The economic stimulus plan released by Senate Republicans offers no new money for states and cities to cope with swelling budget shortfalls, leaving them to contend with a grave financial crisis that’s already forcing them to slash spending, furlough workers and delay projects as tax revenue disappears.
New regulations to help employers reconcile any advance payments of refundable employment tax credits and recapture the benefit of these credits when necessary, in line with the CARES Act and the Families First Act.
IRS Commissioner Chuck Rettig expressed his appreciation to tax professionals Tuesday for their cooperation during the extended tax season that was prolonged by the novel coronavirus pandemic and pledged to deliver any future stimulus payments approved by Congress.
Firms may want to trade short-term cash for long-term goodwill.
The speed and scale of the Paycheck Protection Program made it particularly susceptible to fraud, explains Juliette Gust, a forensic accountant and founder of Ethics Suite -- and that means businesses need to take steps to protect themselves.
Over a hundred members of Congress are asking the service to resolve a number of issues preventing the remaining Economic Impact Payments from going out.
A study has found that the last batch of stimulus checks arrived at wealthier, White households more quickly than to those of Blacks and Hispanics.
The Internal Revenue Service said Wednesday it has begun to send letters to taxpayers who are seeing delays in the processing of their Form 7200, Advance Payment of Employer Credits Due to COVID-19.
Even the extra time to file hasn’t been enough for some businesses struggling to pay the government as the pandemic threatens to worsen.
The tax deadline is coming Wednesday after tax season was extended by three months to give taxpayers and preparers more time to deal with the novel coronavirus pandemic, but many of them will be dealing with extensions and amended returns in the months ahead.