Individual income taxation

The proposal in President Joe Biden’s fiscal 2023 budget to impose a 20% minimum tax on certain high-wealth individuals is seen as likely to raise thorny issues and likely even constitutional challenges.

The Internal Revenue Service pushes back against suggestions that errors in the letters, which report to taxpayers their advance child tax credit payments for 2021, are widespread.

Procedures are available for individuals not otherwise required to file a return to claim three common tax credits.

FAQs on the Service’s website are updated for preparing 2021 returns.