The Internal Revenue Service is giving parents another chance to list their kids so they can receive an extra $500 per child in economic impact payments under the CARES Act.
White House officials said the administration has no plans to do away with the payroll tax despite President Donald Trump saying he would seek a permanent repeal if he wins another term.
The American Institute of CPAs has sent a letter to top officials asking for more guidance on the president's executive order.
Payroll companies need guidelines on how to implement President Trump's executive order before they can start processing paychecks next month.
The White House isn’t considering an executive order to carry out President Donald Trump’s call for a cut in the capital gains tax because Congress probably would have to change the rate, administration officials said.
Among the pandemic-related issues covered are how to handle the Paycheck Protection Program and other stimulus efforts.
President Donald Trump’s order to delay collection of payroll taxes thrusts a dilemma on U.S. companies: continue withholding the money from workers expecting bigger paychecks or pass it on and potentially put themselves or their employees at risk of a big end-of-year bill from the IRS.
President Donald Trump is tapping his presidential authority to make tax changes that Congress is refusing to do, but his limited power means he could end up over-promising and under-delivering on his pledge to slash IRS bills.
President Donald Trump said he’s “very seriously” considering a capital gains tax cut, a move he decided against last September after saying it wouldn’t do enough to help the middle class.
PricewaterhouseCoopers has been building its managed tax services business since 2017, but now it sees an opportunity to help companies who are dealing with COVID-19.