Laura Davison

The U.S. is proposing that countries should be able to tax more corporate profits based on revenues within their borders, according to two people familiar with the offer.

The administration views GOP attacks on its proposal to use corporate tax hikes to pay for a vast infrastructure program as a losing argument in the battle for public opinion.

The Treasury secretary says the plan aims to remove incentives for companies to shift investments and profit abroad and raise more money for critical needs at home.

The challenge for legislators will be to minimize loopholes that could diminish the impact.

Three top Senate Democrats released a proposal to overhaul the U.S. international tax system that could shape the outcome of the global tax revamp that the White House is pursuing to fund infrastructure spending.

The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad.

Estimates suggest that the total of the net operating loss refunds may eventually top $25 billion.

President Joe Biden’s Treasury Department is calling for a “more robust minimum tax” on profits earned by American corporations overseas to remove incentives for companies to shift earnings outside U.S. borders.

The U.S. Senate approved a two-month extension of a popular U.S. small-business relief program that still has about $79 billion left to distribute, giving companies until the end of May to apply for the forgivable loans.

The government has so far sent about 127 million stimulus payments to individuals and households.

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.