Finance

The Internal Revenue Service is being urged to bolster its enforcement efforts on multimillion-dollar Individual Retirement Accounts in a new government report that also encourages Congress to provide more direction.

If the lame duck session of Congress fails to address the tax extenders, it will fall to incoming House Ways and Means Committee chairman Paul Ryan, R-Wis., to see that they get passed early in the next session of Congress.

Rep. Paul Ryan, R-Wis., the former vice presidential nominee, has been selected by members of the House Republican Steering Committee to serve as chair of the powerful House Ways and Means Committee, Congress's main tax-writing committee.

An official from the American Institute of CPAs testified at a Senate hearing Tuesday on the need for Congress to pass legislation giving victims of natural disasters automatic access to permanent and timely tax relief.

Starbucks Corp. may have unfairly lowered its tax bills by routing profits through Dutch subsidiaries, European Union regulators said as they continued to investigate sweetheart fiscal deals between multinational companies and national governments.

The Internal Revenue Service did not maintain effective internal control over financial reporting as of Sept. 30, 2014, because of a continuing material weakness in internal control over unpaid tax assessments, according to a new report by the Government Accountability Office.

Small businesses overwhelmingly support extension of the expired tax breaks known as tax extenders during Congress’s “lame duck” session, according to a new survey by the National Small Business Association.

The U.S. Supreme Court today agreed to review a challenge to the tax subsidies allowed under the Affordable Care Act, a critical aspect of the law meant to help uninsured individuals better afford health care coverage.

The new chief accountant of the Securities and Exchange Commission told attendees at a conference Thursday that he hopes to make a recommendation in the next few months on whether the SEC should move toward switching U.S. companies to IFRS, according to The Wall Street Journal.

Agency picks former Deloitte vice chair

The fate of President Barack Obama’s health-care law is again in the hands of the U.S. Supreme Court.

Governments around the world closed in on tax evaders with an automatic data-sharing accord that broadens efforts by the U.S. and the five biggest European Union economies to more than 50 countries and territories.

Hal Hicks cleared his throat and addressed a roomful of peers in a midtown Manhattan auditorium. The topic: the tax-avoidance technique called inversion, in which a U.S. company claims a foreign legal address.

The Internal Revenue Service needs to go to greater lengths to safeguard taxpayer information on health insurance exchanges, according to a new government report.

The number of companies lobbying the U.S. government on tax inversions more than doubled in the quarter ending Sept. 30, as they sought to prevent Congress and the Obama administration from imposing new restrictions.

A bipartisan group of 15 senators has written to the Internal Revenue Service urging the agency to do a better job of preventing tax refund fraud using stolen identities.

The Internal Revenue Service’s Office of Safeguards is not doing enough to protect the federal tax information that it is required to disclose to other government agencies, according to a new report.

The federal government brought in $3.02 trillion in tax and other revenues in fiscal 2014 – its highest take ever.

The Internal Revenue Service said that the sequestration process could have an impact on the amount that certain small tax-exempt employers receive on the refundable portion of the Small Business Health Care Tax Credit.

Rep. Sam Graves, R-Mo., who chairs the House Small Business Committee, has sent a letter to Internal Revenue Service commissioner John Koskinen asking the IRS to do more outreach and education to help small businesses deal with the new forms required for the Affordable Care Act.