Taxes

Office – documents, ring binders, laptop, pen and calculator Getty More businesses are beginning to accept cryptocurrencies, including stablecoins, as a form of payment in addition to more traditional methods such as cash and credit card. Properly accounting for these transactions in GAAP financial statements is an emerging area as this trend continues. The Financial

Banks are grabbing a couple of billion that was meant for accountants and others who helped business people sort out the complexity of the Paycheck Protection Program. I spoke with Michael Adler of GrayLaw Group, Inc who has started the ball rolling on a class action law suit. There are 19 lawyers involved including the

Getty With headlines fading from the House of Representatives passage of the HEROES Act last week, attention is shifting to the Senate where Republicans and Democrats alike have floated myriad proposals to include in a potential next round of coronavirus relief. Earlier today, a bi-partisan group of senators unveiled a plan to create a $4,000

U.S. House Speaker Nancy Pelosi (D-CA) and Senate Minority Leader Chuck Schumer (D-NY) Getty Images Republicans are the ones usually derided for passing tax cuts that cater to the rich. But with the passage of the HEROES Act by the House of Representatives, it’s time to point a finger at Democrats. Republicans Provided Windfall To

Remember when working from home used to be a perk? Little did we know when we were building the cloud-based interfaces and bring-your-own device security protocols that made it possible to offer work-from-anywhere programs as employee incentives that we were actually building the infrastructure that would keep the economy alive during the COVID-19 pandemic. (Photo

How will California and other high tax states treat you if you working from home and just trying to stay safe in this strange new era? It is a surprisingly open question, raising state tax and even city tax issues in California and beyond. As the New York Times NYT recently warned, sheltering in place

Getty The Internal Revenue Service (IRS) has already delivered more than 140 million Economic Impact Payments (EIPs, or stimulus checks) worth $239 billion by direct deposit to accounts at financial institutions, Direct Express card accounts, and by check. Beginning this week, some Americans will receive nearly 4 million EIPs by prepaid debit card, instead of

Woman checking financial stock market analysis on smartphone in city, with illuminated city street … [+] light and urban skyscrapers as background at night Getty Allison Christians, the H. Heward Stikeman Chair in Tax Law at McGill University, tells Tax Notes contributing editor Robert Goulder about her proposal for a global excess profits tax as the third

Getty For weeks, taxpayers have been desperately seeking answers on Economic Impact Payments (EIPs, or stimulus checks). Today, the Internal Revenue Service (IRS) has announced that it will add 3,500 telephone representatives to answer some of the most common questions. That’s good news. But the IRS reminds taxpayers that telephone assistance and other services will remain

Getty The SBA just issued much-awaited guidance, allowing borrowers to claim forgiveness of their Paycheck Protection Program (“PPP”) loans.  The new guidance implements the single most enticing aspect of the CARES Act’s marquee borrowing initiative for small businesses and self-employed individuals—loan forgiveness.  The SBA’s Loan Forgiveness Application provides detailed instructions for borrowers and the calculation of PPP

French economist Thomas Piketty answers a question during his press conference at Japan National … [+] Press Club in Tokyo on January 31 2015. Japanese language version of Piketty’s book, ‘Capital in the Twenty-First Century,’ started selling in Japan from December 2014, becoming the best-selling book in Japan. AFP PHOTO / TOSHIFUMI KITAMURA (Photo credit

Economic Security Planning, Inc. Today’s column addresses questions about recouping benefits lost to the earnings test, information from Social Security about private pensions, how quarters and credits are counted, qualifying for lower Medicare premiums and being grandfathered out of the WEP. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and

TOPLINE As House Democrats try to pass a new $3 trillion coronavirus relief package later on Friday, the bill faces opposition from Republicans and moderate Democrats who take issue with its cost; meanwhile, progressives argue that the legislation doesn’t go far enough. The House will vote on the legislation Friday evening and not all democrats

TOPLINE With the House of Representatives passing the $3 trillion Heroes Act late on Friday, political leaders have largely reacted to the legislation along party lines, with Democrats urging for immediate action in the Senate while Republicans condemned the bill and reiterated that it is dead on arrival. Political leaders had mixed reactions to the

On Friday, May 15th, the Small Business Administration (SBA) released the application borrowers of a Paycheck Protection Program (PPP) loan must use to determine the amount of the loan that may be “forgiven” by their lender. While the application included instruction, the SBA failed to provide two additional items that would have greatly benefited borrowers:

LOS ANGELES, CA – OCTOBER 10: Dilithium crystal prop on display at “Star Trek – The Exhibition” at … [+] the Hollywood & Highland complex on October 10, 2009 in Los Angeles, California. (Photo by Michael Tullberg/Getty Images) Getty Images Have We Got A Deal For You? So here is the deal. Take $100,000. Invest

TOPLINE Democrats in the House of Representatives on Friday passed the $3 trillion Heroes Act despite being opposed by some members of the majority party, but the bill could be DOA as it reaches the Senate. House Speaker Nancy Pelosi exits the House Chamber of the US Capitol amid the coronavirus pandemic … [+] on

One Hundred Dollar Bill With Medical Face Mask on George Washington. Getty As Congress responds to the economic recession, job creation will be high on its list of priorities, and one option for encouraging innovation and job growth is to dust off the research credit and better align it with the policies it’s meant to promote. Congress has

PHILADELPHIA – MAY 8: Economic stimulus checks are prepared for printing at the Philadelphia … [+] Financial Center May 8, 2008 in Philadelphia, Pennsylvania. One hundred and thirty million households are eligible to receive a tax rebate check under the $168 billion economic stimulus plan. (Photo by Jeff Fusco/Getty Images) Getty Images J. Russell George,

Federal prosecutors are coming down hard on suspected abuse of the Paycheck Protection Program. Getty The Paycheck Protection Program (PPP), provided under the CARES Act, has made available $659 billion in federal crisis aid for small businesses hurt by the COVID-19 pandemic and by the necessary state shutdown measures. Offering potentially forgivable loans covering up