Finance

The campaign for the Republican nomination for president is poised to become a race to the biggest tax cut.

Each New Year brings with it issues and regulations—both new and revisited—that cause accountants and their small business clients to scramble in order to remain compliant with the law.

The leaders of the Senate Finance Committee, chairman Orrin Hatch, R-Utah, and ranking Democrat Ron Wyden, D-Ore., have revived a bipartisan effort to solicit ideas from interested members of the public and other stakeholders on how best to overhaul the tax code to make it simpler, fairer and more efficient.

The Senate has re-introduced a bipartisan bill aimed at making it easier for states to collect sales taxes on online purchases.

A group of Republican senators have introduced legislation to disallow the Earned Income Tax Credit for prior tax years to any immigrants who would benefit from President Obama’s executive action on immigration reform.

Sen. Rand Paul, R-Ken., has re-introduced a bill to repeal certain provisions of the Foreign Account Tax Compliance Act that he contends violate taxpayer privacy.

Senate and House Democrats are introducing a series of bills to expand the Earned Income Tax Credit, Child and Dependent Care Tax Credit, and the American Opportunity Tax Credit, and create a new 21st Century Worker Tax Cut.

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.