Tax breaks

The Internal Revenue Service issued its annual inflation adjustments Monday for tax year 2021, revising more than 60 tax provisions, including tax rate schedules, standard deduction amounts and more.

Apple Inc. has been lobbying the U.S. government on tax breaks to support domestic chip production, suggesting the iPhone maker is keen to move more of its supply chain to the U.S.

Foxconn Technology Group’s request for tax credits from Wisconsin for a factory there was rejected by the state, which said the electronics manufacturer fell far short of the promises it made three years ago for the proposed $10 billion plant.

Rep. Kevin Brady and House Republican Leader Kevin McCarthy, introduced legislation to extend a number of tax breaks in the Tax Cuts and Jobs Act of 2017, and add some more .

Sen. Chris Van Hollen, D-Maryland, and 16 other Senate Democrats introduced legislation Friday to make President Trump’s payroll tax deferral optional for federal employees and military service members.

At the center of President Donald Trump’s dispute with the IRS is a $72.9 million tax refund. He can thank his predecessor for that benefit.

Deductions for haircuts, consulting fee write-offs, a family estate that is treated as a business property and an aggressive refund claim could open President Donald Trump to legal risks once he’s out of office.

A New York Times story based on Donald Trump’s long-sought-after tax data shows he avoided paying income taxes for most of the past two decades and paid only $750 the year he was elected president.

The Internal Revenue Service and the Treasury Department issued the last set of final regulations to implement the 100 percent additional first-year depreciation deduction from the Tax Cuts and Jobs Act.

Companies that took advantage of federal pandemic-relief efforts like payroll tax deferrals will face bigger bills next year.