Taxes

US President Donald Trump looks on as US Secretary of the Treasury Steve Mnuchin speaks during a … [+] meeting with Republican members of the US Congress in the State Dining Room of the White House in Washington, DC, on May 8, 2020. (Photo by MANDEL NGAN / AFP) (Photo by MANDEL NGAN/AFP via Getty

In new guidance, the SBA has quelled some of the anxiety about the necessity certification for PPP … [+] loans, hopefully encouraging more small businesses to seek crisis aid. Getty The Paycheck Protection Program provided under the CARES Act has given needed funding for small businesses affected by the COVID-19 pandemic. However, it has also raised

PALM BEACH, FLORIDA – NOVEMBER 01: President Donald Trump’s Mar-a-Lago resort is seen on November 1, … [+] 2019 in Palm Beach, Florida. President Trump announced that he will be moving from New York and making Palm Beach, Florida his permanent residence. (Photo by Joe Raedle/Getty Images) Getty Images The Dock And The Vote Manuel

On May 12, 2020, the IRS sent out a statement of work (SOW) requesting help from independent consultants to crack down on cryptocurrency tax non-compliance. According to the SOW, the IRS is seeking help from technology companies in the crypto tax software space in reconciling taxpayers’ reported cryptocurrency gains and losses on the tax returns.

The United States Tax Court, like many courts around the country, is closed. Trial sessions are cancelled, and the court typically doesn’t have in-person status hearings or oral arguments on motions even when the world isn’t shut down due to a pandemic. Tax Court petitions, which have to be filed in paper and delivered either

House Speaker Nancy Pelosi speaks about the Heroes Act, Tuesday, May 12, 2020, on Capitol Hill in … [+] Washington. (Saul Loeb/Pool via AP) ASSOCIATED PRESS After weeks of will they or won’t they, they did: House Speaker Nancy Pelosi announced a new COVID-19 economic relief proposal. The bill is known as the Health and

WASHINGTON, DC – APRIL 06: Spring flowers bloom in front of the U.S. Supreme Court. The Court … [+] “will postpone the oral arguments currently scheduled for the April session,” but “continue to proceed with the resolution of all cases argued this Term.” (Photo by Alex Wong/Getty Images) Getty Images Last week, President Trump reaffirmed the

FARMINGDALE, NEW YORK – APRIL 30: An employee at D’Addario & Company works on manufacturing face … [+] shields (Photo by Bruce Bennett/Getty Images) Getty Images Employee relief funds are a smart way for employers to help employees in need, particularly during times like the current Coronavirus (COVID-19) crisis. These funds, when run by independent

Getty As the Coronavirus (COVID-19) pandemic continues, millions of people across the country are dealing with significant uncertainty. This includes not only physical and emotional difficulties, but also serious financial strain. Many employers are responding with employee relief funds. If done in partnership with a public charity, contributions to the fund (which can come from

Model house on a white background with viruses around. Getty Kate Kraus, a partner at Allen Matkins, tells Tax Notes legal reporter Eric Yauch the unexpected tax results of recent coronavirus legislation on the real estate market. The interview has been edited for length and clarity. Eric Yauch: Kate, thanks for being here today. Kate Kraus: Hey.

Economic Security Planning, Inc. Today’s column addresses questions about filing for spousal benefits only while delaying retirement benefits, survivor benefits from a public pension, declining divorced widow’s benefits, self-employment and Social Security earnings records and collecting when eligible for more than one benefit. Larry Kotlikoff is a Professor of Economics at Boston University and the

Getty It appears that two New England businessmen took the concept of “free money” way too far. David A. Staveley (a/k/a Kurt D. Sanborn) of Andover, Massachusetts, and David Butziger of Warwick, Rhode Island, have been accused of conspiring to illegally obtain funds through the Paycheck Protection Program (PPP). The PPP offers billions of dollars in potentially forgivable

Former Presidential candidates Kamala Harris and Bernie Sanders are teaming up to introduce a new … [+] stimulus check proposal. Getty Images The COVID-19 emergency has had a devastating impact on our economy and there is growing support for a second stimulus payment to help ease the financial burden many Americans are facing. Over the

Getty For weeks, I’ve been fielding questions from taxpayers who were hoping to have their stimulus checks applied to pre-paid debit or benefits cards. That is the case for some taxpayers, but most taxpayers have only two options: direct deposit or paper check. Both of them require access to a bank account or a check-cashing service. 

Stressed businessman in the office. Getty Don’t let the cure be worse than the disease. You’ve heard this remark in discussions of the COVID-19 pandemic. President Trump even tweeted it. The gist of the comment is that the widespread lockdowns across the country are inflicting an economic collapse that’s arguably worse than the virus we’re trying to

PALM BEACH, FL – MARCH 27: A general view of Mar-a-Lago as President Trump signs a two trillion … [+] dollar caronavirus relief bill excluding Trump businesses and properties due to the Coronavirus (COVID-19) pandemic on March 27, 2020 in Palm Beach Florida. Credit: mpi04/MediaPunch /IPX mpi04/MediaPunch/IPx Revelations about President Trump’s Mar-a-Lago residence may cost

WASHINGTON, DC – APRIL 27: The Internal Revenue Service headquarters building appeared to be mostly … [+] empty April 27, 2020 in the Federal Triangle section of Washington, DC. The IRS called about 10,000 volunteer employees back to work Monday at 10 of its mission critical locations to work on taxpayer correspondence, handling tax documents,

Treasury Secretary Steven Mnuchin and the IRS are right: Because the hundreds of billions of dollars that businesses are getting through the Coronavirus Aid, Relief, and Economic Security (CARES) Act’s Paycheck Protection Program (PPP) are tax-free, the expenses these funds pay for should not be tax deductible. As Mnuchin explained: “This is basically Tax 101.” Yet,

As the Paycheck Protection Program unfolded, one of the biggest disappointments was IRS giving notice that payments made under the program would not be deductible. A few foresighted souls had seen that coming, but the general view was that they would be deductible, since denying the deductions made the provision of the act indicating that

The Fed’s historic $500 billion intervention will help stabilize the muni market. But it won’t solve the plummeting state and local budgets caused by the pandemic recession. Federal Reserve Chairman Jerome Powell is overseeing a historic intervention in municipal bond … [+] markets. (Photo by Federal Reserve via Getty Images) Getty Images Among the extraordinary policy