Tax

Congressional Democrats floated fresh proposals on how to increase the federal deduction on state and local taxes, but House and Senate lawmakers were at odds over whether the very rich should be allowed to take the tax break.

Democrats have found new urgency to pass the roughly $1.75 trillion tax and spending plan as well as an infrastructure bill with $550 billion in new spending after being stung by a Republican sweep of statewide races in Virginia.

The Internal Revenue Service provided detailed reporting directions Wednesday for certain passthrough entities and taxpayers reporting partnership interests held in connection with the performance of services, often referred to as “carried interest.”

The deals will help merchants automate cross-border transactions.

The move would help offset the benefits from a proposed expansion of the federal deduction of state and local taxes.

The IRS reaches north; no questions asked on the Mars minis; new on the block; and other highlights from our favorite tax bloggers.

An adverse court ruling leaves wealthy states with fewer options.

Democrats, unable to gain traction on taxes that affect only the ultra wealthy, have turned to trusts as little as $200k.

Moderates are echoing Senator Joe Manchin’s complaint about not knowing the full cost and economic impact of the Biden adminstration's plans.

That Rothko, Basquiat or Banksy hanging in the front hall may be a great way to get a tax break.