Finance

Sen. Pat Roberts, R-Kan., has introduced a bill to block a proposed regulation from the Internal Revenue Service and the Treasury Department that would give nonprofits the option of asking donors for their Social Security numbers to substantiate donations of more than $250.

In July my column for this space asked whether it was too early to start thinking about tax extenders. Now, the question might better be phrased whether it is too late.

Democratic presidential candidate Hillary Clinton on Wednesday urged Congress to take action against companies that avoid taxes by shifting their debt to American soil while moving profit overseas, a technique known as earnings stripping, and said that if they don’t, the Treasury Department should crack down with new rules.

Congressional leaders are pushing to reach a deal on a must-pass U.S. government spending bill as a Friday deadline nears to avoid a federal shutdown, even as they concede that lawmakers may have to work into the weekend and beyond.

As 2015 comes to a close, businesses are once again facing uncertainty as Congress has yet to act on a host of important provisions that expired at the end of 2014.

The American Institute of CPAs is objecting to a bill that was introduced in the House giving the Internal Revenue Service the statutory authority to regulate tax return preparers.

Congress has passed highway-funding legislation that includes two tax provisions that would allow the State Department to revoke the passports of long-term tax delinquents who owe more than $50,000 in tax debts and revive a program requiring the IRS to hire private debt collection agencies.

Two Democrats in Congress have introduced a bill in the House and Senate to protect taxpayer rights and regulate tax preparers.

The House and Senate held hearings Tuesday on the Organization for Economic Cooperation and Development’s Base Erosion and Profit Shifting action plan, also known as OECD BEPS, for combating tax avoidance by multinational corporations.

Congressional staff reportedly worked over the Thanksgiving weekend on negotiations over tax extenders, the dozens of expiring and already expired tax breaks that perennially occupy Washington just before the end of the year.