Taxes News Headlines - Yahoo! News

	Taxes News Headlines - Yahoo! News
	IRS chief declines to identify employees involved in scandal By Andy Sullivan and Kim Dixon WASHINGTON (Reuters) - The outgoing head of the U.S. Internal Revenue Service angered Republican lawmakers on Friday by resisting their demands that he identify who at the tax-collection agency had inappropriately targeted conservative groups for extra scrutiny. But during the first hearing into a growing IRS scandal that could preoccupy Washington for months, Republicans did learn that a top official in President Barack Obama's administration knew that the IRS was looking into targeting by the tax agency nearly a year ago. ... Read More » Factbox: Key players in the IRS scandal WASHINGTON (Reuters) - Three congressional committees and the Department of Justice are investigating the Internal Revenue Service's scrutiny of conservative groups seeking tax-exempt status as the scandal distracts from President Barack Obama's second-term agenda. Below are some of the major players in the backlash over the IRS paying extra attention to advocacy groups whose names included terms such as "patriot" or "Tea Party" when considering applications for tax-exempt status. * Steven Miller - The acting head of the Internal Revenue Service while the scandal unfolded. ... Read More » Republicans see IRS scandal parallel in EPA info requests WASHINGTON (Reuters) - Republican lawmakers on Friday began an investigation into whether the U.S. Environmental Protection Agency greatly favored left-leaning environmentalists over conservative groups when granting fee waivers for requests to access information. The lawmakers drew a comparison between the actions they say the EPA has taken with the Internal Revenue Service, which is embroiled in controversy over its targeting of conservative groups for extra scrutiny. ... Read More » Incoming IRS chief asked to conduct "thorough review" of agency WASHINGTON (Reuters) - Incoming acting Internal Revenue Service chief Daniel Werfel has been asked to spearhead a "thorough review" of the scandal-plagued agency and report back to President Barack Obama in 30 days, a Treasury Department official said on Friday. Obama on Thursday named Werfel, a White House budget official, to take over the agency, which is embroiled in controversy over its targeting of conservative groups for extra scrutiny. ... Read More » Outgoing IRS chief admits scandal-exposing question was planted WASHINGTON (Reuters) - The outgoing head of the Internal Revenue Service acknowledged on Friday that the tax agency planned its initial disclosure about having targeted conservative groups through a planted question at a lawyers' conference. Acting IRS Commissioner Steven Miller told lawmakers during a Capitol Hill hearing that the question-and-answer session that exposed the tax agency's targeting of conservative groups for extra scrutiny had been carefully planned. ... Read More » Column: Washington-gate By David Rohde NEW YORK (Reuters) - Unprecedented Justice Department searches of journalists' phone records. IRS targeting of conservative political groups. Spiraling sexual assault rates in the U.S. military. And the downplaying of the first killing of an American ambassador in 30 years. In a matter of days, alarming accounts have emerged regarding the actions of five key U.S. federal government bureaucracies: the Justice Department, the Internal Revenue Service, the State Department, the CIA and the Pentagon. ... Read More » Outgoing IRS chief apologizes for 'foolish mistakes' WASHINGTON (Reuters) - The outgoing head of the Internal Revenue Service apologized on Friday for "foolish mistakes" made at the U.S. tax agency which he said resulted from a heavy workload, not a partisan mission. At a congressional hearing, acting IRS Commissioner Steven Miller said he did not find political motivation among the employees who were processing conservative groups' applications for tax-exempt status. Miller was fired on Wednesday as President Barack Obama sought to stem criticism over IRS targeting of conservative groups for special scrutiny. ... Read More » Representative Camp says IRS scandal has exposed 'rotten' tax system WASHINGTON (Reuters) - A leading congressman said on Friday that an Internal Revenue Service scandal had exposed deep problems with the federal tax system, saying it needed to be overhauled. "Trimming a few branches will not solve the problem when the roots of the tree have gone rotten," House Ways and Means Committee Chairman Dave Camp told a Capitol Hill hearing on the IRS's targeting of conservative groups for extra scrutiny. "That is exactly what has happened with our entire tax system. ... Read More » After Google, Amazon to be grilled on UK tax presence By Tom Bergin LONDON (Reuters) - Internet retailer Amazon.com Inc. will be called back to the British parliament to clarify how its activities in the UK justify its low corporate income tax bill, two lawmakers told Reuters. Amazon will follow search giant Google, which attended another grilling by parliament's Public Affairs Committee (PAC) over its tax affairs on Thursday. A Reuters report earlier this month raised questions over Google's earlier assertions that its UK-based staff don't sell to customers. ... Read More » Italy