Tax

The Group of Seven meeting of finance officials in London next week must strike an agreement to corral the rest of the world into changing how much tax multinationals pay and where, French minister Bruno Le Maire said Thursday.

The legislation would overhaul the current menu of energy tax breaks, consolidating credits for renewable energy sources and offering incentives to any energy source that has no carbon emissions.

The Internal Revenue Service disbursed more than 1.8 million additional Economic Impact Payments totaling over $3.5 billion under the American Rescue Plan in the past two weeks.

New legislation would equalize the tax breaks for different types of recreational vehicles, including travel trailers and campers.

For accountants and tax professionals working with clients age 50 and older, there are certain tax perks to recommend that could help boost savings for the future.

The Biden administration urged the U.S. Supreme Court to turn away a New Hampshire lawsuit that challenges Massachusetts’ practice of taxing nonresidents who once worked in the state but now do their jobs from home.

President Joe Biden’s pick to lead the Treasury Department’s tax policy efforts pledged to work with lawmakers on a bipartisan basis and be a strong advocate for the Internal Revenue Service.

Finance ministers are due to begin meeting this week to home in on an accord that might feature both a minimum rate and encompass digital giants.

Even as they look to ramp up acquisitions, funds are worried about the potential impact of these much-discussed taxes.

Basis debate; relief to come; underreporting and the gap; and other highlights from our favorite tax bloggers.