The Treasury Department and the IRS announced a new initiative this week to close a tax loophole known as “partnership basis shifting.” That’s where businesses use different legal entities ...

The IRS and Treasury Department on Monday unveiled a plan to end a major tax loophole used by wealthy taxpayers, a move that could generate as much as $50 billion in revenue over the next decade.

The US Treasury announced new rules on Monday to crack down on 'partnership basis shifting' as they warned they were coming after $160 billion owed by the top 1 percent of earners each year.

The U.S. Department of the Treasury and the IRS on Monday unveiled a plan to "close a major tax loophole" used by large, complex partnerships, which could raise more than an estimated $50 billion ...

WASHINGTON (AP) — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department says. The ...

The IRS and Treasury Department unveiled a plan to close a loophole used by the nation’s ultra-wealthy and raise $50 billion in tax revenue in the next decade. Investopedia’s Editor-in-Chief ...

The US Treasury and IRS are closing a tax loophole used by the über-wealthy. They're cracking down on "opaque" business structures that "inflate" deductions. The proposed regulations could ...

The IRS says it's closing a tax loophole that has allowed the wealthy to make billions of dollars in taxable income disappear. IRS plans to close major tax loophole for wealthy, raise $50 billion ...

JPMorgan Chase CEO Jamie Dimon said at the Reagan National Economic Forum on Friday that the US should be taxing carried interest, a loophole that has allowed private market investors to benefit ...

U.S. Treasury Secretary Scott Bessent confirmed on Friday that Deputy Treasury Secretary Michael Faulkender has been appointed acting Internal Revenue Service commissioner, replacing longtime IRS ...

WASHINGTON — The IRS plans to end a major tax loophole for wealthy taxpayers that could raise more than $50 billion in revenue over the next decade, the U.S. Treasury Department said.