PM Letta seeks to smooth property tax standoff By Giuseppe Fonte ROME (Reuters) - Italian Prime Minister Enrico Letta promised a wide reform of property tax on Friday, addressing one of the main issues dividing his coalition government, but gave no details on where he would find the billions of euros to pay for it. He confirmed pledges to suspend the widely hated IMU tax on principal residences brought in by his predecessor Mario Monti but held back from the demands of center right members of his fragile left-right coalition for it to be scrapped entirely. ... Read More » What Congress should ask IRS, but probably won't By Nanette Byrnes (Reuters) - The House of Representatives Ways and Means Committee on Friday will hold the first of three hearings on the Internal Revenue Service "Tea Party" targeting scandal. Tax experts hope the hearings go beyond finger-pointing and get to the heart of the IRS's long-standing problems. If they can get past the fist-pounding stage, here are some questions lawmakers should ask: * Why do IRS reviews take so long? According to the IRS website, the tax exempt organizations sections is assigning agents to review applications filed more than a year ago. ... Read More » Factbox: IRS's rich history of scandals, political abuse By Dena Aubin NEW YORK (Reuters) - A crisis engulfing the U.S. Internal Revenue Service over its scrutiny of conservative groups seeking tax-exempt status adds to a long history of scandal and abuse - both real and alleged - at the tax agency. Here are some high-profile cases over the past 80 years, based on historical articles, books and news reports. 1930s - President Franklin Roosevelt used the IRS against political enemies, launching investigations into the finances of publisher William Randolph Hearst, Louisiana Governor Huey Long and controversial radio priest Charles Coughlin. ... Read More » Lower income shoppers still feeling pinched, U.S. retailers say By Phil Wahba and Jessica Wohl NEW YORK/CHICAGO (Reuters) - Cooler than usual weather and belt-tightening by shoppers still struggling with higher payroll taxes and stubborn unemployment dampened sales last quarter at chains from Macy's Inc to Wal-Mart Stores Inc . Wal-Mart reported a 1.4 percent drop in sales at Walmart U.S. stores open at least a year, and gave a profit forecast for the second quarter that missed Wall Street estimates. The world's largest retailer expects same-store sales at its namesake U.S. discount chain to be up 2 percent at best in the current quarter. ... Read More » White says SEC not now writing political spending rule By Sarah N. Lynch WASHINGTON (Reuters) - The head of the Securities and Exchange Commission told lawmakers on Thursday that her agency, despite pressure from liberal groups, is not currently drafting a rule that would call for public companies to disclose their political spending. Republicans on the House Financial Services Committee pressed the issue, saying they did not want the SEC to wade into politically charged rulemaking, especially after the recent revelation that the Internal Revenue Service targeted conservative groups. ... Read More » Obama names budget official Werfel as acting IRS head WASHINGTON (Reuters) - President Barack Obama named top White House budget office aide Daniel Werfel to be acting commissioner of the Internal Revenue Service, the White House said on Thursday. Obama ousted acting IRS commissioner Steven Miller late on Wednesday shortly after the revelation the IRS had targeted conservative groups for special scrutiny. The president called the targeting inexcusable, but the incident has become a embarrassment for him. Werfel is controller of the White House Office of Management and Budget. ... Read More » Obama says he's committed to fixing problems at tax agency By Jeff Mason WASHINGTON (Reuters) - U.S. President Barack Obama said on Thursday he was committed to fully fixing problems at the Internal Revenue Service, saying any employees involved in targeting conservative groups for extra scrutiny would be held accountable for their actions. In a news conference in the White House Rose Garden, Obama also said he did not know about a report by the IRS inspector general on the targeting before it was leaked to the press. "Typically, the IG reports are not supposed to be widely distributed or shared. ... Read More » Republican targets IRS employees in Tea Party probe By Kim Dixon and Tabassum Zakaria WASHINGTON (Reuters) - Republicans investigating the Internal Revenue Service want to question five employees about the tax agency's targeting of the Tea Party and other conservative groups, an effort that a key lawmaker said was part of a fact-finding mission. "It appears that a number of IRS employees played key roles in carrying out the improper scrutiny," Republican Representative Darrell Issa, head of the Oversight and Government Reform Committee in the U.S. ... Read More » Tax chief forced out in IRS scandal By Matt Spetalnick and Kim Dixon WASHINGTON (Reuters) - Washington's top tax official was fired on Wednesday as President Barack Obama sought to stem a rising tide of criticism over the Internal Revenue Service's improper targeting of conservative groups for special scrutiny. With three congressional probes of the IRS looming and Republicans' calls for