Tax

The corporate tax-cut party President Donald Trump kicked off will soon be over if his successor proves able to enact proposals to roll back half of the 2017 domestic income-tax reduction and to radically revamp levies on profits earned abroad.

President Joe Biden laid out what he called a “bold” plan to rebuild U.S. infrastructure, but now needs an equally ambitious effort to wrangle it through Congress in the face of Republican opposition and criticism from within his Democratic Party.

The service intends to take steps to automatically refund money starting in May and continuing through the summer.

The service released a FAQ to explain how students and universities should report emergency financial aid grants related to the pandemic.

The infrastructure plan sets the stage for a drawn-out battle over his second big economic program.

As companies prepare to file for the upcoming tax season, businesses face uncertainty emerging from an enduring pandemic. Further, dealing with multiple jurisdictions’ changing laws, deadlines and requirements can often require a small army of specialists.

President Joe Biden is calling for sweeping investment in electric vehicles, renewable power and the electric grid as part of a broad blueprint to bolster the U.S. economy while combating climate change.

Estimates suggest that the total of the net operating loss refunds may eventually top $25 billion.

The Internal Revenue Service responded Tuesday to calls for extending more tax deadlines by giving taxpayers until May 17 to make IRA and HSA contributions and file some refund claims.

When to file on 8821; RMDs and the extension; cloud concerns; and other highlights from our favorite tax bloggers.