A United Parcel Service worker delivers packages on April 29, 2020 in New York City. Stephanie Keith | Getty Images Half of the S&P 500 companies have reported earnings for the first quarter and this has been the strangest earnings season imaginable. Consider: Global activity has ground to a halt in some sectors, but
Month: April 2020
President Trump continues to promote a payroll tax holiday as a piece of the next coronavirus relief bill. The President has not been specific about the size of the tax cut or whether it would apply to the employer or employee share. But reducing payroll taxes fails as either relief to cash-constrained businesses and individuals
H&R Block will offer Tax Pro Go, its virtual tax service, free in May to police, firefighters, emergency medical technicians and health care workers, frontline workers during the pandemic. “They are true heroes and as they continue to care for so many people, H&R Block would like to remove one potential worry for them by
Esra Demir styles the hair of customer Ken Menendez at Salon Loft in Atlanta, Georgia on April 24, 2020. Governor Brian Kemp has eased restrictions allowing some businesses such as hair and nail salons to reopen today in the US state of Georgia after a four-week lockdown to stop the spread of the coronavirus. (Photo
General Electric reported Wednesday a steep declines in first-quarter revenue and earnings as the industrial giant took a hit amid the coronavirus pandemic. The company posted a total revenue of $20.524 billion, which represents a year-over-year decline of 8%. GE Industrial profits fell 46% year over year to $1.096 billion from $2.017 billion. On an
The Internal Revenue Service announced that it is delaying its Special Enrollment Examination tests for Enrolled Agents due to the ongoing novel coronavirus pandemic shutting down its testing centers. “Because test centers are closed, the 2020-2021 test window will not start on May 1,” the IRS said in a statement Wednesday. “Those candidates who already
mediamasmedia The stock market is acting strangely these days, with headlines about market rallies next to ones about historic unemployment figures and companies filing for bankruptcy. You can’t figure it out. But you may be wondering if you should take advantage of the upswing and pull some money out of the market. After all, before this recent rally,
Jim Cramer Scott Mlyn | CNBC CNBC’s Jim Cramer said Wednesday that positive news from Gilead Sciences about a potential treatment for the coronavirus marked a turning point in the fight against Covid-19. “What I regard this as is the beginning of the end of the true nightmare, which is that it’s a death sentence,” Cramer said on
Can heirs keep a Coronavirus Recovery Rebate that the Internal Revenue Service sent to a dead person? If the decedent passed away this year, the answer is “yes.” If the tax filer died in 2018 or 2019, the answer is “maybe, maybe not.” Last week, that question became more urgent as reports surfaced of payments
The favorite tax tool being used by Congress for helping businesses through the coronavirus crisis is the payroll tax, not the income tax. While individuals are receiving advances on their new income tax credit, businesses are receiving advances on a variety of new payroll tax credits. Sorting through that variety and the choices for advances
Key Findings Former Vice President Joe Biden would enact a number of policies that would raise taxes, including individual income taxes and payroll taxes, on high-income individuals with income above $400,000. Biden’s plan would raise tax revenue by $3.8 trillion over the next decade on a conventional basis. When accounting for macroeconomic feedback effects, the
States facing revenues in sharp decline amid the coronavirus pandemic have tough choices ahead – and you might be shelling out more in state and local taxes as a result. State and local governments were left out of the $484 billion coronavirus relief bill that President Donald Trump signed into law last week. “Our costs
Investors should look to sectors that lately have been “completely eviscerated” as the U.S. economy seeks to recover from the coronavirus crisis, Morgan Stanley’s Mike Wilson told CNBC on Tuesday. “We’re bullish overall, and we just think there’s more upside in potentially some of the laggard areas,” Wilson said on “Fast Money.” “That’s not saying anything bad
Cyber-safety at home; next for PPP and other relief; IDs not confidential; and other highlights from our favorite tax bloggers. What a tool Intuit Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Tax professionals will want to know about a new web tool allowing quick registration for Economic Impact Payments. Launched by the U.S. Treasury Department and the IRS,
Removing tax policy barriers can help businesses and individuals invest, work, create jobs, and lift the economy during a post-pandemic recovery without requiring lawmakers to create new spending programs. One of the most cost-efficient options available to lawmakers is to make permanent and expand the full expensing of capital investment. We have used the Tax
Image Source | Getty Images When it comes to coronavirus stimulus checks, many say $1,200 isn’t enough. Millions of those one-time payments are still on their way to Americans. The coronavirus shutdown, however, could have economic effects for months. Now, political leaders are turning to proposals for putting more income in Americans’ hands. “Others have
CNBC’s Jim Cramer on Monday doubled down on his preference for stock picking over index investing. The former hedge fund manager presented a list of market bright spots that span more than one dozen industries he said are working in this coronavirus-plagued market. “You want to remember this list the next time the market rolls
The IRS has done an impressive job delivering over 80 million rebate payments authorized by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. But a number of Americans may not get the much-needed cash payments because they have no way to update their addresses or bank account numbers for the IRS. There is an
A masked pedestrian walks past shuttered shopfronts in Hollywood, California on April 23, 2020. FREDERIC J. BROWN/AFP via Getty Images Many Americans collecting unemployment benefits may be wondering: Why isn’t my check bigger? The $2.2 trillion coronavirus relief package enacted last month expanded unemployment benefits in several ways, partly by increasing jobless pay by $600
After some short deliberation in Congress, the Coronavirus Aid, Relief, and Economic Security Act (CARES) was signed into law on March 27. At TaxAct, we have spent countless hours reading the law, viewing informative webinars, digging through analysis, and making direct contact with the IRS. While there will be continued clarification around the law, including
- 1
- 2
- 3
- …
- 12
- Next Page »