Tax

Congressional leaders expect heavy lifting ahead.

Taxpayers who have decided to convert a traditional IRA into a Roth IRA may be wondering if they should take the plunge now and pay tax on the conversion this year, or wait till next year when tax rates may be lower under the reform plan Congress will reportedly consider this fall.

Leaders of the Senate Finance Committee said they were “taken aback” to find out the Internal Revenue Service has recently signed a $7.25 million contract with Equifax for verifying taxpayer identities after the company admitted to a massive data breach exposing the personal information of approximately half of all Americans.

The Internal Revenue Service released guidance Wednesday to give tax relief to residents of Puerto Rico and the U.S. Virgin Islands who have evacuated the islands or were unable to return because of Hurricanes Irma or Maria.

Amazon.com Inc. was slapped with a European Union order to pay 250 million euros ($294 million) plus interest in back taxes to Luxembourg as the world’s biggest online retailer became the latest U.S. giant to run afoul of the bloc’s tough rules on government subsidies.

A group of conservative House Democrats is embracing some elements of a GOP plan to cut taxes, potentially creating an opening for Republicans to win bipartisan support.

Even the most drastic changes to the Internal Revenue Code won’t diminish accounting and tax pros’ needs for tools that deliver in-depth, accurate info.

The Halloween tax; death during dishonor; define ‘gambler;’ and other highlights from our favorite tax bloggers.

The White House is showing “softness” on ending a $1.3 trillion federal tax deduction filers get for their state and local taxes, Senator Bob Corker said Monday, warning that it raises questions about the GOP’s “intestinal fortitude” and could imperil a tax overhaul.

The treatment of pass-throughs and how their income is taxed is a major issue for legislators.