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Senators Introduce “Make Billionaires Pay Act”
Almost no one would argue that American families are struggling to make ends meet during the COVID-19 pandemic. Nevertheless, the White House and its allies have repeatedly pointed to rallying stock prices as evidence of a “V” shaped economic recovery, a rally which has allowed the country’s 643 richest billionaires to increase their wealth by 29% during the first six months of the pandemic, with Jeff Bezos’ wealth increasing 40% to a staggering $113 billion.
When to Apply for Paycheck Protection Loan Forgiveness
When the Coronavirus Aid, Relief, and Economic Stimulus (“CARES”) Act was signed into law on March 27, 2020, it created the Paycheck Protection Program (“PPP”). The PPP provided loans to businesses that were facing financial uncertainty due to the economic downturn caused by the COVID-19 pandemic.
Expanded Unemployment Coverage Under the CARES Act
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law March 27th, 2020. Among its many provisions are modifications and expansions to the country’s Unemployment Insurance system.
Free Money? Meet the Covered SBA “Loan”
The Coronavirus Relief Bill provides loans to help your small business pay it’s employees and keep the lights on, and you may not have to pay it back.
Taxing Cryptocurrency: New Rules Affecting New Currencies
Earlier this month, the IRS released Revenue Ruling 2019-24, which creates new rules regarding the treatment of hard forks for digital currency. This blog will discuss what these new rules might mean for you.
IRS Issues Safe Harbor Rule for Treating Rental Real Estate as a Section 199A Trade or Business
In the 2017 Tax Cut and Jobs Act, Congress added Section 199A to the Code which provided a deduction to taxpayers operating pass-through businesses of up to twenty percent (20%) of the taxpayer’s qualified business income.
SALT Cap of $10,000 Upheld
The states of Connecticut, Maryland, New Jersey and New York filed a federal lawsuit against the federal government alleging that the state and local tax (SALT) deduction cap was unconstitutional because it significantly impaired these four states’ abilities to pursue their own preferred tax policies.
Tax Court Denies Business Deductions Due to Poor Substantiation
Tax deductions are a matter of legislative grace, and failure to comply with substantiation requirements can have dire consequences. One family in El Paso discovered this harsh reality after an audit of their 2012 and 2013 taxes.
Saving on K-12 Tuition With a 529 Plan
The ability to deduct K-12 tuition fees results from changes made by the 2017 Tax Cuts and Jobs Act (“TCJA”). Rather than creating a new deduction, state tax savings were created indirectly by changing the rules to “529 Plans.”
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