Finance

U.S. businesses, families and high-income households would see significant tax cuts under a plan outlined Wednesday by Marco Rubio, a Florida senator and potential 2016 Republican presidential candidate.

Eight of the biggest U.S. technology companies added a combined $69 billion to their stockpiled offshore profits over the past year, even as some corporations in other industries felt pressure to bring cash back home.

Democrats on the Senate Finance Committee released a new report Tuesday, “How Tax Pros Make the Code Less Fair and Efficient: Several New Strategies and Solutions,” in conjunction with a hearing on “Fairness in Taxation.”

Sen. Chuck Grassley, R-Iowa, said he plans to introduce legislation to deny undocumented immigrants who qualify under President Obama’s executive action on immigration reform the ability to claim the Earned Income Tax Credit for previous years.

The U.S. House of Representatives voted to loosen restrictions on tax incentives for education savings, expanding a program that President Barack Obama wanted to limit.

As more regulations continue to come into effect for employers under the Affordable Care Act, some with financial penalties, many employers report they are not prepared to deal with the slate of changes.

The Internal Revenue Service will not try to collect additional taxes from those taxpayers who have already filed their taxes after receiving incorrect information from the federal health insurance marketplace, Healthcare.gov.

President Barack Obama nominated Cono Namorato, a Washington defense attorney and former government lawyer, to serve as the top U.S. tax prosecutor amid probes of HSBC Holdings Plc and dozens of Swiss banks.

President Barack Obama threw the weight of the White House behind an effort that would make it harder for brokers to push higher-fee mutual funds or other expensive products on people saving for retirement.

A new report from the National Academy of Sciences explains how the U.S. is falling behind other nations, including Spain, the United Kingdom, Canada and the European Union, in combating illicit tobacco sales and tobacco tax abuse.

Approximately 800,000 taxpayers who received health care coverage through the federal insurance marketplace Healthcare.gov were sent the wrong information on their Form 1095-A and are being urged to wait to file their taxes until the first week of March when they receive the correct information from the federal government.

The Centers for Medicare and Medicaid Services on Friday morning announced it will implement a special enrollment period for individuals who learn, at the time they file their taxes, of the Affordable Care Act-mandated tax penalty for not having health insurance coverage.

The Treasury Department said Wednesday that it would delay enforcement of an Affordable Care Act prohibition relating to standalone health reimbursement arrangements until July 1.

A group of plaintiffs are suing the Treasury Department, the Social Security Administration, and the District of Columbia, claiming the federal government is continuing to hold onto their tax refunds to pay for supposed overpayments of Social Security benefits decades ago.

Tonya Keith typically spends four to eight hours doing her taxes each year. This year, she says, “I’ve got about 30 hours in, and I’m not done.” The reason: She and her wife got married last year in Seattle, but they live in Georgia, which doesn’t recognize their marriage.

House Republicans won’t agree to fix Obamacare if the U.S. Supreme Court rules that the law bars health-insurance subsidies for millions of people, said House Ways and Means Committee Chairman Paul Ryan.

Sen. Rob Portman, R-Ohio, and Congressman Charles Boustany, R-La., have re-introduced a bill in Congress aimed at enabling Enrolled Agents to advertise their credential in more states.

The U.S. House of Representatives voted to revive a lapsed tax break for small businesses that encourages them to purchase equipment.

The House of Representatives voted to revive three U.S. tax breaks that encourage charitable giving in a bipartisan challenge to President Barack Obama’s threat to veto the measure.

The House Ways and Means Committee voted to expand college savings tax incentives that President Barack Obama proposed limiting earlier this year.