Taxes

TOPLINE In an increasingly confrontational approach to China, President Trump announced new targeted sanctions against Chinese officials on Friday, while also directing his administration to remove special exemptions for Hong Kong. “We will take action to revoke Hong Kong’s preferential treatment,” Trump said. Doug Mills-Pool/Getty Images KEY FACTS Trump announced that he would impose new

A new report finds that small businesses in the South are growing sharply.  But other economic data still show stagnation across the board.   KISSIMMEE, FLORIDA, UNITED STATES – 2020/05/23: People enjoy a raft ride at Island H2O Live! water … [+] park as the attraction becomes the only major water park in the Orlando area to

The House has passed a bill to expand PPP loans in keys ways. The Senate has its own version to be considered next week. This bill is not yet law, but it the Senate acts favorably and the President signs it, it would make key improvements. Allowing loan forgiveness for expenses beyond the 8-week covered period to

A pink piggy bank stands on a blue medical background in a medical mask. Getty Watch Robert Goulder, contributing editor at Tax Notes International, and Joseph Thorndike, director of the History Project at Tax Analysts and contributing editor at Tax Notes Federal, discuss economic parallels between the coronavirus pandemic, the Great Depression, and other key moments in U.S. history. Here

Getty In a tough economy, many taxpayers are looking for extra money – without the added tax burden. In other words: what could you put in your pocket and not be taxed? Taxable income is defined at 26 USC §63 as gross income less deductions. Gross income is defined at 26 USC §61 as “all income from whatever source derived.”

TOPLINE With the coronavirus pandemic wreaking havoc on the U.S. economy, the unemployment rate has skyrocketed, and it could remain high for the next two years as many job losses won’t recover quickly, Goldman Sachs says in a recent note. Widespread unemployment could linger longer than expected and slow an economic recovery. Nam Y. Huh/ASSOCIATED

State and local governments need federal funding for K-12 education.  Otherwise, severe budget cuts will damage the economy, undermine our long-term prosperity, and increase inequality and discrimination. Striking teachers are joined by parents and students on the picket line outside Dahlia Heights … [+] Elementary School in the Eagle Rock section of Los Angeles, California on

Businesses need to evaluate insurance coverage and decide whether to file a claim for losses arising … [+] from Covid-19. Getty Contrary to what you may think, your company’s insurance policy may cover pandemic-related losses. Most commercial property insurance policies include what’s broadly referred to as “business interruption coverage.” Right now every business wants to

Colored pencil and acrylic illustration of Government Spending blowing the roof off a capital … [+] building. Check out my “Social Issues” light box for more. Getty The government’s response to the COVID-19 pandemic has led to a massive increase in public debt. Reducing this debt will present many challenges, including a greater tax burden

SAN FRANCISCO, CA – APRIL 28: Deanna Sison takes a break from preparing preordered lunches to check … [+] the status of her federal small business loan application at Little Skillet restaurant in San Francisco, Calif. on Tuesday, April 28, 2020. Sison is struggling to keep her restaurants after federal funds made available to assist

NEW YORK, NY – March 18 MANDATORY CREDIT Bill Tompkins/Getty Images Church closing due to the … [+] coronavirus COVID-19 pandemic on March 18, 2020 in New York City. (Photo by Bill Tompkins/Getty Images) Getty Images What is with tax attorneys throwing themselves into a religious liberty Covid-19 dispute where Holy Communion gets compared with

Photo: Getty On March 27, President Trump signed the CARES Act, the $2 trillion stimulus package to help those affected by the COVID-19 pandemic. The package authorizes aid to several parts of the economy. Most of the news about the act centered around the $349 billion Paycheck Protection Program (PPP), which was later replenished with another

WASHINGTON, DC – MAY 20: Speaker of the House Nancy Pelosi (D-CA) holds her weekly news conference … [+] at the U.S. Capitol. (Photo by Chip Somodevilla/Getty Images) Getty Images The major individual income tax provisions in the House-passed Health and Economic Recovery Omnibus Emergency Solutions (HEROES) Act would cut taxes by an average of

TOPLINE With the coronavirus pandemic resulting in widespread business shutdown that have wreaked havoc on the U.S. economy, unemployment rose to record highs in nearly every state last month; Here are the top ten states with the highest jobless rates, newly released federal data shows. 43 out of 50 states hit record high levels of

TOPLINE New York Governor Andrew Cuomo said in a press conference on Friday that the number of new coronavirus cases in his state continues to decline, with two more regions planning a phased reopening of businesses next week. More than half of the state’s ten regions have begun reopening. Spencer Platt/Getty Images KEY FACTS The

Actor Sean Penn, on April 9th, outside a free Malibu, Calif. coronavirus testing site that his … [+] charity helped organize. Penn can afford a Social Security benefits cut, but a lot of other boomers born in 1960 can’t. ASSOCIATED PRESS/Chris Pizzello Bad news for Sean Penn, RuPaul, Amy Klobuchar, Adam Schiff and the nearly

Getty Why does the SBA require that a Paycheck Protection Program (“PPP”) borrower use 75% of the PPP proceeds on “payroll costs”?  It’s a curious question.  It’s particularly curious given that the CARES Act itself does not require this.  In fact, the CARES Act actually says that a borrower can spend the loan proceeds on other costs—and even mandates forgiveness for

TOPLINE China pledged on Friday to uphold its commitments under the phase one trade deal with the U.S., including purchasing of American goods like soybeans and pork, as tensions between the world’s two largest economies flare up once again. Beijing promised to implement the phase one deal despite renewed tensions with Washington. Xu Congjun/VCG via

A Briarcliff, NY 5-bedroom house with 5,568 square feet on 2.41 acres. Asking Price: $914,222; … [+] Taxes: $55,641 Mark Seiden Real Estate On May 15, Congress passed a $3-trillion stimulus bill called the HEROES Act. Buried inside the bill is a measure that would reinstate the so-called SALT itemized deductions for 2020 and 2021.

The Trump Administration hopes reopening the economy will cause growth to snap back, but even some restored growth won’t save government budgets or the economy.  We need more spending. A store displays a “Closed” sign after closing down permanently as more businesses feel the effects … [+] of stay-at-home orders amid the coronavirus pandemic on May 18, 2020