Senate

Tax

Bill Intends to Make Settlements More Transparent

In an effort to shut down backroom deal-making and increase accountability, two senators introduced a bipartisan bill on January 8 that would force federal enforcement agencies to increase transparency around settlements reached with companies that break the law.
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

Maximizing Returns or Unethical Tax Avoidance?

Companies that take advantage of the varied tax laws of different countries to limit their tax payments claim they're maximizing shareholder returns. The result is that US companies hold huge cash reserves in countries with low tax rates.
Technology

Apple Has Been Accused of Large-Scale Tax Avoidance

Apple CEO Tim Cook appeared before the Senate Permanent Subcommittee on Investigations to defend his company's tax practices, including a 2 percent corporation tax rate deal it struck with the Irish government on two of its subsidiaries.
A&A

Mary Jo White Confirmed by Senate as SEC Chairman

Mary Jo White, a former federal prosecutor for the Southern District of New York, was unanimously confirmed as chairman of the Securities and Exchange Commission (SEC) by the US Senate on April 8, 2013.
A&A

FEI Releases Congressional Scorecard for 112th Congress

Financial Executives International (FEI) has announced the release of its first-ever "Congressional Scorecard," which rates lawmakers' records on their votes for or against FEI's priority legislative issues.
Tax

AICPA Applauds Passage of Mobile Workforce Bill by the House

The Mobile Workforce State Income Tax Simplification Act of 2011 would establish a uniform requirement that nonresidents would have to work in a state for more than thirty days before becoming subject to out-of-state income taxes.
Tax

Buffett Rule Fails in Senate

By blocking the so-called "Buffett Rule" with its April 16 vote, the Senate was able to suppress the Democratic push to level the income tax playing field between the 1 percent of wealthiest Americans and the remaining 99 percent of taxpayers.
Tax

Paging All Capitol Hill Staffers: Pay Your Taxes!

Mitt Romney isn't the only one in Washington, DC, with his tax returns under the microscope. According to new data released by the IRS, 3 percent of Senate employees and more than 4 percent of House members still owe tax for the 2010 tax year, adding up to approximately $10.6 million in unpaid taxes.