Tax strategies

Signs are mounting that anxiety among congressional Democrats will significantly temper any increases that manage to pass Congress.

Billions of dollars in underreported taxes by employers and backup withholding for their employees are helping fuel the tax gap, according to a new report.

The dilemma represents another challenge with the special legislative process known as budget reconciliation.

The Biden administration’s proposal to dramatically expand the inheritance tax bill for wealthy Americans is running into some headwinds with Democrats on Capitol Hill, showcasing nervousness about the scope and size of elements of the White House’s ambitious tax plans.

Pulling the costs directly out of clients’ IRAs can blunt the sting, but it shrinks the pot of tax-deferred retirement assets.

But barterers need to be aware of the complex tax issues that are involved.

Most at risk are taxpayers whose earnings aren’t reported to the IRS by an outside source like an employer or brokerage firm.

The president and Republican congressional leaders see a narrow opening for compromise on infrastructure spending yet significant obstacles remain, particularly on tax increases.

Three Democratic senators introduced legislation that would stop the tax breaks used by private equity money managers and others.

Financial executives are eyeing tax changes expected in the Biden administration, demands for more environmental, social and governance reporting, and diversity efforts.

Congressional Democrats have reintroduced legislation in the House and Senate to shed more light on the use of corporate tax havens and incentives for outsourcing jobs abroad.

Affluent clients can use wealth and retirement strategies to blunt the impact of the administration’s proposals, which include a higher capital gains rate.

Any changes to inheritance tax would feed into the broader upheaval that is coming to taxation in the world’s major economies.

April's hiring shortfall stiffened Republican opposition to the tax increases on the wealthy and corporations that are a central part of the administration's package.

The president's plan for increased tax audits of the wealthy and corporations is a major funding source for his economic-investment proposals.

With the tax recognition deadline of Dec. 31, 2026, still in place, taxpayers who wish to invest unrecognized gains in QOZs need to do so prior to Dec. 31, 2021, in order to obtain any step-up in basis benefit.

The fate of the administration’s $4 trillion economic vision now rests with the lawmakers in a narrowly divided Congress.

The Penn Wharton Budget Model says the White House mistook the cost of its child-care and education policies.

Business owners need to think carefully about whether to do a study before or after a rehab.

Biden administration proposals could radically reshape how wealthy Americans are taxed.