Ron Wyden

Charles Rettig, a tax lawyer who is Donald Trump’s pick to lead the IRS, told lawmakers Thursday he’d never represented a client who has been under a continuous agency audit for a decade, as is the case with the president, and that he doesn’t know any details of the review.

President Donald Trump’s nominee to lead the Internal Revenue Service, Charles Rettig, has spent decades helping wealthy and famous people fight the agency’s efforts to collect taxes.

A Senate hearing Tuesday indicated the politics of the tax overhaul haven’t changed since it passed in December, with Republicans singing its praises as an economist booster and Democrats torching it as a broken promise that mostly benefits the wealthiest.

The Internal Revenue Service is preparing to release draft versions of tax forms, instructions and guidance for the TCJA over the next few months.

House Republicans are approaching their next attempt at tax cuts the same way they did last year — by excluding Democrats.

A new report from Sen. Ron Wyden, D-Ore., the ranking Democrat on the Senate Finance Committee, discusses how small businesses will face more uncertainty and complexity from the Republican tax law and will ultimately need help from their accountants to figure out the pass-through deduction.

Major corporations have authorized $200 billion in stock purchases in the two months since the passage of the new tax law while more than 55,000 American workers have been laid off, according to Senate Democrats.

The Internal Revenue Service’s acting commissioner, David Kautter, testified at a Senate Finance Committee budget hearing asking for nearly $400 million in additional funds to help the IRS administer the Tax Cuts and Jobs Act.

Treasury Secretary Steven Mnuchin said the Internal Revenue Service will issue guidance within the next two weeks to prevent hedge-fund managers from dodging new tax rules on carried-interest profits.

Tucked inside the bipartisan budget deal are a slew of tax breaks for NASCAR, Hollywood, racehorses and rum. And beer, too.