by taxPRO Websites Staff | May 13, 2020 | Tax Tips and News
IRS Tax News – Proposed rules govern deductions and reporting for restitution
The IRS issued regulations explaining the allowance of deductions for certain fines and penalties under Sec. 162(f) as amended by the law known as the Tax Cuts and Jobs...
by taxPRO Websites Staff | May 13, 2020 | Tax Tips and News
Tax Policy – Under the HEROES Act, State Budgets Could Soar as the Economy Suffers
The HEROES Act, proposed by House Democrats as a next round of fiscal relief during the coronavirus outbreak, contains about $1.08 trillion in aid to states and localities....
by taxPRO Websites Staff | May 13, 2020 | Tax Tips and News
The U.S. Treasury Department has found a loophole in the stimulus payments sent out to individuals. Some of the recipients were actually deceased—and Treasury wants that money back.… Read more (Feed generated with FetchRSS) – Story provided by TaxingSubjects.com…
by taxPRO Websites Staff | May 12, 2020 | Tax Tips and News
Tax Policy – How the HEROES Act Would Allocate State and Local Aid
The HEROES Act, introduced Tuesday by House Democrats, provides more than $1 trillion to state and local governments, including $915 billion in flexible aid—which can be spent for any...
by taxPRO Websites Staff | May 12, 2020 | Tax Tips and News
IRS Tax News – IRS allows midyear changes to health coverage, dependent care elections
In response to the coronavirus pandemic, the IRS is allowing employers to permit their employees to change their health coverage elections or dependent care elections...
by taxPRO Websites Staff | May 11, 2020 | Tax Tips and News
Tax Policy – A Comparison of the Tax Burden on Labor in the OECD
Key Findings Average wage earners in the OECD have their take-home pay lowered by three major taxes: individual income, payroll (both employee and employer side), and value-added (VAT) and...
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