Tax credits

Tucked in among more than 5,000 pages of legislative text, the congressional bill providing COVID-19 relief and 2021 government funding includes dozens of tax breaks for beneficiaries ranging from downtown restaurants and the film industry to motor-sports racetracks.

The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.

The House and Senate are set to vote Monday on $900 billion in pandemic relief aimed at boosting the U.S. economy into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.

There are still a few things your clients should know and do now, well before they ever need to file a claim.

A group of 25 Democrats in the House wrote to congressional leaders asking them to provide $12.1 billion in funding for the Internal Revenue Service, including $5.2 billion for enforcement, with an eye toward cracking down on high-income tax cheats.

The top Democrat and Republican on the tax-writing House Ways and Means Committee introduced bipartisan legislation to encourage more Americans to save for retirement.

American International Group Inc. settled a case involving cross-border transactions the government claimed amounted to improper tax shelters.

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 .

A group of Senate Democrats introduced legislation to offer tax relief to individuals, businesses and states affected by catastrophic wildfires and other presidentially declared disasters.