Group of business executives in discussion while eating lunch in restaurant Getty One of President Trump’s demands for the next COVID-19 relief bill is restoration of the tax deduction for business meals and entertainment expenses. Since the president has a long history in the hospitality business, his affinity for this tax subsidy isn’t surprising. But
Taxes
Getty The SBA issued a FAQ extending the due date to seek relief under the SBA’s safe harbor for borrowers who made incorrect certifications during the PPP loan process. The extension provides borrowers with an opportunity to repay proceeds by May 14, 2020 as part of a voluntary disclosure process whereby the SBA will deem the
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
Home Office Deduction in 2020- what you need to know about this valuable tax deduction in the time … [+] of coronavirus. Getty Images One of the significant social side effects of the COVID-19 pandemic is a wave of people suddenly working from home. You may be wondering if you can now get a nice
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
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.
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
TOPLINE New York Governor Andrew Cuomo said in a press conference on Saturday that the rate of coronavirus infections in his state is continuing to decline, with the number of daily hospitalizations falling to its lowest point in over a month. Cuomo wants to see the rate of new infections fall even further. Stefani Reynolds/Getty
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
FILE- In this June 15, 2018, file photo, twenty dollar bills are counted in North Andover, Mass. (AP … [+] Photo/Elise Amendola, File) ASSOCIATED PRESS OBSERVATIONS FROM THE FINTECH SNARK TANK The second round of the Paycheck Protection Program (PPP) launched April 27, with complaints about the Small Business Administration’s (SBA) system to submit loan
The second largest tax break in the massive CARES Act – $135 billion – applied to a relatively small number of taxpayers. The Joint Committee on Taxation indicated that over 80% of the benefit went to 43,000 returns with income over a million dollars. WASHINGTON D.C., April 21, 2020 — The U.S. Capitol Building is
Getty Drs. Fauci and Birx, you are working tirelessly and heroically to fight Coronavirus. I and hundreds of millions of other Americans thank you for your efforts. If the President drags his feet on this as he’s done on most everything, resign and organize the governors to do this. Dear Drs. Fauci and Birx, You
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
On April 30, the IRS ruled out tax deductions for wages and rent paid with forgivable PPP loans. The IRS views it as a double dip. But some Senators and Congressmen are pushing back, saying that expenses funded with small business loans should be tax deductible after all, disagreeing with the IRS. The stakes clearly
Getty This day in time, everyone has an opinion about everything. Tax law is no different. Tax attorneys routinely provide written tax opinions to their clients on a variety of tax issues. Generally, clients request tax opinions to get additional comfort or gauge risk on the tax effects of a transaction. Other times, clients may request a tax opinion
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
TOPLINE Stocks have skyrocketed since their coronavirus low in late March, but experts are now warning that dismal economic data and lackluster corporate earnings are reasons to be skeptical of the market’s latest rally. There are reasons to doubt the stock market’s latest rally, experts say. Mark Lennihan/ASSOCIATED PRESS KEY FACTS April was the stock
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
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
TOPLINE States are facing massive budget shortfalls—now forecast to be $650 billion over the next three years—due to the coronavirus, sparking a debate among governors and senators alike over whether they should receive more federal funding or if they should be left to declare bankruptcy. Here is how that debate is taking shape inside and