Tax

President Obama took Republican lawmakers to task during a news conference Wednesday for inflexibly refusing to compromise on taxes as part of a deal to raise the debt limit.

U.S.-based multinational corporations and their lobbyists are pushing hard for a so-called “tax holiday” that would repatriate the earnings from their foreign subsidiaries, arguing that it would inject up to $1 trillion into the U.S. economy, but the prospects for job growth are murky at best.

California Governor Jerry Brown and Democratic lawmakers have struck a deal to close the state’s estimated $15 billion budget deficit, including provisions to force online retailers like Amazon.com to collect sales tax from customers.

Governments around the world are either increasing indirect taxes such as value-added taxes or introducing them for the first time.

House Majority Leader Eric Cantor, R-Va., has exited from negotiations over resolving the problem of the looming debt ceiling, saying he is unable to agree to any tax increases.

Better implementation by the Internal Revenue Service of two 2008 laws involving reporting of cost basis and transaction settlement could increase taxpayers’ voluntary compliance, according to a new government report.

Rep. Jim McDermott, D-Wash., has introduced legislation to amend the Tax Code to regulate and tax Internet gambling.

CBIZ MHM is realigning its tax consulting business under a new initiative that centralizes four of the firm’s specialty tax service lines.

Thomson Reuters has received a U.S. patent for its Universal Tax Determination Engine, which provides centralized control of tax policy and data-driven tax determinations for sales, use and value-added taxes.

The Senate voted Thursday to approve an amendment to repeal a tax credit for ethanol blenders.