The White House has declined to take a position on new proposals to impose a penalty on big U.S. companies as a way to push through a minimum-wage increase. The initiative put forward by two Senate committee chairs threatens to complicate passage of President Joe Biden’s $1.9 trillion pandemic-relief bill.

Democrats are racing to salvage a key progressive agenda item -- higher wages for low-paid workers -- but they are running out of time to attach it to their $1.9 trillion stimulus bill and pass the legislation by a March 14 deadline.

U.S. personal incomes soared in January as Americans received another round of pandemic-relief checks, helping to re-charge the economy with the strongest spending advance in seven months.

A Colorado marijuana dispensary argued the U.S. Supreme Court should consider a challenge to an IRS summons over possibly improper business deductions because the case offers an opportunity to address the definition of constitutional income under the 16th Amendment.

The Organization for Economic Cooperation and Development is exploring measures to help countries implement its global minimum tax proposal, it said Friday.

Many employees are approaching the one-year mark of working from home, with no set date to return to the office. For those who live in different states from where their employers are based, tax returns due this year and beyond may be particularly complicated.

Lawmakers in a half-dozen states are considering measures that would tighten their statutes for taxing large multistate corporations and crack down on tax avoidance strategies involving intercompany transactions.

Retail investors had the opportunity to make a lot of money thanks to recent spikes for GameStop, AMC, and other stocks. New traders who cashed out big gains in 2020 could face complications this tax season.