Tax

The measure could be used to pay for a modification of the cap on the federal deduction of state and local taxes.

The biggest set of U.S. tax increases in a generation took a major step forward on Wednesday.

Lawmakers proposed bipartisan legislation in the Senate to allow the Internal Revenue Service to postpone filing deadlines when a state-level disaster declaration is issued, rather than waiting for the federal government.

It can help firms and clients improve their bottom line, while boosting diversity, team morale and community relations.

Janet Yellen has one of the biggest to-do lists in Washington: usher in a global tax overhaul, press Wall Street on climate change and distribute billions of dollars in COVID relief.

The proposal to end the step-up in basis was already facing obstacles before it was left out of draft legislation.

Buyback fallacy; change proposed for quarterly taxes; solidifying client relationships; and other highlights from our favorite tax bloggers.

Taxpayers and tax professionals in some Western states will need to begin using a new mailing address.

The high inflation amounts that households and businesses have been experiencing this year are likely to lead to larger increases in tax brackets and other inflation-adjusted tax items in 2022.

House Democrats are considering a two-year repeal as one of their potential paths to undoing the $10,000 cap on the federal deduction for state and local taxes.