Tax Strategies

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.

The three lawmakers vying to chair the powerful Ways and Means Committee — Vern Buchanan of Florida, Jason Smith of Missouri and Adrian Smith of Nebraska — embody the ideological tension within the Republican Party.

Eric Adams released his 2021 tax returns on Friday, six months after he pledged to provide the public with the information.

Benefits will be going up the most in 40 years as part of the annual cost of living adjustment in response to inflation.

While many new tax provisions don't take effect until 2023, tax advisors will be expected to alert their clients to issues affecting them.