WASHINGTON – Some taxpayers won't have to file their taxes by April 15 as part of the Trump administration's efforts to lessen the economic effects of the coronavirus, the president announced Wednesday.
"I will be instructing the Treasury Department to defer tax payments without interest or penalties for certain individuals and businesses negatively impacted," President Donald Trump said in an Oval Office address to the nation.
Many things are taking place:
Congress pours cold water on Trump's payroll tax cut | TheHill
Trump has spent days making the pitch publicly, as well as privately, as Washington is under growing pressure to try to shore up the stock market, which has plummeted this week over growing concerns about the growing coronavirus outbreak.
House Democrats are set to unveil an economic response package that does not include a payroll tax cut. Meanwhile, Senate reactions range from deep skepticism to, in some cases, outright opposition, raising questions about whether a plan could ever reach Trump's desk.
UK budget: tax on digital services starts April 1 - CNN
SF to allow thousands of businesses to defer paying taxes – The San Francisco Examiner
A series of measures to help San Francisco’s businesses withstand the financial impact of the coronavirus were announced Wednesday by Mayor London Breed, including a move to allow thousands to defer tax payments.
Breed said The City will allow qualifying small businesses to defer payment to the tax collector on their next round of quarterly taxes, due April 30. until February 2021. The deferral applies to businesses with up to $10 million in gross receipts, about 8,050 businesses with an average tax deferral amount of $5,400.
Check out this next:
How much would a payroll tax cut add to your paycheck? Philly accountants lay it out.
Take your salary and deduct 2% — that's your tax savings. If you earn $50,000 a year, and get a 2% payroll tax cut — that's about $1,000, or one week's wages.
The cost of a payroll tax cut or holiday would depend on how much of the tax is rolled back and for how long. A 2% cut for employees, as President Barack Obama did, cost $150 billion in government revenue over a year and $300 billion if the employer portion had also been cut, according to Bloomberg data.
Senators start reworking tax package
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TALLAHASSEE, Fla. – Senators eliminated a proposed tax cut for the aviation industry and a plan to expand the use of local tourist-development tax dollars, as lawmakers started to trim a House tax package Wednesday amid the economic threat of the novel coronavirus.
The Senate Appropriations Committee also approved a number of its own tax discounts, with the bill (HB 7097) expected to appear Thursday on the Senate floor.
Appropriations Chairman Rob Bradley, R-Fleming Island, said he expects to make more changes on the Senate floor. But Bradley maintained support for some of the high profile features of the House's $120.5 million package: sales-tax "holidays" for seven days before hurricane season and for three days prior to the new school year and a 0.5 percentage-point reduction in the communications services tax, collected on things such as cell phones and cable and satellite television.
A Gig Worker's Guide to Filing Taxes - The New York Times
Freelancers and independent contractors have more issues during tax season than traditional employees. Here's what you need to know.
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Daniel Ellern lost his main job in accounting nearly two years ago. He already had a side job driving for Uber, but he ultimately found more lucrative work assembling Ikea furniture through TaskRabbit.
Mr. Ellern said he soon began earning as much putting wardrobes together as he did in his old office job, but needed to apply his bookkeeping skills to his own situation — and that can feel like a job on its own.
Here's where to get your tax return done for free
Between public and private options, both online and in person, there are a number of options for free preparation and filing.
For about 70% of the nation's taxpayers — those with adjusted gross income of $69,000 or less in 2019 — the IRS Free File program may be a choice. That's a partnership involving the agency and a consortium of 10 companies that includes H&R Block , Intuit (maker of TurboTax) and TaxSlayer.
However, fewer than 2% of the eligible 105 million taxpayers use it, according to a recent report from the National Taxpayer Advocate's office at the IRS.
Happening on Twitter
Trump told Republican senators that he wants a payroll tax holiday through the November election so that taxes don'… https://t.co/wWq1olSWVy kylegriffin1 (from Manhattan, NY) Tue Mar 10 22:15:03 +0000 2020
We have reported WH is considering low/zero-interest loans or deferring taxes for: -- Airline industry -- Cruiseli… https://t.co/7ab5EO6Xrw JStein_WaPo (from Washington, DC) Wed Mar 11 15:06:26 +0000 2020
Trump is doing a bunch of executive actions. Could change before 9p, but this is what White House has been planning… https://t.co/X54jQ9w8uv JenniferJJacobs (from Washington, DC) Wed Mar 11 23:52:52 +0000 2020
A proposal to eliminate payroll taxes through the end of the year, estimated to cost $700 billion, faces opposition… https://t.co/mHkpKfstOZ nytimes (from New York City) Wed Mar 11 04:00:06 +0000 2020
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