Laura Davison

The House Ways and Means Committee advanced legislation that would infuse households with hundreds of billions of dollars of cash through direct payments and tax credits, a key plank of President Joe Biden’s COVID-19 relief package.

Hopes among millions of upper-income and middle-class taxpayers for a repeal of the Trump administration’s limits on their federal deductions will likely be on hold for now, as an effort to include the measure in the COVID-19 aid package is poised to fail.

Lawmakers have introduced several measures that would expand the so-called child tax credit, which currently provides parents $2,000 per child annually.

House Democrats on Monday released the first draft text for key pieces of legislation that will comprise President Joe Biden’s COVID-19 relief bill.

House Democrats are proposing to limit the next round of COVID-19 relief payments to households earning less than $200,000, after criticism that President Joe Biden’s $1.9 trillion stimulus package would benefit the rich.

Senator Mitt Romney is offering a child tax credit expansion plan similar to a proposal President Joe Biden is pushing to include in the next stimulus bill, offering a glimpse of areas on which Republicans and Democrats could find compromise in a bipartisan package.

Senator Elizabeth Warren will join the Finance Committee, an A-list Senate panel that oversees tax, trade and health care legislation, according to a person familiar with the assignment.

Democrats are pushing a tax cut that would benefit individuals who lost their jobs in 2020 and may be in for a surprise tax bill this spring.

Small businesses in Nebraska, Oklahoma and other rural states have been the most successful at getting federal pandemic relief in the $284 billion round of aid that opened this month, buoyed by a new rule that authorizes loans to many farms that didn’t qualify before.

Two New Jersey Democrats are leading an effort to expand a valuable tax break for state and local levies in the next virus-relief package, a long-shot effort as lawmakers continue to squabble over the size and scope of the next round of stimulus.

U.S. Treasury Secretary Janet Yellen on Wednesday talked with her U.K. and German counterparts about resolving mushrooming disputes over the taxation of internet giants such as Facebook Inc., highlighting the issue as a priority in her initial bilateral calls.

President-elect Joe Biden’s $1.9 trillion COVID-19 relief plan is designed to both pump money into the economy and contain the coronavirus pandemic.

Tax-refund delays and stimulus-payment hiccups could spill into the upcoming tax season as the Internal Revenue Service continues to face challenges related to the coronavirus pandemic and as Congress considers yet another round of direct payments.

Highly paid college sports coaches and hospital executives are among the nonprofit employees the Internal Revenue Service is targeting in the final version of a tax-law regulation.

President-elect Joe Biden’s plan to pass a multitrillion-dollar economic stimulus package early in his administration faces challenges in a closely divided U.S. Senate, with a potential impeachment trial for Donald Trump that could add to delays.

The Internal Revenue Service will allow businesses that got their Paycheck Protection Program loans forgiven to write off expenses paid for with that money, shifting policy after Congress passed new legislation last month.

Senate Majority Leader Mitch McConnell on Tuesday blocked an attempt by Democrats to force quick action increasing direct stimulus payments to $2,000 as President Donald Trump warned that failing to act now amounted to a “death wish” by Republicans.

Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.

Small business owners who got Paycheck Protection Program loans could qualify for big write-offs from their rescue money, amounting to what Treasury Secretary Steven Mnuchin has called a tax-break “double dip.”

The House and Senate are set to vote Monday on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.