Tax breaks

U.S. Treasury Secretary Steven Mnuchin said Monday that President Donald Trump may keep the carried interest tax break for firms that create jobs, while eliminating it for hedge fund managers.

As summer winds down, everyone across the country is anxiously awaiting a special and rare event this Monday.

Republicans struggling to pass a major tax overhaul that doesn’t add to the federal deficit are discussing a kind of compromise: mixing permanent revisions with temporary rate cuts for individuals and businesses.

Republican congressional leaders doubled down on their pledge to overhaul the U.S. tax code by the end of the year after party leaders abandoned a proposal to tax companies’ domestic sales and imports.

Finance Minister Bill Morneau is proposing tax changes that would close loopholes often used by doctors and lawyers to reduce their tax burden, part of the Canadian government’s pledge to level the playing field for middle-income earners.

A group of Democrats led by Sen. Elizabeth Warren, D-Mass., and House Ways and Means Committee ranking member Richard Neal, D-Mass., has introduced legislation to allow same-sex couples who were previously barred from filing taxes jointly to now submit amended returns dating back to the year of their marriage.

Some lawmakers threaten to vote against a deal unless it lays out the specific rate for corporations.

Senate Finance Committee chairman Orrin Hatch, R-Utah, is asking for ideas, proposals and feedback on tax reform as efforts in Congress heat up on overhauling the federal tax code.

President Donald Trump won’t veto a tax bill even if it provides the wealthiest Americans with a tax cut, according to Treasury Secretary Steven Mnuchin.

Kate Barton, Americas vice chair of tax services for the Americas Tax practice at Ernst & Young, discusses the contrasting tax reform plans of House Republicans and President Trump, and what’s likely to be in the final bill.

U.S. exporters have been claiming the DISC or IC-DISC tax break for more than 45 years. Despite these facts, some enterprises fail to take advantage of the federal government’s tax giveaways for Interest Charge Domestic International Sales Corporations. Here are 10 winning IC-DISC strategies an exporter can use.

A pledge not to give the wealthiest Americans an absolute tax cut is coming back to haunt Treasury Secretary Steven Mnuchin.

The hearing on the proposed border-adjustment tax that has split corporate America for months is finally happening, but the measure may be further than ever from reality.

Senate Majority Leader Mitch McConnell said that any tax overhaul can’t add to the growing U.S. budget deficit, a position that places him at odds with President Donald Trump, who has called for a significant tax cut.

CPAs and their business clients and corporate tax departments need to consider different scenarios for the possible corporate tax reforms now being weighed in Congress.

President Donald Trump’s economic team says it won’t be satisfied until Americans workers earn more—and aggressive tax cuts are essential for those fatter paychecks.

President Donald Trump faces many hurdles in delivering his promised tax cut, but none may be more formidable than the congressional calendar.

President Donald Trump said he’s willing to raise the U.S. gas tax to fund infrastructure development and called the tax-overhaul plan he released last week the beginning of negotiations.

Many of the president's "core principles" were similar to promises he made on the campaign trail, including a reduction to 15% in the rate for businesses.

The Trump administration’s proposal to slash the tax rate on partnerships and limited liability companies could set off a stampede of individual taxpayers trying to reclassify themselves as so-called pass-through businesses in order to take advantage of the savings, according to tax experts.