Laura Davison

The Senate Budget Committee chairman wants to raise the corporate tax rate to 35 percent.

U.S. taxpayers face the risk of delayed tax refunds as the agency struggles to work down a backlog of returns from last year, according to a watchdog report.

The Treasury Secretary said the limitation on state and local tax write-offs causes 'disparate treatment' across taxpayers.

Democrats will likely prove successful in raising individual income tax rates and in strengthening audits of wealthy Americans as they work on overhauling the U.S. Tax Code in coming months.

The Biden administration said in a response to concerns raised by Republicans that state governments accepting pandemic-relief money from Washington are allowed to cut taxes, but only if they don’t use the federal aid to offset those reductions.

The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said.

The Internal Revenue Service’s delay of the April 15 tax-filing deadline to May 17 gives taxpayers an additional month to file returns and pay any outstanding levies.

The Treasury Department and Internal Revenue Service have distributed more than half of the $410 billion in stimulus payments to individuals that Congress approved earlier this month.

Auditors were only able to recoup about 39 percent of the more than $4 billion in unpaid taxes owed by a group of rich taxpayers with an average annual income of nearly $1.6 million.

President Joe Biden is looking at higher taxes to help pay for a long-term economic program designed as a follow-up to his pandemic-relief bill.

Just under a month into federal tax filing season, the IRS reported a 32 percent slide in the number of refunds sent out compared with last year, showcasing delays that have spurred Democrats to call for postponing the traditional April 15 deadline.

Households will begin receiving the $1,400 stimulus payments included in the pandemic-relief bill approved by Congress before the end of March, according to the White House.

The legislation includes a massive, one-year expansion to the child tax credit program aimed at curbing child poverty, a change Democrats are already seeking to make permanent.

President Joe Biden is on the cusp of his first legislative win with the House ready to give final passage to his $1.9 trillion COVID-19 relief plan. It includes a big expansion in the child tax credit and makes student loan forgiveness tax free.

Senate Democrats passed the latest version of the $1.9 trillion stimulus bill after a more than 24-hour voting session that included the longest single vote in the chamber’s history.

The House Oversight and Reform Committee is probing whether executives at four drug industry companies plan to use a pandemic-related tax break to deduct opioid settlement payments.

Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden’s push to boost the minimum wage to that level in his COVID-19 aid bill.

The Biden administration will give exclusive access to the Paycheck Protection Program to the nation’s smallest businesses for two weeks as part of a broader effort to steer federal aid to the most vulnerable parts of the economy.

Three House Democrats are pushing legislation that would repeal the carried-interest tax break used by fund managers to reduce the levies they owe to the Internal Revenue Service.

The U.S. federal tax-filing season that begins Friday will be among the most consequential in recent history, as households face potential surprises — both negative and positive — sorting through pandemic-related measures at a time of high unemployment and depressed consumer confidence.