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U.S. Treasury Secretary Janet Yellen on Wednesday talked with her U.K. and German counterparts about resolving mushrooming disputes over the taxation of internet giants such as Facebook Inc., highlighting the issue as a priority in her initial bilateral calls. Yellen and U.K. Chancellor of the Exchequer Rishi Sunak “discussed the need to find multilateral solutions […]
Two New Jersey Democrats are leading an effort to expand a valuable tax break for state and local levies in the next virus-relief package, a long-shot effort as lawmakers continue to squabble over the size and scope of the next round of stimulus. Representatives Josh Gottheimer and Bill Pascrell, both Democrats representing northern New Jersey […]
Who can raise taxes?; clever marketing with a famous pic; anti-deferral legislation; and other highlights from our favorite tax bloggers. And we’re off TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): From a recent New York Times article, what to advise them about potentially rising taxes. Mauled Again (http://mauledagain.blogspot.com/): As tax headlines begin their quadrennial march to bury us all, […]
The IRS has rolled out a new online option for two forms to let tax pros remotely obtain clients’ signatures and e-submit authorization forms electronically, helping them minimize face-to-face contact during the pandemic. The two forms — Form 2848, “Power of Attorney and Declaration of Representatives,” and Form 8821, “Tax Information Authorization” — can be […]
Tax professionals are starting to hear questions from their clients ahead of the official start of tax season about a variety of issues related to COVID-19. The Internal Revenue Service pushed back the beginning of tax season by over two weeks this year to Feb. 12, in part due to all those complexities. The IRS […]
The U.S. Supreme Court sought the Biden administration’s views on a state-against-state clash over billions of dollars in income taxes paid by people who work from home during the COVID-19 pandemic. New Hampshire is seeking to sue directly at the high court to challenge the Massachusetts practice of taxing nonresidents who used to work in […]
America’s governors aren’t waiting for Washington to stimulate their economies. Faced with unexpected budget surpluses after tax revenue held up better than anticipated during the pandemic, governors in more than half a dozen states are taking steps to help small businesses or provide cash to residents thrown out of work. In Maryland, Republican Governor Larry […]
Businesses who didn’t receive forgiveness on their Paycheck Protection Program loans can now claim a tax credit instead, thanks to a provision in last month’s coronavirus stimulus package. The Internal Revenue Service posted information Friday on how businesses that didn’t get the PPP loan they requested can instead claim the Employee Retention Credit for 2020 […]
Treasury Secretary-designate Janet Yellen said she would work with lawmakers to fast-track a series of tax increases on corporations and wealthy Americans as the Biden administration tries to pass spending on infrastructure and expanding the social safety net. Yellen, who awaits Senate approval for the post, on Thursday submitted written responses to Senate Finance Committee […]
Thanks to vagaries of the accounting world, Donald Trump’s administration had a chance in the final weeks of the presidential race to cancel more than $200 billion of student loans with no immediate hit to the Department of Education’s massive portfolio. Yet it didn’t do it. Now, perhaps Joe Biden will. For years, bean counters […]
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