Laura Davison

This week’s finance ministers’ meeting may help lead to a broader deal in July or October.

The legislation would overhaul the current menu of energy tax breaks, consolidating credits for renewable energy sources and offering incentives to any energy source that has no carbon emissions.

President Joe Biden’s pick to lead the Treasury Department’s tax policy efforts pledged to work with lawmakers on a bipartisan basis and be a strong advocate for the Internal Revenue Service.

The senator is proposing to nearly triple the IRS’s budget to help identify wealthy individuals who are evading taxes.

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

Treasury Secretary Janet Yellen’s team has proposed a 15% global minimum corporate tax in international negotiations aimed at ending competition to lure companies through cheap rates, which then end up eroding government revenues.

The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding billions of dollars of income, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements.

The Biden administration is also calling for banks to report on account flows to help boost tax-payment compliance.

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.

This season may be just a harbinger of difficult tax seasons to come.