Finance

Tax savings drove the acquisition strategy of Valeant Pharmaceuticals International Inc. and led to Burger King’s move to Canada, according to a U.S. Senate committee report.

House Ways and Means Committee members Charles Boustany, R-La., and Richard Neal, D-Mass., have released a bipartisan proposal to create a so-called “innovation box,” a lower tax rate on income derived from intellectual property to encourage more multinational companies to keep intangible assets in the U.S.

The union representing Internal Revenue Service employees is denouncing a provision in the pending highway funding bill that would require the Treasury Secretary to contract with private collection agencies as an offset for some of the costs of extending funding for the Highway Trust Fund.

The Senate Finance Committee passed a tax extenders bill Tuesday with a bipartisan vote of 23 to 3 that extends over 50 tax breaks for two years.

House Democrats introduced two bills to shore up the Highway Trust Fund with money from corporate taxes.

Rep. Sander Levin, D-Mich., the ranking Democrat on the tax-writing House Ways and Means Committee, has introduced legislation to clarify equal treatment for all married couples under the U.S. tax code in response to the Supreme Court's ruling last month allowing same-sex marriage in every state.

Senate Finance Committee chairman Orrin Hatch, R-Utah, and ranking Democratic member Ron Wyden, D-Ore., said Friday the committee will markup a tax extenders bill next Tuesday.

A coalition of employers and trade associations from a variety of different industries are asking Congress to clarify the rules for determining eligibility for tax credits for health insurance.

The U.S. House of Representatives voted to extend highway and transit funding through Dec. 18, in contrast with Senate Republicans who want a longer extension.

Republican presidential candidate Rand Paul sued the Treasury Department and Internal Revenue Service over rules on how Americans abroad are taxed and what foreign banks must disclose about U.S. customers.

House Republicans are proposing to tighten tax-compliance rules to keep the U.S. highway fund solvent through mid-December.

Senate Democrats have introduced legislation to make the Tax Code gender neutral in the wake of the Supreme Court’s ruling last month extending same-sex marriages to every state.

The Senate Finance Committee released a series of reports Wednesday from five bipartisan tax working groups working on various aspects of tax reform.

A group of lawmakers has introduced legislation to roll back guidance from the Treasury Department that prohibits employers from using stand-alone health reimbursement arrangements to reimburse employees for health care-related expenses.

The Obama administration quietly handed a victory to U.S. companies that avoid taxes by claiming a foreign address, suggesting that virtually all of them are still eligible for government contracts.

Small business groups are sounding a warning about an obscure Internal Revenue Service rule that takes effect Wednesday imposing heavy fines on small businesses for helping defray the cost of their workers’ insurance or medical expenses.

Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, plans to introduce legislation in the wake of last week’s Supreme Court decision on same-sex marriage to change the Tax Code to provide gender-neutral treatment for spouses.

Legislation passed by Congress this week extending a trade deal between the U.S. and sub-Saharan Africa included a number of tax-related provisions.

The owners of hedge fund-backed reinsurers, including one tied to John Paulson, could have to pay more taxes or shift their focus under a bill introduced by Senator Ron Wyden to counter what he called abuses by offshore companies.

U.S. lawmakers are exploring a new corporate tax break that would benefit companies already adept at avoiding taxes.