Income taxes

Well-off professionals in costly areas of the U.S. are set to get a windfall from competing plans to change the deduction limit for state and local taxes.

Sen. Bernie Sanders is working on a proposal to set an income threshold for an unlimited state and local tax deduction.

The agency has cleared out much of its mammoth backlog of unprocessed returns, but scores of individuals and small business owners remain in limbo.

The tool will help U.S. withholding agents comply with their reporting and withholding responsibilities with Form 1042-S.

Despite a host of issues, they aim to vote this week on the roughly $2 trillion tax and spending bill.

Donor-advised funds increased their donations to charities last year in response to the COVID-19 pandemic, hitting the biggest levels in over a decade.

Lawmakers representing high-tax areas are pushing to make the SALT deduction on federal income taxes a priority.

Infrastructure and crypto; how pros would tackle tax policy; withholdings and non-resident employees; and other highlights from our favorite tax bloggers.

The Tesla founder will have a hefty tax bill however he chooses to make good on his pledge.

Middle-class households in New Jersey and other high-tax states would benefit from an expansion of the deduction, a key House Democrat said.

There were last-minute changes on modifying the SALT deduction and a provision allowing Medicare to negotiate drug prices.

Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.

Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.

The move would help offset the benefits from a proposed expansion of the federal deduction of state and local taxes.

An adverse court ruling leaves wealthy states with fewer options.

Democrats, unable to gain traction on taxes that affect only the ultra wealthy, have turned to trusts as little as $200k.

The outline of the tax and spending bill provided a breakthrough after a long standoff between moderate senators and progressive Democrats.

Influential lawmakers still want various tax provisions in the bill.

Arizona Senator Kyrsten Sinema, a crucial swing vote for Democrats, has given the Biden administration a list of specific tax policies she will support in order to raise revenue for the social spending plan Democrats hope to pass this year.

The latest proposal underscores a fierce fight in Congress over ways to pay for Biden's slimmer social-spending agenda.