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.
Taxes
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
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
Telemarketer robocaller scam calling smartphone with woman holding telephone in house Getty Robocalls — no one can deny they’re a nuisance. For me, one positive result of the lockdown caused by the novel coronavirus crisis is that it seems like telemarketing businesses responsible for the robocalls aren’t making them. During these past few weeks, my
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
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
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
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
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
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 New York Governor Andrew Cuomo said in a press conference on Saturday that the number of new coronavirus cases in his state continues to decline, as several regions begin a phased reopening of businesses. Half of New York’s ten regions have begun a phased reopening. Al Bello/Getty Images KEY FACTS The number of total
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:
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
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
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
US Speaker of the House Nancy Pelosi arrives to speaks about the coronavirus pandemic during her … [+] weekly press conference at the US Capitol in Washington, DC, May 7, 2020. (Photo by SAUL LOEB / AFP) (Photo by SAUL LOEB/AFP via Getty Images) AFP via Getty Images The U.S. House of Representatives is moving