Tax

Chancellor of the Exchequer Jeremy Hunt plans to cut a surcharge on U.K. bank profits, effectively shielding them from the bulk of an increase in the country's corporate tax rate as the government tries to preserve the competitiveness of Britain's finance industry.

Credit Suisse Group agreed to pay €238 million ($234 million) to settle a French criminal probe into allegations the bank helped clients stash undeclared funds.

Jamie Dimon, the chief executive of JPMorgan Chase, will discuss bank taxes and the U.K.'s plans to boost the finance sector's competitiveness in a telephone call next week with U.K. Chancellor of the Exchequer Jeremy Hunt.

A Wisconsin taxpayers group asked the U.S. Supreme Court to block President Biden's student-loan relief plan from taking effect, accusing him of usurping the power of Congress and costing taxpayers potentially more than $1 trillion.

JPMorgan Chase's Frankfurt offices are being raided by Cologne prosecutors as part of their vast probe into the Cum-Ex scandal that robbed tax payers of billions of euros.

The new law relies partly on U.S. companies paying higher taxes to raise money for climate change and health care initiatives. Here's how banks will be affected.

April and Column Tax are among the startups capitalizing on the idea that taxes are part of a person’s financial life and banks are most suited to help with tax preparation and filing.

The mortgage interest deduction is capped, but the investment interest expense deduction isn’t.

R. David Yost and his soon-to-be-former son-in-law are slugging it out in court over allegations of tax evasion.

The tax preparation giant is diversifying its services with a digital bank that it hopes will entice customers with no-fee features, cash back rewards and early access to paychecks.

The Biden administration is poised to specify which cryptocurrency firms will be forced to report reams of customer data to the Internal Revenue Service, said people familiar with the matter.

Some Senate Democrats are mulling a revised proposal that would require banks and credit unions to report account data tied only to business, not personal, income. Despite the change and attempts to minimize compliance costs, industry officials remain opposed.

U.S. legislation designed to protect trillions of dollars of assets from chaos when global regulators phase out the interest-rate benchmark Libor is being held up in the House, over a dispute involving tax-related language, according to lawmakers and congressional aides.

A bipartisan team of U.S. senators is introducing a bill to narrow some cryptocurrency tax reporting rules that were laid out in the infrastructure legislation that’s set to become law on Monday.

Twenty-one centrist Democratic lawmakers raised concerns about the provision, which banks have fought to keep out of the social policy package. Meanwhile, the White House made no explicit mention of it in a draft summary of the bill.

The levy targets large financial institutions as a source of revenue. Industry groups argued that it discriminates against out-of-state banks, but the Washington Supreme Court disagreed.

Congress is considering whether to fund Biden administration spending priorities by forcing tax evaders to pay what they owe. Banks are intensifying efforts to kill a related provision requiring them to share more account data with the Internal Revenue Service.

JPMorgan Chase settled a longstanding French criminal investigation over allegations it helped clients commit tax fraud for 25 million euros ($29.6 million).

Infrastructure will command most of lawmakers’ attention, but expect banks to keep pushing for bills that would ease the transition away from a key benchmark rate and help them serve legal cannabis businesses.

Financial services companies are set to be exempt from a global plan to make multinational firms pay more tax to the countries where they operate, in a win for U.K. Chancellor of the Exchequer Rishi Sunak.