Tax

The Internal Revenue Service released guidance Monday for employers claiming the employee retention credit for 2020 and how it relates to eligibility for the Paycheck Protection Program.

The Internal Revenue Service needs to take action to avoid processing delays this filing season due to the COVID-19 pandemic, according to a new government report.

Senator Elizabeth Warren, joined by Reps. Pramila Jayapal and Brendan Boyle, proposed a new wealth tax on households with a net worth of more than $50 million.

Senate Democrats are jettisoning a proposal to penalize corporations that don’t raise the minimum wage for their lowest-paid workers in an effort to keep President Biden’s broader stimulus plan on track.

The U.S. has dropped a key demand in negotiations over digital taxation of technology companies such as Alphabet Inc.’s Google and Facebook Inc., lifting a barrier that had raised transatlantic trade tensions and prevented an international deal.

A fresh initiative in the U.S. Senate to put a tax penalty on big companies as a way of forcing higher minimum wages prompted a skeptical reaction among economists including a top adviser to former President Barack Obama.

The House passed President Joe Biden’s $1.9 trillion pandemic-relief plan, spanning $1,400 stimulus checks, enhanced jobless benefits and fresh funding for vaccines and testing. Also included: a minimum-wage measure with no prospects of passing in the Senate.

The uncertainties in the year ahead are making it difficult for corporate tax executives to decide exactly what to do, given the challenges surrounding COVID-19.

New York prosecutors have received eight years of Donald Trump’s individual and corporate tax returns from the former president’s accounting firm, according to a spokesman for Manhattan District Attorney Cyrus Vance Jr.

Two Senate committee chiefs are looking at ways to raise taxes on companies paying workers less than $15 an hour, as part of a new strategy to include President Joe Biden’s push to boost the minimum wage to that level in his COVID-19 aid bill.