Month: July 2020

Bad economic news. Gross domestic product, or  GDP, shrunk about 9.5 percent between the first and second quarters of 2020. That translates into a seasonally adjusted annual decline of 32.9 percent. Last week, 1,434,000 people filed new claims for unemployment benefits. The weekly enhanced unemployment benefit of $600, passed in March under the CARES Act, expires
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Bitcoin cryptocurrency representation is seen in this illustration photo taken in Poland on June 17, … [+] 2020 (Photo by Jakub Porzycki/NurPhoto via Getty Images) NurPhoto via Getty Images Unfortunately, scams are far too common in the cryptocurrency space. Last week, hackers broke into Twitter’s systems and lured innocent people into sending bitcoin into the
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The IRS has issued proposed regulations to adopt the simplified tax accounting rules for small businesses under the Tax Cuts and Jobs Act. The proposals adjust thresholds, clarify terms, and give guidance for small businesses’ methodologies when seeking certain exemptions. For tax years beginning in 2019 and 2020, these simplified rules would apply for taxpayers
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Warren Buffett, chairman and CEO of Berkshire Hathaway David A. Grogan | CNBC Warren Buffett’s Berkshire Hathaway this week again added to his already-enormous stake in Bank of America at a time when the coronavirus pandemic dampens the economic outlook and interest rates hold near record lows. A Securities and Exchange Commission filing showed Buffett’s
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Today, Senators Ted Cruz (R-TX) and Martha McSally (R-AZ) introduced the CREATE JOBS Act (Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups) that would make two significant changes to incentivize investment in the United States. The proposal would prevent scheduled changes that would worsen the tax treatment
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             Senator Cornyn (R-TX) and a bipartisan group of Senators (including Chairman Grassley (R-IA) and Ranking Member Wyden (D-OR) of the Finance Committee) introduced legislation, S. 3162, the “Small Business Expense Protection Act,” a few weeks ago that would clarify that businesses that receive a loan from the Paycheck Protection Program (PPP) – and the loan
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As stay-at-home notices are expiring, CPA firms and tax practices nationwide are making decisions on how and when to return to their traditional workspaces. While the process continues, employers and employees have many risk factors to consider. There are multiple sets of guidelines that must be followed, observed Stan Sterna, vice president, professional firms, at
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During its third quarter earnings results on Thursday Apple said that the company’s shareholders approved a four-for-one stock split. Stock splits are cosmetic, meaning they do not change anything about a company’s underlying fundamentals. They can lead to renewed interest from smaller investors by making the shares — which are now cheaper — more accessible.
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On Thursday, U.S. Senators Marco Rubio (R-FL), Bill Cassidy (R-LA), Steve Daines (R-MT), and Mitt Romney (R-UT) released the Coronavirus Assistance for American Families Act (CAAF). This bill would change the way the economic impact payments—commonly known as recovery rebates or stimulus payments—could work in the next round of pandemic-driven relief for households.  The bill’s
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Inheritance tax dates back to the Roman Empire, which collected 5 percent of inherited property in order to pay soldiers’ pensions. Today, the practice is widespread. The majority of European countries covered in today’s map currently levy estate, inheritance, or gift taxes. These countries are Belgium, Bulgaria, the Czech Republic, Denmark, Finland, France, Germany, Greece,
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Coronavirus relief talks: Divisions between the GOP and Democrats remain. The White House seems to have abandoned the $1 trillion stimulus package put together by Senate Majority Leader Mitch McConnell on Monday. Trump now says he wants only a short-term extension of enhanced federal unemployment benefits and to extend the federal moratorium on evictions: “The
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Every filing season is different, but the one that just ended was very different, according to observers. Some of the factors adding to the confusion were changing deadlines, changing rules for retirement plan distributions, the myriad programs offering loans, stimulus payments, teleworking nexus issues, and, for many taxpayers, just finding a preparer to prepare their
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CNBC’s Jim Cramer said President Donald Trump’s Thursday morning tweet that suggested delaying the November election could cause problems for equity investors.  “It sows chaos, and chaos is bad for the stock market,” Cramer said on “Squawk on the Street.”  Dow futures extended their fall slightly in the wake of Trump’s tweet. They then made
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Today’s map shows gasoline tax rates in each state as of July 2020, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers, which are passed along to consumers in the form of higher prices, and
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