Taxes

Cutting spending prematurely could make the recession deeper and longer. A woman wearing a facemask enters a building where the Employment Development Department has its … [+] offices in Los Angeles, California on May 4, 2020, past a posted sign mentioning the closure of the offices’s public access counters due to the coronavirus pandemic. -(Photo

LIVERPOOL, ENGLAND – MARCH 11: Diego Costa of Atletico Madrid during the UEFA Champions League round … [+] of 16 second leg match between Liverpool FC and Atletico Madrid at Anfield on March 11, 2020 in Liverpool, United Kingdom. (Photo by Robbie Jay Barratt – AMA/Getty Images) Getty Images La Liga players may not be

Getty The Internal Revenue Service (IRS) has now processed 159 million Economic Impact Payments (EIPs, sometimes called stimulus checks), totaling almost $267 billion. That includes 120 million direct deposits, 35 million paper checks, and 4 million pre-paid debit cards. (You can find out how out many payments went to your state here.)  But the IRS isn’t done yet. Millions

TOPLINE New estimates from the Congressional Budget Office show that extending the extra $600 unemployment benefits until 2021 would boost consumer spending but stifle growth in other areas.  The US Capitol on March 26, 2020, in Washington, DC. AFP via Getty Images KEY FACTS The CBO estimates that if the benefits are extended until January

Getty Paycheck Protection Plan or PPP loan borrowers are breathing a huge sigh of relief. In the afternoon hours of June 3rd, the Senate unanimously passed by voice vote the Paycheck Protection Plan Flexibility Act. This bill had been approved by the House last week on May 28th. The House’s vote was 417-1 with the lone dissent by

Earlier today, the Senate unanimously approved H.R. 7010, a bill that will dramatically alter several critical terms of the recently-enacted Paycheck Protection Program (PPP). The bill, which passed the House last week and now heads to the President’s desk for signature, will provide much needed relief for borrowers as they seek forgiveness of their loan

Kitchen worker Misael Cruz, 38, wears a surgical mask and gloves as he prepares food at Little Tong … [+] Noodle Shop that is providing meals on a voluntary donation basis for take-out only as authorities restricted gatherings and barred sit-down dining due to coronavirus concerns, Tuesday, March 24, 2020, in New York. The restaurant,

Employee stock purchase plans (ESPPs) offer more shelter from down and volatile stock prices than … [+] stock options do. Getty When stock prices fall, the topic of underwater stock options tends to rise. Companies have well-established choices for handling employee stock option grants in which the market price of the company’s stock is cheaper

DORAL, FL – MARCH 06: Republican presidential candidate Donald Trump makes an appearance prior to … [+] the start of play during the final round of the World Golf Championships-Cadillac Championship at Trump National Doral Blue Monster Course on March 6, 2016 in Doral, Florida. (Photo by Mike Ehrmann/Getty Images) Getty Images The Eleventh Circuit

TOPLINE The market finished higher on Tuesday, with stocks continuing to rally on optimism about a reopening of the economy despite widespread civil unrest across the country over the killing of George Floyd. Protesters march across the Brooklyn Bridge as part of a rally calling for justice over the death of … [+] George Floyd.

TOPSHOT – US President Donald Trump looks at a pre-paid debit card during a meeting with his cabinet … [+] on May 19, 2020 in the Cabinet Room of the White House in Washington, DC. – The card will be issued by the Internal Revenue Service to distribute nearly 4 million dollars in stimulus aid

The IRS has announced that this summer for the first time, you can amend your tax return (file Form 1040-X) electronically. That is a big deal, since up to now, every amended tax return had to be filed the old-fashioned way, on paper and in the mail. About 3 million Forms 1040-X are filed by taxpayers

Photo: Getty Bitcoin taxes are becoming a hot topic after the IRS has cracked down on cryptocurrency investors over the past year. Last year alone, the IRS sent out more than 10,000 warning and action letters to individuals suspected of misreporting bitcoin capital gains and losses income on their tax returns. In this article, we’ll

Economic Security Planning, Inc. Today’s column addresses questions about when benefit rate increases due to continued income are applied, spousal benefit early filing reductions, when disability benefits convert to retirement benefits, whether SSA’s estimates include COLAs and widow’s benefits before retirement benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder

US Treasury Secretary Steve Mnuchin shows US President Donald Trump a pre-paid debit card during a … [+] meeting with his cabinet on May 19, 2020 in the Cabinet Room of the White House in Washington, DC. – The card will be issued by the Internal Revenue Service to distribute nearly 4 million dollars in

Getty The Internal Revenue Service (IRS) has announced a game-changer: later this summer, taxpayers will be able to file Form 1040-X, Amended U.S Individual Income Tax Return, electronically. Before this year, you could only amend your tax return by paper. At the best of times, that could mean a six-to-eight week wait for processing. And these are not

Getty As the country opens up from the Covid-19 lockdown, the Small Business Administration (SBA) continues to release FAQs for the Paycheck Protection Program or PPP loans. Yet the additional information being released is causing stress for both borrowers and tax professionals alike. “The guidance for the Paycheck Protection Program has to be the most

Getty Images/iStockphoto Natural disasters have been a seemingly constant news fixture in recent years, including massive wildfires in California and Australia, Midwestern flooding, and the devastating 2017 hurricane season. And now, of course, we are battling the coronavirus (COVID-19) globally. Thankfully, there have been high-profile charitable efforts to assist the victims of these events. What many may

Getty A great strategy for employers looking to assist employees is to institute a Section 139 plan. These plans can be optimal in circumstances where a large-scale disaster such as a hurricane or the coronavirus (COVID-19) pandemic. They leverage favorable tax treatment to provide aid in times of need for employees. Assessing the Need Employers

TOPLINE The market fell sharply for most of Friday as investors braced for President Trump’s announcement regarding China, but despite new sanctions and penalties, stocks turned positive after the phase one trade deal was kept intact. Trump will make an announcement regarding U.S.-China relations on Friday. Doug Mills-Pool/Getty Images KEY FACTS The Dow Jones Industrial