firings at the agency growing louder, Obama said he told Treasury Secretary Jack Lew to demand the resignation of Steven Miller, the acting IRS commissioner. Lew had done so, the president said. ... Read More » White House plans to announce new acting IRS commissioner this week WASHINGTON (Reuters) - The White House plans to announce a new acting commissioner for the Internal Revenue Service this week after President Barack Obama said he would hold the tax agency accountable for excessive scrutiny of conservative groups, an administration official said on Thursday. Obama fired the previous acting commissioner, Steven Miller, on Wednesday after an internal government watchdog found poor management at the IRS led to an "inappropriate" focus on claims by conservative groups for tax-exempt status. (Reporting by Roberta Rampton; Editing by David Brunnstrom) Read More » Analysis: As scandals mount, White House springs into damage control By John Whitesides WASHINGTON (Reuters) - With no sign of an end to three mushrooming scandals, the White House acknowledged the rising political dangers on Wednesday by launching a concerted effort at damage control. In a whirlwind few hours, the administration moved forcefully to counter criticism of its handling of the deadly attacks in Benghazi, Libya, the seizure of reporters' phone records in a Justice Department leak investigation, and the Internal Revenue Service's targeting of conservative groups for extra scrutiny. ... Read More » IRS commissioner ousted over tea party targeting WASHINGTON (AP) — Hurrying to check a growing controversy, President Barack Obama ousted the acting commissioner of the Internal Revenue Service late Wednesday amid an outcry over revelations that the agency had improperly targeted tea party groups for scrutiny when they filed for tax-exempt status. Read More » U.S. tax chief ousted in scandal By Kim Dixon and Matt Spetalnick WASHINGTON (Reuters) - Washington's top tax official was fired on Wednesday as President Barack Obama sought to stem a rising tide of criticism over the Internal Revenue Service's targeting of conservative groups for special scrutiny. Seeking to regain the initiative amid a series of controversies that have threatened his second-term agenda, Obama said new leadership was needed to restore public confidence in the IRS, whose reputation for political independence has suffered a major blow. ... Read More » Obama: IRS acting commissioner being ousted WASHINGTON (AP) — President Barack Obama on Wednesday announced the ouster of the top official at the Internal Revenue Service following disclosures that the agency targeted conservative political groups. Read More » Departing IRS head cites need to restore trust in agency WASHINGTON (Reuters) - Steven Miller, who resigned on Wednesday as the acting head of the Internal Revenue Service, said in a message to colleagues that there is a "strong and immediate need" to restore public trust in the nation's tax agency. Miller resigned after the IRS became embroiled in a controversy over the agency's targeting of conservative groups for extra scrutiny. "It is with regret that I will be departing from the IRS as my acting assignment ends in early June," Miller said in an internal message that was released by the IRS. ... Read More » U.S. Senate Democrat to examine tax-exempt group rules WASHINGTON (Reuters) - The Democratic chairman of the U.S. Senate Finance Committee said his tax code revamp will examine rules for nonprofit groups' political activities in hopes of preventing a repeat of the botched Internal Revenue Service review that has landed the tax collector in hot water. Senator Max Baucus defended Democrats' call for more scrutiny of so-called 501(c)4 groups, a type of tax-exempt status that allows the entities to engage in a limited, but vaguely defined, amount of political activity. ... Read More » Obama: IRS acting commissioner has resigned WASHINGTON (AP) — President Barack Obama on Wednesday announced the resignation of the top official at the Internal Revenue Service following a controversy over the agency's targeting of conservative political groups. Read More » U.S. House panel seeks interviews with five IRS employees WASHINGTON (Reuters) - A Republican congressman investigating the U.S. Internal Revenue Service's targeting of conservative groups asked the chief of the IRS on Wednesday to make available five mid-level IRS employees for questioning. Representative Darrell Issa, chairman of the U.S. House of Representatives Oversight and Government Affairs Committee, wrote a letter to acting IRS Commissioner Steven Miller asking him to make the employees available for interviews. The May 15 letter was obtained by Reuters. (Reporting by Kim Dixon; Editing by Kevin Drawbaugh) Read More » Holder: Potential civil rights violations at IRS WASHINGTON (AP) — The FBI is investigating potential civil rights violations at the Internal Revenue Service after the agency acknowledged the agency had singled out conservative groups for extra scrutiny, Attorney General Eric Holder said Wednesday. Read More » Obama to speak on IRS matter WASHINGTON (AP) — President Barack Obama is scheduled to deliver a statement at 6 p.m. regarding the Internal Revenue Service's targeting of conservative groups for special review. Read