Tax Strategies

Congressional leaders and Trump administration officials have been meeting in secret to try to reach a united front for rewriting the U.S. tax code.

The head of the National Treasury Employees Union, which represents Internal Revenue Service employees, is asking Congress not to cut the IRS budget again.

The sweeping changes the Trump administration hopes to make to individual taxes will likely be a long time coming, Bank of America Merrill Lynch’s municipal research strategy team led by Philip Fischer writes in a report.

The Tax Court has denied a claimed charitable deduction of $33,019,000 by RERI Holdings, whose principal investor is Miami Dolphins owner Stephen Ross.

The Senate bill reduces the deficit by $420 billion, the CBO said, compared with the $321 billion in deficit reduction in an earlier version, giving Republican leaders additional money they can use to court holdout votes. Much of the increased funding comes from a decision to no longer cut taxes on the wealthy.

A former Credit Suisse Group AG banker who pleaded guilty to conspiring to help Americans hide income and assets from the Internal Revenue Service is cooperating with U.S. prosecutors in a bid for the sort of leniency her former colleagues received.

Retailers are hoping to entice back-to-school shoppers this summer.

A group of 16 House Democrats has sent a letter to the Financial Accounting Standards Board asking it to require multinational companies to disclose more country-by-country reporting information in their public financial statements about where they pay taxes and book profits.

Finance Minister Bill Morneau is proposing tax changes that would close loopholes often used by doctors and lawyers to reduce their tax burden, part of the Canadian government’s pledge to level the playing field for middle-income earners.

A group of Democrats led by Sen. Elizabeth Warren, D-Mass., and House Ways and Means Committee ranking member Richard Neal, D-Mass., has introduced legislation to allow same-sex couples who were previously barred from filing taxes jointly to now submit amended returns dating back to the year of their marriage.