Tax

President Barack Obama formally unveiled the administration’s fiscal 2014 budget on Wednesday with some familiar proposals for tax reform, along with key concessions on entitlement reform.

In the midst of busy season, Philadelphia-based tax accountants Drucker & Scaccetti are taking a moment to enjoy the lighter side of taxes -- by hosting a special exhibit of great cartoons about taxes.

The Internal Revenue Service has released a draft version of the form that financial institutions will use to register in accordance with the Foreign Account Tax Compliance Act, or FATCA.

The union representing Internal Revenue Service employees is warning that budget cuts will hamper IRS efforts to combat identity theft and assist taxpayers.

The leaders of Congress’s main tax-writing committees said they plan to ask for proposals from the public for tax reform ideas using social media in an effort to make the process more transparent.

As the April 15 deadline for filing taxes approaches, a federal prosecutor and the head of the IRS Criminal Investigation’s Newark Field Office are reminding taxpayers to accurately and completely fill out their returns and make sure they file them on time, while pointing out that not all tax preparers are honest.

The average individual taxpayer would have needed to shoulder an estimated $1,026 last year to make up for the revenue lost to the offshore tax havens used by corporations and the wealthy, while small businesses would have to pay an extra $3,067 to cover the cost of offshore tax breaks used by large corporations, according to a new study.

President Barack Obama’s budget proposal would cap multimillion-dollar tax-favored retirement accounts like the one held by Mitt Romney, his Republican rival in 2012.

President Barack Obama’s budget plan will incorporate deficit-cutting proposals that include changing the calculation for Social Security cost-of-living increases and tax brackets, according to a White House statement.

A large cache of secret documents reveals that tens of thousands of people, including government officials from around the world, are using offshore companies and trusts to avoid taxes.