President Donald Trump said he wants to restore corporate tax deductions for business meals as restaurants reel from the impact of the coronavirus outbreak. The president said Sunday he’d spoken with celebrity restaurateurs including Wolfgang Puck, Daniel Boulud and Jean-Georges Vongerichten on the subject. Restaurants nationwide have been forced to close or restrict their business
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shot of social security card Kameleon007 People who receive Social Security benefits and who do not submit tax returns will not have to file in order to get a government stimulus check. The announcement by the Treasury Department and Internal Revenue Service on Wednesday night reverses earlier guidance that said those people would have to
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Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., March 20, 2020. Lucas Jackson | REUTERS Heading into earnings season, investors should expect delayed reports, withdrawn forecasts and confusing results from U.S. businesses grappling with the coronavirus shutdown.  There is a general consensus that company earnings are going
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Last week, Congress and President Trump enacted the $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act, the largest aid package in American history. The CARES Act and the two preceding congressional measures provide three phases of essential relief to an economy facing the potential of devastation by the coronavirus. But more assistance will
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First, the payment deadline for individual tax returns was extended from April 15, 2020 to July 15, 2020, first announced at a news conference by the Secretary of the Treasury. The first quarter estimated tax payment was also extended to July 15, with the second quarter payment unchanged, for now. Then it was announced that
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Congress’s latest coronavirus relief package, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is the largest economic relief bill in U.S. history and will allocate $2.2 trillion in support to individuals and businesses affected by the pandemic and economic downturn. Many people have questions about how the new law impacts their families and businesses. The Basics
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Rowan Jordan The next coronavirus relief bill might resurrect the state and local tax deduction – and overburdened accountants are less than thrilled. In an interview with The New York Times, House Speaker Nancy Pelosi, D-Calif., raised the prospect of retroactively reinstating the so-called SALT itemized deduction in a fourth coronavirus relief bill to put
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A pedestrian wearing a protective mask walks along Wall Street in front of the New York Stock Exchange (NYSE) in New York, U.S. on Monday, March 30, 2020. Michael Nagle Bloomberg | Getty Images Oaktree Capital co-chairman Howard Marks is leaning toward a more negative outlook because of the uncertainty from the coronavirus pandemic, but
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NoDerog | E+ | Getty Images Those government stimulus checks should be on their way soon to millions of Americans. Many people have still have a lot of questions about them. Last week, Washington lawmakers approved a $2 trillion relief bill in response to the coronavirus outbreak that includes a payment of $1,200 for single taxpayers
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Investors grew increasingly concerned about the U.S. economy and the stock market as March wore on, but they also said they aren’t ready to abandon their stocks, according to several surveys. The vast majority of the institutional clients surveyed by Citi expect an economic downturn and earnings estimates to be cut further in 2020, but they
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The Internal Revenue Service is now accepting email and digital signatures on tax documents to make it easier for tax professionals and taxpayers to communicate with the agency during the novel coronavirus pandemic. The IRS said Monday that, effective immediately, it would “begin temporarily accepting images of signatures (scanned or photographed) and digital signatures on
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