Tax planning

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.

The $1.75 trillion package marks a dramatic shift toward boosting support for families with children.

Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.

Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.