The IRS is preparing for the implementation of a global tax deal this fall, according to a Treasury official who spoke at a Tax Executives Institute event this week. The Organization for Economic Cooperation and Development (OECD) is close to reaching agreement among nearly 140 countries on a global tax overhaul to address how “consumer-facing”… Read more »

The majority of House Republicans are planning to oppose the Senate-passed, bipartisan infrastructure bill when it comes to a vote on Monday. House Democrats have linked the infrastructure bill’s fate to passage of a broad $3.5 trillion social spending package that has generated infighting between moderate and liberal Democrats. Republicans don’t seem in a rush… Read more »

With President Biden’s economic agenda on the verge of collapse, congressional Democrats are planning to work through the weekend to craft a budget reconciliation package that can pass both chambers. Biden spent most of yesterday attempting to resolve substantial differences between moderate and progressive Democrats on the size and scope of the proposed spending in… Read more »

The number of Americans seeking unemployment benefits jumped last week to 332,000 after reaching a pandemic-low 312,000 the week before. The increase in new applications for jobless aid could reflect the spread of the delta variant slightly increasing layoffs, the Washington Post reported. According to the Post, last week’s increase was also small and may… Read more »