Income taxes

The Financial Accounting Standards Board issued an accounting standards update aimed at improving income tax disclosures from companies.

This will be the first reorganization for the Internal Revenue Service in over 20 years and reflects the new transformation goals underway at the agency.

The case coming before the Supreme Court stems from a 2017 tax law provision that aimed to tax earnings held overseas by big multinational companies.

A group of Senate Democrats and independents introduced legislation Thursday to eliminate loopholes and tax breaks for billionaires.

The ultra-wealthy are using DAFs and private foundations to avoid taxes and exert influence, at the expense of ordinary taxpayers.

The standard-setter has appointed its technical director as its newest member, succeeding vice chair James Kroeker.

Commissioner Danny Werfel and Taxpayer Advocate Erin Collins discussed the enhancements the IRS has been making thanks to the additional billions of dollars of funding.

The service announced its annual inflation adjustments, including increases in the standard deduction and changes in tax brackets.

The service's development of its newly introduced business tax accounts and recent improvements in its tax pro accounts could be jeopardized if funding is cut.

The service is cautioning taxpayers against claiming exaggerated deductions for purported donations of artwork, as it sees a rise in such schemes.