Tax

West Virginia didn’t need to change the laws to begin taxing streaming services.

With banks and the Federal Reserve now eyeing more lasting inflation, many financial advisors are adjusting things for their clients.

Some House lawmakers raised doubts about the terms of the deal and whether differences could be resolved in the next few days.

The Senate Republican leader ridiculed a tax plan targeting the unrealized capital gains of the ultra wealthy as a “harebrained scheme.”

President Biden will likely be unable to keep one of his key campaign promises because of unyielding resistance among even some in his own party to raise taxes.

A failure to use tax data may represent a major missed opportunity, however.

The Internal Revenue Service’s Taxpayer Advocate Service helped thousands of taxpayers last year with economic impact payments under the CARES Act, but it took months to start addressing them, often with the wrong cases.

Hikes in the top tax rates are off the table, although a “billionaire’s tax” on unrealized capital gains is under discussion.

There is increased momentum for an income tax on $1 billion or more in annual income, or three consecutive years of $100 million or more in income.

The Internal Revenue Service issued guidance to assist employers who are rehiring retirees or retaining employees past retirement age as a way to find qualified workers in a tight labor market.