Tax

The Senate Republican leader ridiculed a tax plan targeting the unrealized capital gains of the ultra wealthy as a “harebrained scheme.”

President Biden will likely be unable to keep one of his key campaign promises because of unyielding resistance among even some in his own party to raise taxes.

A failure to use tax data may represent a major missed opportunity, however.

The Internal Revenue Service’s Taxpayer Advocate Service helped thousands of taxpayers last year with economic impact payments under the CARES Act, but it took months to start addressing them, often with the wrong cases.

Hikes in the top tax rates are off the table, although a “billionaire’s tax” on unrealized capital gains is under discussion.

There is increased momentum for an income tax on $1 billion or more in annual income, or three consecutive years of $100 million or more in income.

The Internal Revenue Service issued guidance to assist employers who are rehiring retirees or retaining employees past retirement age as a way to find qualified workers in a tight labor market.

The NCAA began allowing university athletes to earn money from their name, image and likeness this summer, and now they could find themselves owing taxes for the first time in their lives.

Here are some tips for accounting firms to advise their clients and internal teams to invest in employee wellness.

The Arizona Democrat — who has opposed raising rates on corporations and individuals — will back ways of increasing revenue from domestic corporations, global companies, high net-worth individuals and through tax enforcement.