Senate Finance Committee | AccountingWEB

Senate Finance Committee


AICPA Recommends 10 Tax Reform Provisions Related to Disaster Assistance

Letter urges Congress to provide permanent tax relief to those living or operating a business in a disaster area.

AICPA Makes Suggestions on How Business Income Tax Can be Simplified

A letter sent on March 31 to a Senate Finance Committee Tax Reform Working Group focused on four key issues.

House Panel Votes to Restore Six Expired Business Tax Breaks

The Republican-led House Ways and Means Committee passed a measure on Tuesday that would make six expired business tax breaks permanent, including the research and development credit.

GAO: 89 Percent of Paid Preparers Made Mistakes on Returns

During undercover site visits to 19 randomly selected commercial tax-preparation businesses, only two preparers calculated the correct refund amount on a taxpayer’s return, according to a new study released by the US Government Accountability Office (GAO) on Tuesday.

Senate Schedules Hearing on ‘Unethical’ Tax Preparers

Two sets of panelists will discuss what to do with tax return preparers who lack proper certification during a Senate Finance Committee hearing that begins at 10 a.m. ET on April 8.

Finance Committee OKs Extending Most Expired Tax Breaks

The Senate panel voted today to revive about 50 of the 55 tax breaks that expired at the end of 2013, including benefits for auto-racing tracks, wind energy, and bonus depreciation for businesses. The package of tax "extenders" still needs the support of the full Senate and House.

Senate Takes a Fresh Look at 'Dead' Tax Breaks

Senate Finance Committee proposes new tax extender legislation—do the provisions have a chance?

AICPA Expresses Concern with Cash Method Limitations in Baucus Proposal

The AICPA has sent a letter to the chairman and ranking member of the Senate Committee on Finance opposing any limitation on the use of the cash method of accounting on natural persons, pass-through entities, personal service corporations, and farmers.

Baucus Proposes Series of Sweeping Tax Reforms

Max Baucus released a series of comprehensive tax reform proposals over a three-day span. Specifically, the three drafts cover a restructuring of the international tax system, tax administration and fraud prevention techniques, and cost recovery deductions.

Tax Reform: Listen, Do You Want to Know a Secret?

Congress appears to be getting serious about tax reform. Party leaders of the Senate's tax-writing committee have promised that any tax reform proposals made by their colleagues will be kept secret for fifty years.
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