The Latest

In an effort to maintain the cash method over the accrual method as the standard means of accounting for tax purposes, a bipartisan majority in the House of Representatives--comprised of 233 members--issued a letter to House leader John Boehner (R-Ohio) and other House leaders on Tuesday, stating that the accrual method "will have a severely detrimental impact on thousands of businesses in our districts."

Republicans and business allies such as House Ways and Means Chairman Dave Camp and the U.S. Chamber of Commerce say they know the way to stop companies from changing addresses to cut their tax bills: Reform the tax code.

If you sold, advised on or had anything to do with a listed transaction, you could be fined by the Internal Revenue Service under recently issued regulations.

Tax and finance executives are concerned they don’t have enough resources at their disposal to navigate a risky tax environment, according to a new survey from Ernst & Young.

Wilmington Trust Co., a unit of M&;T Bank Corp., agreed to pay $18.5 million to settle U.S. regulatory claims that the bank failed to report construction loans that weren’t being repaid.

A bipartisan majority of the House of Representatives comprising 233 members have signed a letter urging the House leadership to preserve the cash method of accounting for tax purposes, writing that proposals requiring a transition to the accrual method “will have a severely detrimental impact on thousands of businesses in our districts.”

Rep. Mark Pocan, D-Wis., has introduced three pieces of legislation to close tax breaks that enable U.S. multinational corporations to use so-called “inversions” in which they merge with a foreign company and move their tax domicile abroad to a low-tax country to reduce corporate taxes.

Bloomberg BNA has enhanced its Premier International Tax Library with expanded content and new tools from tax practitioners in different countries.

Internal Revenue Service commissioner John Koskinen told a congressional subcommittee about the IRS’s progress on the Affordable Care Act and the impact that tax subsidies will have next tax season.

The Eighth Circuit Court of Appeals has affirmed a Tax Court decision disallowing deductions related to a farmhouse.