Tax Strategies

There's no sugarcoating the stock market's 20% plunge, but there is a small consolation prize: one of the best opportunities in years to lower tax bills.

The IRS is projecting that the annual gross tax gap in 2014-2016 of $496 billion jumped to $548 billion for 2017-2019.

The flow of money from private foundations to donor-advised funds has jumped substantially in recent years, highlighting the increasing use of a controversial loophole in charitable law, a new audit shows.

One of the world's largest machinery producers, has struck a deal with U.S. tax authorities to end a dispute that stretches back to 2007.

Grand tax cuts have long been a centerpiece of Republican economic orthodoxy, appealing to the well-to-do who want to keep more of their income and stock-market gains. There's one problem, economists say.

Italy's Guardia di Finanza is alleging that Pfizer's unit based just outside Rome, Pfizer Italia Srl, transferred excess capital to affiliates in the U.S. and the Netherlands to avoid taxes on profits that can be as high as 26%.

A lucrative deduction for luxury vehicles used at least half the time for business will start tapering come 2023.

The Internal Revenue Service has raised tax brackets and the standard deduction by about 7% for 2023 as the soaring cost of food, energy and housing continues to batter Americans.

Inflation adjustments to tax brackets mean many Americans will owe less money to the IRS. But persistent inflation may erode the boost.

An extra $80 billion over 10 years will have major repercussions — though not necessarily the expected ones.