Taxes

Getty The Internal Revenue Service has issued a series of questions and answers regarding the CARES Act coronavirus-related relief for retirement plans and Individual Retirement Accounts. That’s helpful as folks consider tapping these accounts in the economic downturn.  As of April 17, Fidelity Investments found that 164,950 individuals (nearly 1 out of 100) covered under
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Getty The IRS ruled that a Paycheck Protection Program (PPP) borrower who spends PPP funds on normal business expenses cannot deduct those expenditures for federal tax purposes.  But its position, which left many in congress wondering if the IRS missed the 335-page memo, may not be the last word.  Today, a bipartisan group of congressional leaders formally alerted the Treasury
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Coronavirus and the United States map with flag. Getty In this episode of Tax Notes Talk, Katie Quinn of McDermott Will & Emery discusses the state tax implications of the COVID-19 pandemic with Tax Notes senior reporter Lauren Loricchio. The interview has been edited for length and clarity. Lauren Loricchio: Hi Katie, thanks for being on the podcast. 
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Photo: Getty The recent proposals to allow companies to immediately expense 100% of real estate, while well intentioned, would have far more negative consequences than the benefits some promise. Larry Kudlow, director of the National Economic Council, is recommending that companies be allowed 100% immediate expensing for all costs, including buildings, in an effort to
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COVID-19 may change what your retirement looks like, but it won’t change the Maximum Social Security … [+] benefit you can get in 2020.LAS VEGAS, NEVADA – APRIL 23: (L-R) Retired nurse Minda Banaria, UNLV School of Nursing assistant professor Dr. Rhigel Jay Tan, a licensed nurse practitioner in psychiatric mental health, and retired nurse
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Economic Security Planning, Inc. Today’s column addresses questions about how filing early can affect a spouse’s benefits, whether survivor benefits from a spouse’s public pension can reduce Social Security benefits, children’s survivor benefits, divorced spousal benefits and estimated age 70 benefits. Larry Kotlikoff is a Professor of Economics at Boston University and the founder and
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TOPLINE As some states begin to relax lockdown orders and allow businesses to reopen, a new report from the Penn Wharton Budget Model (PWBM) on Friday found that reopening before June could save 18 million jobs but also result in over 200,000 additional Covid-19 deaths. New findings from Penn Wharton show that reopening states in
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Burger poster in the city. Getty There are those who might disagree, but I don’t see anything inherently wrong with the concept of states imposing sales or gross receipts taxes on digital advertising, especially if they already tax a wide range of services. Yet that doesn’t mean there isn’t a problem. Though the concept may
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Getty You probably already know that you can fix most tax return mistakes by filing an amended return. If IRS doesn’t correct your error or if it’s a huge mistake or if you forgot to report something important (like being married), you can amend your previously filed tax return with a federal form 1040X, Amended U.S. Individual Income Tax Return (downloads as
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