Taxes

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

$1 trillion in federal assistance to state and local governments is necessary. Without it, we will take a severe—and totally unnecessary— hit to essential public services and to the economy. The federal government needs to send money to state and local governments.(Photo by Mark … [+] Wilson/Getty Images) 2013 Getty Images Yesterday, House Speaker Nancy

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

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

The federal government is providing stimulus checks to Americans in the coming weeks. Getty The harsh economic consequences of the COVID-19 pandemic and the widespread shutdowns needed to contain it are starting to set in.  More than 16 million Americans have filed for unemployment and more will. In an effort to keep financially distressed Americans afloat.

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 29: An ambulance sits parked on the plaza outside the U.S. Capitol, April 29, … [+] 2020 Washington, DC. House Majority Leader Steny Hoyer (D-MD) told reporters on Tuesday that the House will not return to Washington next week, reversing an announcement he made the previous day. Senate Majority Leader Mitch

Economic Security Planning, Inc. Today’s column addresses questions about taking retirement benefits before spousal benefits, exemption from the Windfall Elimination Provision (WEP), spousal benefits when separated, how spousal benefits are calculated and the Government Pension Offset (GPO). Larry Kotlikoff is a Professor of Economics at Boston University and the founder and president of Economic Security

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

CHICAGO, ILLINOIS – APRIL 28: A Starbucks coffee shop is shown shuttered by the coronavirus pandemic … [+] inside Union Station on April 28, 2020 in Chicago, Illinois. Union Station serves Amtrak and Metra commuter train passengers riding into downtown Chicago. Amtrak has reported a 95 percent drop in ridership since the start of the

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. 

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,

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,

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