Senate Majority Leader Chuck Schumer moved to wrap up a days-long debate on a $550 billion infrastructure package, setting up the Senate for a Saturday vote to approve the largest infusion of cash for roads, bridges and other domestic projects in decades. Schumer on Thursday teed up a procedural vote
Two senior Senate Democrats are proposing to end a prized tax break for the private-equity industry in a new bill that would go further than President Joe Biden’s plan and potentially raise quadruple the revenue. Senate Finance Committee Chairman Ron Wyden and Rhode Island’s Sheldon Whitehouse, a member of the
Senators Ron Wyden and Pat Toomey are drafting a proposal to overhaul a cryptocurrency provision in the $550 billion bipartisan infrastructure bill that traders and investors have criticized as being overly broad and impractical. The bipartisan duo’s more-targeted language would replace what’s in the bill the Senate is now debating
The bipartisan infrastructure bill would end a tax break Congress crafted to help businesses struggling during the pandemic but relatively few companies have claimed. The employee retention tax credit, worth up to $28,000 per employee kept on the payroll in 2021, would end Sept. 30 under the legislation that the
The U.S. Senate is heading toward passage this week of a $550 billion infrastructure bill that would provide the biggest infusion of federal spending on public works in decades and mark a major milestone for President Joe Biden’s economic agenda. The Democratic and Republican senators who negotiated the plan spent
The Justice Department directed the Treasury Department to hand over former President Donald Trump’s tax returns to Congress, a move that means six years of Trump’s personal and business financial information could become public. “We conclude that the secretary must comply with the Ways and Means Committee’s June 16, 2021
A warning from the Securities and Exchange Commission about accounting for the warrants used by special purpose acquisition companies has prompted hundreds of them to issue financial restatements. SPACs, also known as blank-check companies, have become an increasingly popular way for companies to go public by merging a privately held
A Senate proposal to ramp up IRS surveillance over cryptocurrency transactions has the industry and investors questioning the plan’s viability and its promise of generating $28 billion in tax revenue. Cryptocurrency exchanges, investors and their advisers were caught off guard Wednesday when a bipartisan Senate infrastructure agreement was released that
Global companies are benefiting from a prolonged decline in tax rates and continue to shift profits between jurisdictions to further cut their bills, new data from the OECD showed. In its annual update of a database designed to help governments analyze tax flows and make firms pay their fair share,
CPA firms are becoming increasingly concerned about clients who have lax cybersecurity in place, making them vulnerable to ransomware attacks like the ones that have been in the news lately. In early July, between 800 and 1,500 businesses around the world were reportedly affected by a ransomware attack centered on