More » Obama to meet with Treasury officials over IRS WASHINGTON (AP) — President Barack Obama will discuss the Internal Revenue Service's targeting of conservative groups with Treasury Secretary Jacob Lew Wednesday afternoon. White House press secretary Jay Carney says Obama expects people to be held accountable. Read More » U.S. lawmakers press for changes at scandal-plagued tax agency By Kim Dixon and Matt Spetalnick WASHINGTON (Reuters) - As Republican lawmakers stepped up their calls for top Internal Revenue Service officials to resign, President Barack Obama planned to meet with Treasury officials on Wednesday to discuss how to respond to the growing uproar over the IRS's targeting of conservative groups for extra scrutiny. ... Read More » Treasury Secretary Lew to meet with Obama, others about IRS WASHINGTON (Reuters) - President Barack Obama will meet with Treasury Secretary Jack Lew on Wednesday to talk about the next steps in holding the Internal Revenue Service accountable for targeting conservative groups for extra scrutiny, White House spokesman Jay Carney said. (Reporting by Roberta Rampton and Jeff Mason; Editing by Doina Chiacu) Read More » Obama to meet with Treasury officials Wednesday about IRS WASHINGTON (Reuters) - President Barack Obama will meet with Treasury Department officials on Wednesday after reviewing a government report that showed the Internal Revenue Service targeted conservative groups for extra scrutiny, White House spokesman Jay Carney said. Obama has called for those responsible for the IRS' actions to be held accountable. Carney did not go into details on what kind of consequences the president would seek. (Reporting by Jeff Mason and Roberta Rampton; Editing by Vicki Allen) Read More » House panel to hold second hearing on IRS controversy WASHINGTON (Reuters) - A second House of Representatives committee announced on Wednesday it will hold a hearing on the Internal Revenue Service's targeting of conservative groups for extra tax scrutiny. The House Oversight and Government Reform Committee will hold a hearing on May 22, an aide to Representative Darrell Issa, the Republican committee chairman, said. Deputy Treasury Secretary Neil Wolin; former IRS Commissioner Doug Shulman; Lois Lerner, chief of the IRS tax exempt unit; and Treasury Inspector General for Tax Administration J. Russell George are being asked to testify. ... Read More » House speaker suggests jail time for violations in IRS scandal WASHINGTON (Reuters) - House of Representatives Speaker John Boehner raised the possibility of jail time on Wednesday for law violations in the growing scandal involving the Internal Revenue Service's targeting of conservative groups for extra tax scrutiny. "My question isn't about who is going to have to resign, my question is who is going to jail over this scandal," Boehner, the top Republican in Congress, told reporters. ... Read More » Amazon UK pays $3.7 million tax on $6.5 billion sales By Tom Bergin LONDON (Reuters) - Amazon.com's main UK unit paid $3.7 million of taxes on its 2012 income, it said on Wednesday, despite group UK sales of $6.5 billion (4 billion pounds), prompting criticism from lawmakers and competitors. Amazon.co.uk Ltd added in its accounts, published through the UK companies register, that it received 2.5 million pounds in government grants during 2012 - just ahead of the 2.4 million it paid in corporation tax, the UK form of corporate income tax. ... Read More » Small conservative groups describe big burdens of IRS scrutiny By Nick Carey (Reuters) - For Kevin Kookogey, the Internal Revenue Service's scrutiny of his one-man outfit providing conservative mentoring for students was so onerous he thought it was trying to deter him from political activity. "It worked," said the Tennessean who ran the group Linchpins of Liberty. "I completely shut down and do my mentoring without fundraising so I can avoid getting audited." Kookogey is one of many conservatives who complain about unfair treatment at the hands of the IRS, the U.S. ... Read More » Watchdog slams IRS over targeting conservative groups By Kim Dixon and Kevin Drawbaugh WASHINGTON (Reuters) - A U.S. government watchdog faulted the Internal Revenue Service for targeting conservative groups on Tuesday, criticizing senior IRS leaders for poor management of a policy that spun out of control and compromised the tax agency's political impartiality. As the FBI mounted a criminal investigation of the matter, the U.S. Treasury Inspector General for Tax Administration (TIGTA) reported that the IRS used "inappropriate criteria" when it singled out groups for extra scrutiny based on their names. ... Read More » Obama says watchdog report's findings on IRS 'intolerable' By Mark Felsenthal WASHINGTON (Reuters) - President Barack Obama on Tuesday called the findings in a government report about the Internal Revenue Service's targeting of conservative groups for extra scrutiny intolerable and said he has directed his administration to hold those responsible for the agency's actions accountable. "The report's findings are intolerable and inexcusable," Obama said in a statement on the Treasury Department's investigation. "The IRS must apply the law in a fair and impartial way, and its employees must act with utmost integrity. ... Read More »