Coronavirus

The Internal Revenue Service needs to take action to avoid processing delays this filing season due to the COVID-19 pandemic, according to a new government report.

Senate Democrats are jettisoning a proposal to penalize corporations that don’t raise the minimum wage for their lowest-paid workers in an effort to keep President Biden’s broader stimulus plan on track.

A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama.

The House passed President Joe Biden’s $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate.

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.

Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden’s push to boost the minimum wage to that level in his COVID-19 aid bill.

Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.

Even after the coronavirus, the accounting profession will need to keep changing and adapting at a rapid pace.

Auditing costs have been increasing in recent years, thanks to new accounting standards and corporate acquisitions, according to a study released Thursday.

To best serve your clients, and your own firm, these are the top items to closely monitor in the year ahead.

A host of developments promise to complicate this year's run-up to April 15.

PricewaterhouseCoopers is turning some of the digital tools it developed internally to train its staff into artificial intelligence products its clients can use in their finance departments.

The Financial Crimes Enforcement Network issued a warning about the widening range of scams involving Economic Impact Payments aimed at recipients of COVID-19 relief.

Leaders of the House Ways and Means Committee want the Internal Revenue Service to assist taxpayers who are getting information returns in the mail for unemployment benefits they never received.

Governments around the world are confronting budget deficits due to the COVID-19 pandemic and corporate tax leaders are worried about higher tax assessments, double taxation, penalties, interest and surcharges.

Right out of the gate, this year has provided some intriguing storylines that undoubtedly will have ripple effects when tax pros sit down with their clients next winter.

Two leaders of Congress’s main tax committee are questioning why the Internal Revenue Service keeps sending notices to taxpayers about missing returns when it’s still catching up on unprocessed mail.

The vaccine rollout may not be happening as fast as we’d like, but an end to the worst of the pandemic is on the horizon. Is your firm ready for it?

The Biden administration will give exclusive access to the Paycheck Protection Program to the nation’s smallest businesses for two weeks as part of a broader effort to steer federal aid to the most vulnerable parts of the economy.

Two members of Congress teamed up Friday to introduce a bipartisan bill that would offer tax credits for income from tips to beauty salon owners and workers.