The latest round of coronavirus stimulus legislation includes some major tax provisions and changes for accountants to watch out for in the New Year.
The top Republican and Democrat on the Senate Finance Committee said the Treasury Department “missed the mark” in new guidance that limits tax breaks for businesses that get their Paycheck Protection Program loans forgiven.
Democrats on the tax-writing House Ways and Means Committee introduced a bill to overturn President Trump’s executive action to defer payroll tax contributions, along with a resolution of disapproval that’s being coordinated with Democrats in the Senate.
The Internal Revenue Service is sending $500 payments to the children of some stimulus relief recipients who hadn’t gotten that part of the aid package after lawmakers complained that the agency wasn’t moving fast enough.
Democrats in Congress are criticizing how millions of economic impact payments authorized under the CARES Act are being handled.
The Senate and House passed bipartisan legislation to help nonprofits remain financially viable during the COVID-19 pandemic.
The unemployment rate fell to 11.1 percent, as employees returned to work despite the ongoing spread of COVID-19.
In response to the coronavirus, the Internal Revenue Service and the Treasury are giving renewable energy companies more time to develop projects using sources such as wind and geothermal.
A bipartisan group of lawmakers has introduced legislation to close a loophole in the CARES Act.
The decision, prompted by requests from a bipartisan group of lawmakers, reverses previous IRS guidance.