Taxes

Complications related to the COVID-19 pandemic resulted in a massive backlog at the Internal Revenue Service in the processing of business-related tax returns in 2020, according to a report from the Treasury Inspector General for Tax Administration.

Progressive Democrats, who had hoped unified party control of the government could spur transformative tax increases on multinational companies and wealthy individuals, look like they will have to settle for a more modest outcome.

Current and former executives of hedge fund Renaissance Technologies LLC will personally pay as much as $7 billion in back-taxes, interest, and penalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.

President Biden is facing pushback from some House Democrats over his plan to substantially raise taxes on investment gains – a key part of funding his sweeping, multitrillion-dollar economic agenda.

IRS Commissioner Chuck Rettig said Thursday that additional funding could help the agency crackdown on wealthy tax dodgers and recover billions in lost revenue.

Long-haul truckers and buses need to file and pay the heavy highway vehicle use tax by Tuesday, August 31, the IRS said.

The Internal Revenue Service on Tuesday said that victims of Hurricane Ida, including all Louisiana residents, have until Jan. 3, 2022 to file individual and business tax returns and make payments due after Aug. 26.

U.S. corporations would be hit with steeper penalties for shifting profits overseas under a draft proposal unveiled Wednesday by Senate Democrats as lawmakers look to generate revenue for President Biden's sweeping, multitrillion-dollar economic plan.

Land Tejas Executive Vice President Uri Man discusses a new WalletHub report that found Texas cities rank highest for the best places to buy a house in 2021.