President Barack Obama launched a dialogue with corporate America on Wednesday over business tax reform, offering his first clear plan to cut the corporate tax rate, with little prospect of it becoming law in an election year.

The Obama administration unveiled a set of proposals for business tax reform on Wednesday aimed at lowering the corporate tax rate to 28 percent from a high of 35 percent, while eliminating dozens of tax loopholes and subsidies.

A nonprofit group representing the interests of U.S. citizens living overseas met with congressional staffers to push for a residence-based taxation system.

The Internal Revenue Service has been having more problems with delayed tax refunds.

Just over 50 percent of Americans anticipate they will receive a refund on either their federal or state income tax return this year, according to a new survey, and of those 63 percent said they plan to save or invest at least part of the money.

The Internal Revenue Service is giving extra time to taxpayers who lived in some of the countries caught up in the “Arab Spring” upheavals in the Middle East.

Congress passed legislation Friday extending the payroll tax cut, unemployment benefits, and the “doc fix” for Medicare physician reimbursements through the remainder of the year.