Tax planning

The agency has cleared out much of its mammoth backlog of unprocessed returns, but scores of individuals and small business owners remain in limbo.

Legislators are anticipating the Congressional Budget Office projections, which will be released by Friday.

Despite a host of issues, they aim to vote this week on the roughly $2 trillion tax and spending bill.

Donor-advised funds increased their donations to charities last year in response to the COVID-19 pandemic, hitting the biggest levels in over a decade.

The world’s richest person has disposed of more than 4.5 million shares so far this week.

The service released its annual inflation adjustments Wednesday, including the standard deduction amount for individual and married taxpayers.

The bipartisan infrastructure bill that the House passed over the weekend and sent to President Biden’s desk includes some tax-related provisions, including an early expiration of the Employee Retention Tax Credit and new rules for reporting on cryptocurrency transactions.

Middle-class households in New Jersey and other high-tax states would benefit from an expansion of the deduction, a key House Democrat said.

Cryptocurrency investors would have little time to plan against possible tax increases under legislation advancing in Congress.

There were last-minute changes on modifying the SALT deduction and a provision allowing Medicare to negotiate drug prices.