Senator Joe Manchin said he put the brakes on the Democrats’ tax and climate agenda in order to wait for July inflation data and to see what the Federal Reserve does next — but is willing to consider moving ahead in September. The West Virginia Democrat said Friday that he
An unprecedented global agreement on how to tax corporations, a key diplomatic win of President Joe Biden’s administration, is at risk of unraveling after members of his own party delayed a crucial vote, threatening the chances of the world’s biggest economy joining the deal. The U.S. Senate has an increasingly
Democrat Joe Manchin is once again playing spoiler for President Joe Biden’s economic agenda, bringing it to a screeching halt even after spending much of the year whittling down its grandest ambitions. The West Virginia senator said Friday it wouldn’t be “prudent” to act now on climate and tax plans
Off to the stockade; for the kids; untrustworthy; and other highlights of recent tax cases. Columbia, South Carolina: Former IRS employee Wayne M. Garvin, 57, has been sentenced to 13 months in prison after admitting to filing false returns and providing fabricated records to the IRS to obstruct an audit
Internal Revenue Service Commissioner Charles Rettig is scheduled to testify on Capitol Hill about recent reports that the IRS subjected two former FBI directors to purportedly random but rare tax audits after they were fired by former President Trump, even as IRS officials pointed Wednesday to possible explanations for the
The IRS and politics — nothing new; AICPA priorities; new blog on the block; and other highlights from our favorite tax bloggers. Capitol punishment Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): When in the past — and under what presidents and going after what targets — has the IRS gotten political? Tax
The Tax Cuts and Jobs Act of 2017 had virtually no effect on reducing compensation of top executives at companies despite promises to the contrary, according to a new study. The study pointed out that one of the many provisions of the wide-ranging tax reform package that was pushed through
The Treasury Department has developed a framework with other federal agencies for engaging with foreign countries on the regulation of digital assets, in response to an executive order from President Biden, even as lawmakers in Congress have proposed their own industry-friendly legislation. The Treasury Secretary, in consultation with heads of
The Internal Revenue Service has posted a revenue procedure to give widows and widowers the ability to file for an extension of time on a tax exclusion beyond the fifth anniversary of their spouse’s death. Revenue Procedure 2022-32, released Friday by the IRS, provides a simplified method for certain estates
Due to extensive interest, Accounting Today is extending the deadline for submissions for its annual Managing Partner Elite list of top firm leaders to the end of the day Thursday, July 14. The MP Elite report, which will be published in the August issue, identifies and profiles approximately a dozen
