Congress

Tax

National Taxpayer Advocate Wants Taxpayer Bill of Rights

It’s not exactly the rallying cry of “no taxation without representation,” but National Taxpayer Advocate Nina E. Olson has called on the IRS to adopt a comprehensive new Taxpayer Bill of Rights.
Tax

'Tis the Season for a Budget Accord

Will members of Congress be toasting each other with eggnog this year? As the holidays draw near, members of the House and Senate are reportedly wrapping up the first successful budget deal in two years.
Tax

AICPA Proposes Quick Disaster Relief for Taxpayers

The federal tax law provides relief to victims of natural disasters, but taxpayers generally have to wait until the government works its way through a lengthy process for each specific event. Now, the AICPA has proposed a faster solution.
Tax

The Fed Shutdown Just Keeps Getting Weirder

Oh what odd images the shutdown hath wrought. Here are some snippets of the federal government shutdown you may not know about.
Tax

AICPA to Congress: Provide IRS with Sufficient Funds

In a letter sent to Congress on September 4, the American Institute of CPAs (AICPA) urged lawmakers to provide the IRS with "sufficient" funds to perform its duties.
Tax

AICPA Nixes Proposed Tax Reforms for Pass-through Entities

The more Congress tries to simplify the tax code, the more complicated things seem to get. At least that's what the American Institute of CPAs (AICPA) believes about a proposal to consolidate the myriad of tax rules for pass-through entities.
Tax

Jesse and Sandi Jackson Prison Bound on Fraud Convictions

Former US Representative Jesse Jackson Jr. and his wife were back in court August 14 to be sentenced on charges of campaign fraud and tax fraud. Both Jacksons entered guilty pleas last February.
Tax

New IRS Letter to Small Businesses Draws Flak from Congress

The IRS is facing more pressure from Congress this week. Some lawmakers are criticizing a slew of letters sent by the agency to thousands of small business owners.
Education & Careers

House Passes Bill to Lower Federal Student Loan Rates

UDPATE: President Obama has signed the student loan rates bill into law. The bill that will lower interest rates on federal subsidized Stafford student loans was approved by the House of Representatives on July 31.
Tax

House Passes Bill to Keep IRS from Enforcing Obamacare

Before leaving for its August recess, the US House of Representatives on August 2 passed a bill that would prohibit the IRS from implementing or enforcing the Affordable Care Act, also known as Obamacare.
Tax

Tea Party Scandal: Oversight Committee and IRS Spar Over Documents

The congressional committee investigating the "Tea Party scandal" – the House Oversight and Government Reform Committee – and the IRS continue to snipe back and forth at each other.
Tax

Is the IRS Stonewalling Congress?

Does it seem that the IRS scandal targeting conservative groups for extra scrutiny has been going for . . . well, forever? Certain Republican leaders in Congress think the IRS is prolonging the agony by holding back information.
Tax

Bill Would Give Tax Benefits to Conservation-Minded Landowners

A bipartisan bill that would provide a permanent tax incentive to family farmers, ranchers, and other landowners who choose not to develop their land but preserve it for conservation is expected to be introduced by two lawmakers in the House.
A&A

AICPA Against Adding ESOP Appraisers to Fiduciary Definition

The AICPA gave its support to Senate Bill 273 and House Bill 2041 that would block a 2010 proposal by the Department of Labor to change its definition of fiduciary under the Employee Retirement Income Security Act to include appraisers of ESOPs.
Tax

House Proposal Would Slash IRS Budget by 24 Percent

If certain Republican lawmakers have their way, the IRS will have less of the taxpayers' money to play around with. A new budget proposal would limit the IRS budget to $9 billion – a reduction of 24 percent.
Tax

'Odd Couple' Baucus and Camp Launch Tax Reform Tour

The chairmen heading up the two major tax-writing committees in Congress - Max Baucus and Dave Camp - are taking a dog and pony show on the road this summer to promote the concept of comprehensive tax reform to the American public.
A&A

House Backs Bill That Prohibits Mandatory Firm Rotation

The US House of Representatives on July 8 approved legislation that would prevent the PCAOB from implementing a system of mandatory rotation for audit firms.
Tax

Poor Reviews for IRS Line Dance Video

Once again, the IRS is being forced to do some fancy footwork, now that a video of staffers performing a line dance has raised the ire of Congress. The video, which lasts less than three minutes, depicts IRS workers line dancing to music sounding like "Cupid Shuffle."
Tax

Tax Reform? Mortgage Interest Is All About Location

According to a new study, the amount of the mortgage interest deduction for taxpayers differs widely across the country, with the biggest deductions claimed by those living along the east and west coasts.
Tax

What's the Impact of Baucus' Retirement on Tax Reform?

Senator Max Baucus announced that he won't be seeking reelection in 2014. Instead, the Democratic senator from Montana intends to focus on helping to shape tax policy in our nation's capital until calling it quits for good.

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