Analysts have warned that falling oil prices will lead to a wave of consolidation or bankruptcies in the U.S. energy sector, and the Street got its first taste of what could be to come when U.S. shale producer Whiting Petroleum filed for bankruptcy on Wednesday. “The oil patch is falling apart … This is the other
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
As we all try to limit our exposure to the coronavirus as much as possible, delayed tax filing and payment deadlines are one less thing to worry about for now—at least in most states. It was state governments that took the lead, extending deadlines even before the federal government acted, but once the IRS extended
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
Just a few months ago, the world we all share began to change in unforeseeable ways. As we unite in an effort to stop the spread and impact of COVID-19, many of us find ourselves asking how we can help those most in need. That’s why we believe there’s never been a better time to
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 Lucas Jackson | REUTERS Heading into earnings season, investors should expect delayed reports, withdrawn forecasts and confusing results from U.S. businesses grappling with the coronavirus shutdown.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
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
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
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
Economic cycles can have significant impacts on state revenue, but states can prepare for the inevitable downturns during good times by putting away money in a revenue stabilization fund—or rainy day funds, as they’re often known. Funding levels and the actual names of these funds may vary from state to state, but rainy day funds
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
State and local governments across the country split $150 billion in federal aid under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, passed on March 30th. The division of these dollars, made available through the new Coronavirus Relief Fund, has generated significant confusion. Here, we explain how the money is allocated,
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
The Internal Revenue Service has asked all of its employees to work from home as a result of the coronavirus pandemic. In an email to staff last Friday, the IRS told all of its staff to begin working from home this week. “As a result of recent OPM [U.S. Office of Personnel Management] guidance, starting
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
House Speaker Nancy Pelosi (D-CA) has suggested that a retroactive repeal of the cap on State and Local Tax (SALT) deductions should be included in any future stimulus plans. Pelosi’s office has reportedly suggested that this would be tailored towards middle-income households as part of an effort to stimulate the economy. This is far from
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
The United States is facing an immense human tragedy. According to one influential analysis, up to 2 million Americans could die from COVID-19 in the next few months without drastic nationwide measures to halt its spread. The resulting economic downturn will cause additional hardship and suffering. We tax experts can do little to prevent this other
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
New Jersey is temporarily waiving corporate nexus arising from employees teleworking due to the COVID-19 pandemic—a response to the crisis that other states should follow. As we have noted previously, when employees work in a state in which their employer does not otherwise operate, that can give their employer sufficient contacts (“nexus”) with the state
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