speaker Paul Ryan put the committee that writes U.S. tax law in the hands of Texan Kevin Brady, who agreed to stand aside last year when Ryan wanted that chairmanship.

President Obama signed into law on Monday a two-year budget deal that Congress approved last week to raise the debt limit and avert a default. To help pay for it, the bill includes a provision that will make it easier for the Internal Revenue Service to audit large partnerships, including hedge funds, private equity firms and even accounting firms.

A number of presidential candidates have proposed their tax policies, several of which were fleshed out by Republican candidates during Wednesday night’s debate.

Rep. Sam Johnson, R-Texas, has been named acting chairman of the House Ways and Means Committee, the main tax-writing committee in Congress.

Crowe Horwath LLP has issued a year-end tax-planning guide with information on income tax deductions, investments, retirement and estate planning and tax rates, along with what to do about the uncertain state of the tax extenders legislation in Congress.

Grant Thornton LLP offers 10 tax tips for the end of calendar year 2015.

Republican presidential candidates John Kasich and Rick Santorum have released their tax reform plans.

The Senate Finance Committee held a hearing on improper payments, including what role is played by tax preparers in claiming the Earned Income Tax Credit on behalf of clients.

Tax provisions that are likely to be passed – however late

Provisions that are likely to be passed – however late (slideshow version)

A group of Senate Democrats have unveiled a bill to provide more incentives for clean energy, including tax breaks.

Presidential candidate Sen. Bernie Sanders, I-Vt., along with Sen. Sherrod Brown, D-Ohio, and seven of their Democratic colleagues in the Senate, have introduced legislation to repeal a tax on so-called “Cadillac” health plans.

A new bipartisan effort to cancel Obamacare’s so-called Cadillac tax, the 40 percent levy on high-cost health insurance plans, adds a wrinkle to an impending fight in Congress.

President Barack Obama, seizing on a lifeline from Republican presidential candidates, is dusting off his campaign to end a tax break exploited by private-equity managers, venture capitalists and some hedge fund executives.