Tax breaks

The Internal Revenue Service issued its annual inflation adjustments for tax year 2025, including changes in the standard deduction, marginal rates, tax credits and more.

Donald Trump vowed to boost the U.S. auto industry by making interest on car loans fully tax-deductible and renegotiating a trade deal with Mexico and Canada as he courts Michigan.

While the potential rewards are attractive, for many of the small to midsized players, there are a host of operational and tax-related implications that need to be addressed.

Between the coming sunset of the Tax Cuts and Jobs Act, the presidential election and a host of other factors, this is shaping up to be a tough year for advising clients.

The OZ program allows investors to defer capital gains from sales of appreciated real estate, stocks, businesses, personal residences, collectibles and even crypto through 2026.

Vice president Kamala Harris said she would seek to end taxes on tipped income for service industry workers — matching a proposal Donald Trump has also made.

Republicans in the Senate stopped a $78 billion package of tax cuts benefiting businesses and low-income families, two constituencies the party needs to win big in November.

Senate Majority Leader Chuck Schumer, D-New York, announced plans to bring up a vote on the Tax Relief for American Families and Workers Act later this week.

The muni tax-exemption — estimated to cost the U.S. government roughly $40 billion each year — has been mentioned as a target for elimination.

An unlikely pair of senators is teaming up to propose legislation to eliminate tax breaks for corporate M&A activity.

A pair of lawmakers proposed a bill to end the abuse of grantor-retained annuity trusts to avoid taxes.

The Creating Hospitality Economic Enhancement for Restaurants and Servers would provide a tax deduction for bars, restaurants and entertainment venues with draft beer systems.

The president's 2025 budget proposal aims to deliver more services, middle-class tax breaks and price controls funded through higher taxes on the wealthy and corporations.

The legislation is still tied up in the Senate, as senators seek changes in some of the provisions, such as the expanded Child Tax Credit.

The measure now heads to the Senate where lackluster Republican support threatens to sink it.

Speaker Mike Johnson will allow a vote on a $78 billion business and child tax break bill, siding with corporations over a group of Republicans who objected to the package negotiated with Senate Democrats.

A growing divide is emerging between Republicans and the business interests the GOP once unflinchingly championed.

The House Ways and Means Committee reported the text of the Tax Relief for Workers and Families Act after voting last week to advance the bipartisan bill.

Congress moved one step closer to enacting $78 billion in business and child tax breaks Friday, although election-year politics add risk to the legislation's prospects.

Businesses eager for a tax deal announced by two powerful U.S. lawmakers can't yet bank on the corporate breaks.