As part of the recent $2 trillion stimulus package passed by Congress, most people will receive a check or direct deposit in the coming weeks and months. But how much will you get?
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UNITED STATES - MARCH 25: Sen. Ted Cruz, R-Texas, stops to speak to a TV crew with their microphone ... [+] on a pole to keep their distance as he leaves the Capitol after voting on the Coronavirus Aid, Relief, and Economic Security Act in the Capitol on Wednesday night, March 25, 2020. (Photo By Bill Clark/CQ-Roll Call, Inc via Getty Images)
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Deadline pushed back to file your taxes; should you wait until July?
It's a stressful day for Brad Smith, too. He's a managing partner at MCM CPAs & Advisors. It's the biggest firm in the Ohio Valley region, and during busy season, his team of 400 usually works 60 hours a week to help people file their taxes.
But since the Trump administration announced it was pushing Tax Day back to July 15, Smith and his team are breathing a little easier.
"(It's) relief," Smith said. "It took some pressure off our team, not knowing what the new world was going to look like from a work flow."
Avoid Taxes, Receive Federal Bailouts – Sludge
As the nearly $2 trillion congressional stimulus package comes into clearer focus, one of the most controversial components remains the corporate bailout package (which, as has been noted in the Prospect , is massive ). In the days and weeks leading up to the bill's final draft, a number of industries have been floated—by themselves or by the Trump administration—as worthy bailout recipients, due to the challenging economic conditions of coronavirus-induced shutdown.
What do these industries have in common? They operate in far-flung corners of the economy, some consumer-facing, some not so much. Some are represented by veritable armies of lobbyists, others seem to just be near and dear to the Trump administration's heart. But one thing that they all share is a pioneering commitment to federal income tax evasion. All of the industries listed are among the country's most decorated exploiters of tax loopholes, offshoring, and public subsidies.
Coronavirus stimulus bill includes payroll tax delay for employers
The Senate's $2 trillion stimulus package designed to contain the economic damage from coronavirus will postpone payroll taxes for employers, a key source of revenue for Social Security and Medicare.
The bill passed late Wednesday will allow companies to pay their 2020 payroll taxes through the end of 2022. They will have to pay 50% by the end of 2021.
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Trump favors making cruise ships pay U.S. taxes to get coronavirus aid
But the president is clearly also concerned about the effect of an industry collapse on local economies that serve as ports-of-call.
Asked about a call by Republican Sen. Josh Hawley of Missouri for cruise ship companies to become based in the United States, Trump said, "I like the concept."
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The move has allowed them to avoid paying many U.S. corporate taxes and has been part of a long-running battle with Capitol Hill over both tax payments and application of labor laws.
Toni Preckwinkle unveils Cook County business relief plan, delaying tax, fee collections -
The county's Home Rule taxes — which include the alcoholic beverage, amusement, tobacco, gasoline and hotel accommodations taxes — have been deferred for the February and March tax periods until May. No penalties or interest will be applied during the extension period.
Cook County Board President Toni Preckwinkle announced Thursday that the county will waive a number of fines and fees and defer the collection of some taxes to aid businesses grappling with coronavirus containment efforts.
JCT: Coronavirus aid bill to cut taxes by $591B over 10 years - Roll Call
The coronavirus financial rescue package the House will take up Friday would save U.S. households and businesses nearly $1 trillion in taxes this year, though companies would have to pay a chunk of that back starting in 2021.
The biggest immediate savings from the package comes from a payroll tax holiday for employers, which will put off the need to pay $352 billion in Social Security taxes on wages and salaries until after this year.
Florida Extends Deadline to Pay Property Taxes Amid Coronavirus Pandemic – NBC 6 South
Residents in Florida who have to pay property taxes each year will be getting at least a two week reprieve in 2020 amid the growing coronavirus pandemic.
The state's Department of Revenue pushed back the due date for payments from April 1 st to April 15 th . The decision comes weeks after Governor Ron DeSantis issued a state of emergency for Florida as the crisis surrounding the virus grew.
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