Month: April 2020

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
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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,
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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
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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
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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
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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,
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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
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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
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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
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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
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