Tax

The Commerce Department's Bureau of Economic Analysis reported that tax rebate checks and economic stimulus payments have boosted personal income, disposable income and personal consumption expenditures significantly since April.

The Senate Finance Committee held hearings on reforming international tax rules, looking at the ways the federal government taxes the foreign income of U.S. taxpayers and businesses.

The Internal Revenue Service has reversed itself on the rolling-average method of valuing inventory and will now consider it valid for tax purposes.

The prison sentences of a father-and-son pair of former cable television executives have been reduced by three years after an appeals court dismissed one of the two bank fraud counts for which they were convicted.

A study by Grant Thornton found that only 843 U.S. corporations out of nearly 10,000 took advantage of a one-time dividend deduction that rewarded them for repatriating their foreign profits, giving them deductions totaling $265 billion.

The House passed a bill promising relief for another year from the spread of the alternative minimum tax, but the bill already faces opposition from the White House.

The House Ways and Means Select Revenue Measures Subcommittee held hearings on bills that would encourage employers to automatically enroll their employees in individual retirement account plans.

The Internal Revenue Service should make several changes in its electronic filing system to address concerns raised by the American Institute of CPAs and others, according to two new reports.

A Russian appeals court has given PricewaterhouseCoopers' Russian firm the right to appeal a tax evasion case involving the firm's audits of the bankrupt Yukos oil company.

Vertex has acquired Levyti Consulting's Global Tax Office software and plans to market the product with its own global income tax and compliance systems.