Revenue dropped 6 percent as the pandemic triggered economic shutdowns across the country, according to data from 44 states compiled by the Urban Institute.
The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven.
Senator Kamala Harris condemned the Trump administration’s handling of the pandemic as the worst failure in U.S. government history, but evaded answers on the Democrats’ positions on the environment and the Supreme Court.
Internal Revenue Service commissioner Chuck Rettig heard complaints from lawmakers about their constituents missing stimulus payments.
Conversations have already started about how the increased government expenditures to support citizens during the pandemic will be funded. But resisting the urge to increase taxes may be the best way to support economic growth.
The Internal Revenue Service issued guidelines Wednesday scaling back a tax break for client entertainment, following through on an element of President Donald Trump’s 2017 tax overhaul that he has said he wants to reverse amid the virus pandemic.
Democratic presidential nominee Joe Biden released his 2019 tax returns hours before the first debate with President Donald Trump, showing that he paid $299,346 in income taxes in 2019.
During the 2020 presidential campaign, Democratic candidates made many proposals for changes to the Tax Code, ranging from changes to the tax rates to the imposition of a new 5 percent excise tax and a national sales tax.
Small-business employment and hours worked grew a bit in September, especially in the Northeast and within the construction industry, according to the latest monthly report from payroll giant Paychex.
The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness.