Tax Strategies

Roth conversions and backdoor Roths ease COVID financial pain for wealthy earners this tax season

A donor has asked the IRS to open a fraud investigation into a nonprofit that builds schools in Africa, and for Canada’s federal police to seize its records.

New York lawmakers could take on a politically weakened governor to push their own budget agenda, including a more progressive tax policy targeting the ultra-wealthy.

The House Oversight and Reform Committee is probing whether executives at four drug industry companies plan to use a pandemic-related tax break to deduct opioid settlement payments.

Senator Elizabeth Warren said IRS funding should be bolstered so the richest Americans get audited about once every three years as part of her proposed 2 percent annual tax on wealth in excess of $50 million.

A Biden proposal to change the tax deduction for contributions to a tax credit could have serious implications.

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.

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.

Senate Majority Leader Chuck Schumer is weighing adding a provision to the $1.9 trillion COVID-19 relief plan that would put a penalty tax on big companies that don’t pay workers at least $15 an hour, a Democratic aide said on condition of anonymity.

A ‘wave’ of claims for the Domestic Production Activities Deduction sparks an alert.