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A top IRS official acknowledges that it was "embarrassing" how much the agency spent on training videos, including a "Star Trek" spoof.
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WASHINGTON, May 20- The U.S. Supreme Court on Monday ruled for utility PPL Corp over its dispute with the U.S. Internal Revenue Service concerning credits the company claimed to offset overseas tax payments.
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The chances of a deal between Democratic and Republican lawmakers that would overhaul the U.S. tax system, trim government spending and reform safety net spending programs appear to be fading.
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And a spate of scandals, involving the Internal Revenue Service, security for the U.S. mission in Benghazi and the seizure of phone records from the Associated Press news agency, has distracted Congress and the White House. But, he said, "the chances that this Congress does anything useful, which were already low, are even lower."
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WASHINGTON, May 17- 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.
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WASHINGTON, May 17- 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. Miller was fired on Wednesday as President Barack Obama sought to stem criticism over IRS targeting of conservative groups for special scrutiny.
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WASHINGTON, May 17- A leading U.S. 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.
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Jim McCaughan, CEO at Principal Global Investors says the Fed has been on the right track and very transparent about its plans.
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WASHINGTON, May 16- Finding a permanent Internal Revenue Service commissioner who is ready to endure a grueling Senate confirmation hearing could be a challenging task for President Barack Obama in the wake of the controversy engulfing the agency over its targeting of conservative groups seeking tax-exempt status.
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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.
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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.
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May 14- Ineffective management and bureaucratic confusion at the Internal Revenue Service fueled the agency's inappropriate targeting of conservative political groups for extra tax scrutiny, a government watchdog said on Tuesday.
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May 14- In response to a scathing report by a watchdog about its targeting of some conservative groups for extra scrutiny, the U.S. Internal Revenue Service said on Tuesday that it agreed that "inappropriate shortcuts were used" to screen groups for political activity.
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John Daley, CEO of Grattan Institute warns that Australia has a serious deficit problem that needs to be dealt with and should keep in mind the lessons from Europe's crisis.
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WASHINGTON, May 14- An Internal Revenue Service auditor said on Tuesday that a top Washington official, when she learned that agents were targeting conservative groups for extra scrutiny of their tax status, immediately changed the policy to a non-partisan criteria, but that low-level employees reversed the policy.
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WASHINGTON, May 14- Poor management at the U.S. Internal Revenue Service played a major role in IRS agents subjecting conservative political groups' applications for tax-exempt status to extra scrutiny, said a report from a government watchdog group obtained by Reuters on Tuesday.
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WASHINGTON, May 14- The U.S. Internal Revenue Service in 2012 reviewed allegations that conservative Tea Party groups had come under extra scrutiny by the tax service's agents and found bias against conservatives, Republican members of Congress said on Tuesday.
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WASHINGTON, May 14- The U.S. Department of Justice is working with the Federal Bureau of Investigation to probe the Internal Revenue Service over its targeting of certain groups, U.S. Attorney General Eric Holder said on Tuesday.
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NEW YORK, May 14- It goes without saying that you should file your tax returns each year and pay what you owe. Except in cases of tax fraud, the U.S. Internal Revenue Service will generally work with taxpayers to get them back into the system.
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WASHINGTON, May 14- U.S. Senate Republican leader Mitch McConnell called on President Barack Obama on Tuesday to make all who knew about the Internal Revenue Service scandal available for questioning, and said there should be "no more stonewalling."
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The Treasury's strategy seems to be that the U.S. economy is strong enough to withstand whatever negative impacts that may come from a stronger dollar against the yen, reports CNBC's Steve Liesman.
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