The survey was conducted by Wakefield Research in February—one month before the historic IRS announcement to extend the tax deadline due to COVID-19—uncovered an interesting correlation between the approach individuals take to filing their returns and their propensity to make a mistake.
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Despite the craving to get more money back this tax season, the survey also revealed that 95% of Americans do not fully understand the changes to tax laws that could directly impact their refund. For example, only 46% knew about the recent change to the standard deduction, while even fewer (22%) knew that personal exemptions have been eliminated. Individual tax deductions, which vary greatly state by state, were also a major point of confusion for filers.
Quite a lot has been going on:
Federal and Selected State Tax Updates in Response to Coronavirus (COVID-19) | Goulston & Storrs
The following is a brief summary of recent tax related regulatory and legislative developments related to the COVID-19 pandemic, as of April 3, 2020. Federal and state guidance and guidelines are being modified constantly, and so any of the information below may be subject to change.
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The federal government and various state governments have modified filing and payment deadlines with respect to 2019 tax returns.
Tax Provisions in the Coronavirus Aid Relief and Economic Security Act (“CARES” or the “Act”)
Governor's Executive Orders Impact State Tax Obligations - California Globe
On March 30, 2020, Governor Gavin Newsom issued Executive Order N-40-20 which is intended to "provide relief to California small businesses." This particular Executive Order (EO) has a number of provisions related to state tax laws which are intended to provide tax extensions for businesses.
On March 4, Governor Newsom proclaimed the State of Emergency currently in effect in the entire State of California due to the threat of COVID-19. The California Emergency Services Act provides that, pursuant to Government Code Section 8571, the Governor can waive certain statutes and regulations that would "prevent, hinder, or delay appropriate actions" to preclude and mitigate the effect of the COVID-19 pandemic in this state.
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
With each distribution that does not consist solely of net investment income, the Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes.
The Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. A return of capital occurs when some or all of the money that shareholders invested in the Fund is paid back to them. A return of capital does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income.
Other things to check out:
Changes in law provide retirement relief during coronavirus crisis
The new coronavirus outbreak and economic measures to contain it could have a significantly negative impact on retirement preparations for millions of Americans.
Account balances have been depleted by the stock market collapse. Many people now need to tap into their accounts to make ends meet. Others, facing layoffs or reduced hours, won't have the income to make investment contributions.
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The government has introduced several temporary changes that could help people shore up their finances and manage their retirement accounts more effectively.
No, Tax-Evading Cruise Lines Shouldn't Get Handouts From Uncle Sam
The moves were legal, even encouraged by some in the American government over the years. Now that the bottom has fallen out of the tourism industry thanks to the Wuhan coronavirus outbreak, these companies — many of which keep their main offices in the United States despite their foreign registry — are crying red-white-and-blue tears as the financial stimulus Congress passed last week excluded them.
After decades of shirking responsibilities, cruise ship companies' comeuppance is long overdue. If they want a handout now, let them ask someone else for it.
Ralph Lauren Corporation Provides Business Update on COVID-19 | Coronavirus | baytownsun.com
Ralph Lauren Corporation (NYSE: RL) today shared details regarding the additional steps the Company is taking to navigate the impacts of COVID-19.
Over the past several weeks, as the scope and severity of the COVID-19 crisis has grown, the vast majority of our employees and consumers in North America, Europe and select other parts of the world have been under "stay at home" orders except for essential needs. During this time, we have evaluated the necessary steps for adapting to evolving circumstances.
U.S. DOL Issues Temporary COVID-19 Leave Regulations | Horton Law PLLC - JDSupra
The hastily drafted emergency legislation has created unfortunate complexity in applying these new COVID-19 leave laws. Through its temporary regulations, the U.S. DOL repeatedly emphasizes the goal of interpreting the two separate leave laws “to ensure consistency”. To do this, the DOL has, in some cases, literally ignored the actual words Congress used in the laws themselves.
For the basic requirements of these laws, read Congress: Some Employers Must Give Paid COVID-19 Leave .
Happening on Twitter
White House officials have started working on phase 4 ideas amid numerous signs the economic devastation is outpaci… https://t.co/vGjeVqmshk JStein_WaPo (from Washington, DC) Sun Apr 05 23:20:35 +0000 2020
Univision Makes Outreach to Advertisers Amid Coronavirus Confusion https://t.co/NysoQBs27g Variety (from Los Angeles, CA) Mon Apr 06 12:15:25 +0000 2020
Amid the coronavirus outbreak and new restrictions at the U.S.-Mexico border, many farm workers are stuck in Mexico… https://t.co/h5cUmNpprx Reuters (from Around the world) Mon Mar 30 22:30:00 +0000 2020
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