Tax credits

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.

Rep. Pete Olson, a Republican from Texas, has introduced a bill that would offer tax incentives to employers who train workers about best practices for reducing the spread of COVID-19 in the workplace.

Final rules have been released for claiming the rehabilitation credit under the Tax Cuts and Jobs Act.

The Internal Revenue Service plans to correct penalties mistakenly levied on employers who reduced their tax deposits because they expected to claim some of the new tax credits to which they’re entitled.

President Donald Trump said he’ll punish American companies that move jobs abroad and reward firms with tax breaks for shifting work from China to the U.S., proposals aimed at hastening the decoupling of the world’s largest economies.

Among the pandemic-related issues covered are how to handle the Paycheck Protection Program and other stimulus efforts.