Tax

More than 20 percent of the wealthiest Americans’ income isn’t being reported to the Internal Revenue Service, according to a new study that calculates U.S. tax evasion is far higher than previously estimated.

Which has more priority — reviewing a return that would take two hours to complete, or reviewing 12 returns that would take 10 minutes each?

President Joe Biden’s economic team at the White House is determined to make good on his campaign pledge to raise taxes on the rich, emboldened by mounting data showing how well America’s wealthy did financially during the pandemic.

Fewer than two out of every 100 taxpayers reporting over $1 million in income were audited by the Internal Revenue Service in fiscal year 2020, according to a new report.

Investors would face a 0.1 percent tax on each sale of stocks, bonds and derivatives under a Democrat-led proposal aimed at curbing risky trading behaviors.

The Biden administration said in a response to concerns raised by Republicans that state governments accepting pandemic-relief money from Washington are allowed to cut taxes, but only if they don’t use the federal aid to offset those reductions.

Experts read the tea leaves in the American Rescue Plan and other early hints of the administration’s revenue proposals.

The IRS will automatically process refunds for individuals who paid taxes on their unemployment benefits before Congress passed a law making those payments tax-free, Commissioner Chuck Rettig said.

Tanked; lobby hobby; you’re not undercover, are you?; and other highlights of recent tax cases.

Senate Democrats are sponsoring legislation to safeguard stimulus payments from debt collectors, while Republicans want states to be able to use funds from the new relief package for tax cuts.