DAILY BRIEFING

By Laura Davison and Christopher Condon       1 min read

The Biden administration is also calling for banks to report on account flows to help boost tax-payment compliance. View story →

By Laura Davison and Christopher Condon       4 min read

The U.S. Treasury Department estimated that wealthy taxpayers as a group are hiding billions of dollars of income, a conclusion that aims to bolster the Biden administration’s call for Congress to approve expanded IRS funding and broad new financial-transaction reporting requirements. View story →

By Saleha Mohsin and Laura Davison       2 min read

Treasury Secretary Janet Yellen’s team has proposed a 15% global minimum corporate tax in international negotiations aimed at ending competition to lure companies through cheap rates, which then end up eroding government revenues. View story →

By William Horobin and Isabel Gottlieb       2 min read

Technology hardware, health care and pharmaceutical companies would be most impacted by U.S. proposals to rewrite international tax rules, according to a new analysis. View story →

By Nancy Cook and Laura Davison       4 min read

The Biden administration’s proposal to dramatically expand the inheritance tax bill for wealthy Americans is running into some headwinds with Democrats on Capitol Hill, showcasing nervousness about the scope and size of elements of the White House’s ambitious tax plans.  Read story →

By Allyson Versprille and Colin Wilhelm       4 min read

The dilemma represents another challenge with the special legislative process known as budget reconciliation.  Read story →

By Michael Cohn       4 min read

The U,S, Small Business Administration is urging food and beverage establishments to submit their applications for the Restaurant Revitalization Fund by next Monday.  Read story →

By Jeff Stimpson       1 min read

Notice 2021-31 explains a new credit from the American Rescue Plan Act. Read story →

By Michael Cohn       4 min read

The court unanimously ruled against the service in a decision enabling taxpayers to sue over a tax regulation, even before any penalty has been assessed. Read story →