Thanks to decades of spending, many local police departments now resemble well-armed military squads. But budget shortfalls and protests will likely force a change. Among Delaware’s beach towns, Dewey Beach, sandwiched between artsy Rehoboth to the north and family-friendly Bethany Beach to the south, is known as a place to party after a day of
Several states may legalize recreational marijuana in the coming years as the coronavirus pandemic has left many state budgets in disarray and policymakers looking for new revenue sources. Combined with a desire to decriminalize, the zeitgeist is ideal for marijuana legalization. Montana is one state that could legalize sooner rather than later as campaigners for
Without additional unemployment insurance and other government aid, the labor market and job creation are too weak for economic recovery. But Congress has not reauthorized the $600 weekly addition to benefits. NEW YORK, UNITED STATES – 2020/03/26: View of Brooklyn office of NYS Department of Labor as … [+] unemployment claims in USA soared to
Will Treasury delay Tax Day again? Treasury Secretary Steven Mnuchin suggested that he may delay deadlines for filing and paying taxes once again. As a result of the pandemic, Treasury moved the April 15 deadline to July 15, but the IRS has processed 12.2 percent fewer tax returns than at that time last year. It has processed
TOPLINE The Federal Reserve on Thursday placed new restrictions on the banking industry for the first time since the aftermath of the 2008 financial crisis, requiring big banks to temporarily suspend share buybacks and cap dividend payments at current levels. The Fed cracked down on big banks in an effort to protect the economy during
Getty 2020 has been an odd year, to say the least. It seems that everything has been delayed or postponed to another time due to the COVID-19 crisis. This delay applies to tax season as well as the Treasury Department and the IRS announced in March that the federal income tax filing deadline is automatically extended from
A vacation tax credit? Arizona Senator Martha McSally proposed a $4,000 tax credit for adults ($8,000 per couple and $500 per child) for tourists who travel at least 50 miles from home. The credit, floated earlier by some White House aides, would be good for travel through 2021. President Trump, who owns hotels and
Department of Justice sign, Washington DC. Getty On June 19, 2020, the Tax Division of the U.S. Department of Justice filed a Petition To Enforce Summons against the Delaware Department Of Insurance, which seeks testimony and certain documents relating to Artex Risk Solutions, Inc. and Tribeca Strategic Advisors, LLC in connection with its promoter audits
After the 20007-2008 financial crisis, countries were pressed to tax the financial sector to compensate and partly recover the fiscal assistance governments offered to support the sector. However, in the wake of the coronavirus (COVID-19) crisis, some governments are seeking to cut bank taxes to enhance financial support to businesses and public investment projects. While
TOPLINE The market finished higher on Tuesday—with the Nasdaq hitting a new record high—after stocks recovered from overnight losses when White House trade adviser Peter Navarro walked back his earlier comments that the U.S.-China trade deal is “over.” Big tech stocks led the market higher on Tuesday. Spencer Platt/Getty Images KEY FACTS The Dow Jones
Paper with Required Minimum Distributions RMD on a table Getty Marty Davidoff of PragerMetis has given me a heads up to accommodations the IRS is making to follow through on the spirit of some of the relief that Congress has given taxpayers under the CARES Act and the SECURE Act. This is about required minimum
US Supreme Court declines to hear Altera’s appeal. In a big win the for the IRS, the High Court declined to hear Altera Corp.’s challenge to agency regulations from 2003 that determine how companies split costs—namely stock-based compensation often used in the tech industry—with their foreign subsidiaries. The ruling could cost tech giants like Facebook,
Getty If you follow me on Twitter, you’d know that our law firm didn’t take out a Paycheck Protection Program (PPP) loan. But if we had, you might soon know the details – down to how much money we had received: Treasury and the Small Business Administration (SBA) have agreed with the bipartisan leaders of the U.S.
TOPLINE Asked whether the government will send Americans another stimulus check in an interview Monday with Scripps Washington correspondent Joe St. George, President Trump said, “Yeah, we are,” and indicated that another bipartisan stimulus bill is on the way, but did not elaborate further on the possibility of another round of direct payments to Americans.
What will happen to the next stimulus bill in an election year? The Wall Street Journal describes the dilemma facing Senate Republicans (paywall). Some prefer to join Democrats and quickly pass another bill to boost the economy before the November elections. Others want to wait and see if the economy improves on its own. Said Sen.
Getty Recent reports indicate that the IRS is launching an audit campaign that will focus on hundreds of returns filed by high-wealth taxpayers. The initiative, which was confirmed by Douglas O’Donnell, head of the IRS’s Large Business and International Division (“LB&I”), last week, is expected to begin around July 15th, and will likely involve taxpayers with
Economic Security Planning, Inc. Today’s column addresses questions about early spousal benefits before full retirement benefits, survivor benefits, which month to start benefits to avoid early filing reductions, unpaid Social Security and Medicare taxes and benefits on an ex’s record after remarriage. Larry Kotlikoff is a Professor of Economics at Boston University and the founder
It should be a last resort, but it’s easier than ever to break into your nest egg if you’ve been … [+] hurt by the coronavirus pandemic. Getty The Internal Revenue Service’s official guidance on Covid-19-related 401(k) and Individual Retirement Account loans and distributions is out, and it expands the list of who can qualify
WASHINGTON, DC – APRIL 27: The Internal Revenue Service headquarters building appeared to be mostly … [+] empty April 27, 2020 in the Federal Triangle section of Washington, DC. The IRS called about 10,000 volunteer employees back to work Monday at 10 of its mission critical locations to work on taxpayer correspondence, handling tax documents,
Should Congress manipulate the timing of business tax benefits to support firms in the midst of the COVID-19 economic slump? And if so, how? That debate may be the next big battleground as Congress begins to focus on a new round of economic relief. The Coronavirus Aid, Relief, and Economic Security (CARES) Act started down