Tax Strategies

The service didn’t flag hundreds of millions of dollars of unsupported deductions.

The Senate Finance Committee chairman's legislation would streamline the 199A deduction for qualified business income, allowing accountants, lawyers, doctors and others to qualify, but phasing out above $400,000.

So far, the Speaker of the House has been relegated to the sidelines in the stalled Senate debate over a $3.5 trillion budget blueprint.

The bill would expand eligibility for the “pass-through” deduction to lawyers, accountants or doctors making above certain income thresholds.

The Senate Majority Leader will take a preliminary step Monday that would lead to a first test vote on the infrastructure plan by Wednesday. He set the same day as a deadline for all Senate Democrats to unite behind a budget blueprint.

Democrats may include at least a partial expansion of the state and local income tax deduction in the $3.5 trillion budget outline that Senate Democrats agreed upon this week.

President Joe Biden urged Senate Democrats to act boldly on his sweeping social and economic agenda Wednesday, as they began hashing out details of an $3.5 trillion tax and spending agreement that marks a crucial step forward for his plan.

Democratic leaders want voters in key states to know which party is responsible for the checks Americans with young children are set to start receiving on Thursday.

Senate Democrats on the Budget Committee agreed to set a $3.5 trillion top-line spending level for a bill to carry most of President Joe Biden’s economic agenda into law without Republican support, bridging divisions — for now — among some party factions.

National tax offices were flooded with more than 500 inquiries a day from their field offices after the 2017 tax law, and a confused response cost some accounting firms clients. What lessons can be learned?