President Donald Trump said he is “talking about” doing a payroll-tax cut through an executive action, but doing so could result in hefty tax bills for employers later if the idea doesn’t get mired in legal challenges before then.
In today’s COVID-19 world where nothing seems normal, and “new normals” are popping up in every business operation, service businesses are trying to make up for lost income and rising expenses in creative ways that will lessen the financial impact of COVID-19.
Several unemployed workers described the difficulties they are facing to senators as congressional leaders continue negotiations.
The service is implementing a new temporary procedure for faxing the duplicate copy of Form 3115 for companies applying for an automatic change in accounting method.
Time is running out for further relief efforts before the August recess.
The Internal Revenue Service moved to ease the tax burdens of private equity portfolio companies and heavily indebted industries.
The service released the final regulations and other guidance on the deduction, which was amended by the CARES Act.
Democrats in Congress are criticizing how millions of economic impact payments authorized under the CARES Act are being handled.
The GOP legislation includes a second tranche of stimulus payments, structured the same way as the earlier round, in March, along with tax credits for businesses.
Senate Republicans presented a series of bills that would trim unemployment benefits, send $1,200 to most Americans, and shield businesses, schools and other organizations from coronavirus lawsuits.