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
Amid a global pandemic and sharp economic slowdown, college-bound high school seniors are giving their state schools a second look. Thanks to heightened financial concerns, students and families may be more likely to choose local and less-expensive public schools rather than private universities far from home, according to Robert Franek, editor in chief of The Princeton Review
The coronavirus pandemic is affecting most aspects of the economy, and motor fuel consumption is no exception. As social distancing recommendations, shelter-in-place-orders, and quarantines have upended American life in an effort to slow the spread of the virus, road traffic has declined dramatically around the country. While the mitigation policies will be felt across most
SEC Chairman Jay Clayton said Monday that the practice of short selling — effectively betting that a stock will drop — is needed to “facilitate ordinary market trading.” “We shouldn’t be banning short selling,” Clayton told CNBC’s “Squawk Box.” However, he said the Securities and Exchange Commission did replace the old uptick rule with a
While West Virginia was the first state to enact a sales tax in 1921, the majority of states instituted sales taxes in the 1930s. At the time, tangible personal property comprised the sales tax base, and only later did some states add services. As the tax base of retail sales in the economy has shrunk
US President Donald Trump participates in a meeting with Supply Chain Distributors to discuss the response to COVID-19 at the White House in Washington, DC, on March 29, 2020. Jim Watson | AFP | Getty Images This year, heirs of retirement accounts can bypass mandatory withdrawals from those IRAs. The coronavirus relief bill, which President
The $2 trillion Coronavirus Aid, Relief, and Economic Security (CARES) Act signed into law last week will allocate roughly $200 billion in fiscal relief to state and local governments. This is on top of about $1 billion provided to support the public health response by states and localities in the phase 1 aid package, and
The Virgin Orbit ventilator device. Virgin Orbit Richard Branson’s California-based rocket company Virgin Orbit partnered with medical researchers and developed a ventilator device that the company plans to mass produce and send to hospitals around the United States to fight the coronavirus. “[It is] a very, very simple and robust design that we can get out
The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic. The IRS issued Notice 2020-20 on Friday, extending the relief it provided earlier this month on the tax-filing and payment dates for most other types
On March 26, weekly initial unemployment benefit claims hit the highest level in U.S. history, with five times as many filed as during the worst week of the Great Recession. Mandatory business closures and shelter-in-place orders have radically accelerated job losses compared to the steadier pace of layoffs in prior recessions, meaning these claims likely
The $2 trillion coronavirus relief package President Trump signed into law Friday significantly expands unemployment benefits for out-of-work Americans. The law pays laid-off and furloughed workers an extra $600 a week, for up to four months, and extends existing state benefits by 13 weeks. It also offers jobless benefits to previously ineligible groups, such as
Hedge fund manager Paul Tudor Jones told CNBC on Thursday the market could be higher by June despite what he sees as a turbulent month ahead. “My guess is one of the reasons the market’s up right now is because of all the month-end rebalancing. The market’s front-running, it sees the fact that there are going to
AccountingSuite, which makes accounting software with built-in inventory management features, has integrated its software with Tax1099, an IRS-approved, cloud-based e-filing system for the 1099 MISC form and 40 other forms. The integration is aimed at improving the e-file experience for businesses with contractors. The integration allows users of both systems to pull data from an
New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, January 16, 2018. Lucas Jackson | Reuters New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve on their mortgage payments, said Gov. Phil Murphy on Saturday. Lenders will also waive late
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