Finance

Democrats on the Senate Finance Committee have sent a letter to the Republican chairman, Orrin Hatch, R-Utah, outlining their main principles for tax reform.

As many as 6 million U.S. taxpayers will have to pay a penalty of as much as 1 percent of income because they went without health insurance in part or all of 2014, the Treasury Department said.

President Barack Obama is dropping his proposal to tax the earnings on college savings accounts, responding to criticism of an idea the White House announced 10 days ago.

The American Institute of CPAs has written to some of the top tax lawmakers in Congress asking them to grant relief to taxpayers in appropriate situations when they miss a statutory deadline or make an error in choosing an election.

White House officials say they are seeking to dismantle a popular college savings tax break because it favors wealthy households and does little to encourage lower-income students to go to college.

Congressional Republicans who rewrote the rules on measuring the economic effects of legislation may be disappointed at some of the results.

Beyond the expected calls for tax fairness and middle-class relief, the President’s State of the Union address touched on a number of other significant topics.

A lawmaker has filed legislation in Congress to allow student loan debt to be treated like other forms of debt that can be discharged in bankruptcy proceedings.

Treasury Secretary Jack Lew said Wednesday that congressional Republicans and the Obama administration are too far apart on individual tax reform but could reach an agreement on business tax reform.

The latest attempt to make the biggest change to the U.S. tax code in 29 years isn’t just an exercise, the top Senate Republican tax-law writer said.

President Obama urged the Republican-dominated Congress to move ahead on tax reform to lower taxes on middle-class families during his State of the Union address on Tuesday evening.

A group of Democratic lawmakers in the House and Senate have introduced legislation to discourage U.S. corporations from merging with overseas companies to lower their tax bills in a strategy known as inversion that changes the company’s tax domicile.

President Barack Obama is proposing new taxes on the wealthiest Americans that would limit their profits from investments and make it harder for them to pass assets to heirs.

Leaders of the Senate Finance Committee have formed five bipartisan working groups with the goal of analyzing the tax code and developing policy recommendations for comprehensive tax reform.

The House voted Wednesday to approve legislation rolling back a variety of financial regulations on business, including a requirement for companies with less than $250 million in annual revenue to file their financials in Extensible Business Reporting Language format with the Securities and Exchange Commission.

The latest plan in Congress to cut business tax rates faces a major obstacle: U.S. businesses.

National Taxpayer Advocate Nina E. Olson released her 2014 Annual Report to Congress, which expresses concern that taxpayers this year are likely to receive the worst levels of taxpayer service since 2001 when the IRS implemented its current performance measures.

The Internal Revenue Service is closing the last of its overseas taxpayer-assistance centers, saying that years of budget cuts have forced it to end a popular program designed to help U.S. citizens living or traveling abroad.

A pair of Democratic lawmakers in the House and Senate have re-introduced legislation aimed at preventing the abuse of offshore tax havens by multinational companies.

Congressman Chris Van Hollen, D-Md., is introducing legislation to provide a “Paycheck Bonus Tax Credit” of $1,000 for every worker, which would be paid for with taxes on financial trading.