U.S. Market:
AIG - 55.13 +0.15 0.273% Apple - 115.67 +1.04 0.907% Bank of America - 17.20 +0.10 0.585% Cisco - 27.69 -0.13 -0.467% Citigroup - 54.65 +0.29 0.533% Coca-Cola - 43.901 -0.639 -1.435% Facebook - 75.141 -0.319 -0.423% Ford - 16.11 +0.21 1.321% GE - 26.375 +0.325 1.248% Hewlett-Packard - 38.885 -0.065 -0.167% Intel - 37.69 +0.09 0.239% JPMorgan - 61.12 +0.04 0.065% McDonald's - 95.2215 +0.1115 0.117% Microsoft - 48.17 -0.29 -0.598% Pfizer - 31.38 -0.19 -0.602% Starbucks - 80.328 -0.042 -0.052%

Republicans target ex-IRS officer over 2013 tax scandal

Lerner as she takes her seat before a House Oversight and Government Reform Committee hearing on Capitol Hill in WashingtonBy Patrick Temple-West WASHINGTON (Reuters) – Congressional Republicans on Thursday again targeted a former senior Internal Revenue Service officer for legal action, squeezing another day of Capitol Hill drama from last year's so-called IRS Tea Party controversy. A Republican-controlled U.S. House of Representatives panel voted 21-12 along party lines to hold Lois Lerner in contempt of Congress over her role in the scandal, involving IRS targeting of conservative political groups. Once the head of the IRS's tax-exempt division, Lerner twice exercised her constitutional right not to testify about the affair before the House Oversight and Government Reform Committee at public hearings. Republican committee members voted to approve a contempt resolution against Lerner, sending it to the full House for further consideration.


House panel holds ex-IRS officer in contempt

Lerner as she takes her seat before a House Oversight and Government Reform Committee hearing on Capitol Hill in WashingtonBy Patrick Temple-West WASHINGTON (Reuters) – A U.S. House of Representatives panel voted 21-12 along party lines on Thursday to hold a former Internal Revenue Service officer in contempt of Congress over her role in a 2013 controversy involving IRS targeting of conservative political groups. Lois Lerner, former head of the IRS tax-exempt division, twice exercised her constitutional right not to testify about the affair before the Republican-controlled House Oversight and Government Reform Committee at public hearings on Capitol Hill. After almost a year of politically charged investigations, Republican committee members voted to approve a contempt resolution against Lerner, sending it to the full House for further consideration. The resolution read: "The Chairman of the Oversight and Government Reform Committee recommends that the House find Ms. Lerner in contempt for her failure to comply with the subpoena issued to her." As part of its required review of applications for tax-exempt status from politically active groups, the IRS applied extra scrutiny in recent years to groups with the words 'Tea Party' in their names, as well as some progressive groups.


$4 billion: Tax refund fraud a growing problem

WASHINGTON (AP) ‒ An Internet connection and a bunch of stolen identities are all it takes for crooks to collect billions of dollars in bogus federal tax refunds. And the scam is proving too pervasive to stop.

Detroit deal with insurers could set stage for more compromises

Detroit's emergency manager Kevyn Orr gestures as he speaks during an interview with Thomson Reuters in New YorkBy Lisa Lambert WASHINGTON (Reuters) – Detroit on Wednesday struck a deal with a core group of creditors that dramatically cuts the losses they would suffer in the city's landmark bankruptcy case, a breakthrough that could pave the way for settlements with other holdout creditors. Additionally, Detroit might no longer try to classify nearly $400 million of voter-approved general obligation bonds as unsecured, a threat that had been a chilling prospect for municipal bond investors who have long viewed so-called GO debt as that market's safest investments. Their final status is still under discussion, but the settlement assures they will receive a superior payout than other unsecured creditors. Terms of the settlement, announced by U.S. Bankruptcy Court mediators in a case brought by the bonds' insurers, mean that bondholders will receive $287.5 million of $388 million they are owed from a dedicated stream of tax revenue backing the debt, known as unlimited tax general obligation bonds.


AP-GfK Poll: Most Americans say filing taxes easy

FILE - This March 22, 2013, file photo shows the exterior of the Internal Revenue Service building in Washington. Struggling to figure out your federal tax return? You're not alone, but you're in the minority. With the tax filing deadline looming on April 15, a majority of Americans say completing a federal tax return is easy, according to a new Associated Press-GfK poll.(AP Photo/Susan Walsh, File)WASHINGTON (AP) ‒ Struggling to figure out your federal tax return? You're not alone, but you're in the minority.


« Older Entries