Tax strategies

More than 20 percent of the wealthiest Americans’ income isn’t being reported to the Internal Revenue Service, according to a new study that calculates U.S. tax evasion is far higher than previously estimated.

President Joe Biden’s economic team at the White House is determined to make good on his campaign pledge to raise taxes on the rich, emboldened by mounting data showing how well America’s wealthy did financially during the pandemic.

Investors would face a 0.1 percent tax on each sale of stocks, bonds and derivatives under a Democrat-led proposal aimed at curbing risky trading behaviors.

Experts read the tea leaves in the American Rescue Plan and other early hints of the administration’s revenue proposals.

A look at the administration's tax agenda, and why they'll have to hold off on it until budget reconciliation is available again.

New ways of working may require states and other jurisdictions to take new approaches.

President Joe Biden said anyone earning more than $400,000 a year would see a tax increase under his forthcoming economic program, highlighting the administration’s plans to address inequality in part through levies on the wealthy.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

The new venture enables CPA firms to help small-business owners secure employer-based tax help.

“Even the easy returns are not simple right now,” a CPA says.

The Internal Revenue Service posted information about how to correctly compute the new exclusion on a portion of unemployment income as Congress pushes the IRS for further tax-filing relief.

Estate planners are keeping a close eye on the department’s agenda, anticipating the possible revival of several regulatory projects shelved by the Trump administration.

It’s not just $1,400 checks. Here’s what advisors need to know about other financial perks in the massive stimulus package.

Roth conversions and backdoor Roths ease COVID financial pain for wealthy earners this tax season

New York lawmakers could take on a politically weakened governor to push their own budget agenda, including a more progressive tax policy targeting the ultra-wealthy.

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.

Senator Elizabeth Warren said IRS funding should be bolstered so the richest Americans get audited about once every three years as part of her proposed 2 percent annual tax on wealth in excess of $50 million.

A Biden proposal to change the tax deduction for contributions to a tax credit could have serious implications.

Senator Elizabeth Warren, joined by Reps. Pramila Jayapal and Brendan Boyle, proposed a new wealth tax on households with a net worth of more than $50 million.

The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19.