Just before the coronavirus roiled the economy, wealthy investors piled into funds that take advantage of a popular, two-year-old tax break meant to help poor communities.
Two Senate Democrats are criticizing a little-known provision of the CARES Act stimulus package that would provide a tax break mostly to wealthy taxpayers, suspending excess business losses for prior tax years.
Some of the most contested pieces of the 2017 tax overhaul are being revisited as the White House and Congress begin to discuss another round of economic stimulus, including restoring the break for entertaining business clients and lifting the cap on state and local deductions.
President Donald Trump said he wants to restore corporate tax deductions for business meals as restaurants reel from the impact of the coronavirus outbreak.
The president will seek a payroll tax cut and “very substantial relief” for industries that have been hit by the virus, reversing course on the need for economic stimulus hours after markets posted their worst losses in more than a decade.
As Tax Day approaches, accountants are finally getting to the end of a season made particularly grueling by the Tax Cuts and Jobs Act.