Taxes

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

Selling a house in the age of COVID-19 is tricky, but the real estate business is finding ways to … [+] move forward. Getty COVID-19 hit the home-selling market during the usually robust spring season. Data from Realtor.com shows a big drop in sales and new listings. The outlook for home sales is uncertain and

Coronavirus inside jail cell, quarantine concept. 3D rendering isolated on white background Getty I thought I could escape COVID-19, which one way or another is all I have written about for the last six weeks, by going back to my routine of reviewing tax decisions that may be of interest. No luck. What stands out

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

Relatives of Americans who have passed away are receiving COVID-19 stimulus payments (or Economic Impact Payments) from the U.S. Treasury Department meant for the newly departed. Opinions on what to do with the money abound, from “rest easy, there’s no provision in the law to claw back the money,” to President Trump’s assertion that “[the government

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

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,

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. 

In the latest episode of What’s Ahead, I discuss why suspending the payroll tax would be the strongest boost right now for our coronavirus-battered economy. On Sunday President Trump vigorously reaffirmed his support for such a tax holiday, which would free up critical money for employees and employers.   Payroll taxes apply to the first dollar

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

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

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

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

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

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

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