The stimulus check has provided welcome and much-needed relief to most recipients, millions of whom have lost jobs or have seen their income reduced in the wake of the coronavirus pandemic and the widespread business closings that followed.
But there have also been concerns raised about whether these stimulus payments could affect what recipients owe in taxes next year or the amount of tax refund they might receive. Here are answers to those tax-related stimulus payment questions and more.
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South Fayette extends discount period, real estate tax deadline | TribLIVE.com
South Fayette Township board of commissioners took action May 13 to extend the 2% discount period for paying real estate taxes from May 31 to Aug. 31.
From Sept. 1 through Dec. 31, taxes may be paid in full, with no fees or penalties charged, according to the borough website.
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In-person township tax collection hours are postponed until August. Until then, taxes may be paid by mail to P.O. Box 31, Morgan PA 15064.
HEROES And CARES - A Tale Of Two Tax Provisions
French economist Thomas Piketty answers a question during his press conference at Japan National ... [+] Press Club in Tokyo on January 31 2015. Japanese language version of Piketty's book, 'Capital in the Twenty-First Century,' started selling in Japan from December 2014, becoming the best-selling book in Japan. AFP PHOTO / TOSHIFUMI KITAMURA (Photo credit should read TOSHIFUMI KITAMURA/AFP via Getty Images)
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Unlike the $413 billion in additional recovery rebates, these provisions do not affect the little people very much. EBL, by its nature, affects a very narrow group. The provision requires that net business losses in excess of $500,000 on a joint return be carried forward as a net operating loss. Unless a couple has non business income in excess of $500,000 the provision will never have any effect on them. Clearly this is a problem for a small subset of the one percent.
Lawmakers approve bill to prevent taxation of stimulus checks | Local News | newspressnow.com
Not to change the topic here:
Louisiana Senate committee rejects suspending casino taxes
BATON ROUGE — A Senate committee on Friday rejected a resolution that would have suspended taxes on promotional play wagers in the gaming industry and cost the state $29 million in tax revenues.
The Senate Revenue and Fiscal Committee voted 4-3 against the proposal by Sen. Barrow Peacock, R-Bossier, with three of his fellow Republicans among those opposing it.
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The House Ways and Means Committee passed resolutions to suspend severance taxes on oil and gas and suspend business franchise taxes for a year to help companies and their workers rebound from the shutdown.
WV MetroNews Parkersburg proposal would exempt businesses from $500 in taxes - WV MetroNews
PARKERSBURG, W.Va. — A proposal to go before the Parkersburg City Council on Tuesday would exempt businesses from the first $500 of their business and occupation tax for the final quarter of the fiscal year.
Parkersburg Mayor Tom Joyce is submitting the plan as businesses struggle to adjust financially to the coronavirus pandemic because of a lack of customers.
“We look at it as a mechanism to preserve, both in the medium- and the long-term, the employment and tax base,” he said. “Anything that we can do to help these smaller businesses now weather this storm is going to pay dividends for the city and the future.”
Fireworks unknown, taxes an issue for Dunkirk | News, Sports, Jobs - Observer Today
Things in Dunkirk remain unclear regarding summer activities. In a call with the OBSERVER Mayor Wilfred Rosas stated that the next big event being looked at is the Fourth of July.
“At this time I haven’t made a decision regarding that. It’s going to depend on a lot of factors,” Rosas stated. “If social distancing is still going to be on the table then I don’t see how we can have a gathering like that and maintain control.”
Rob and Lauren Hudson: Letter of Common Ground about taxes and spending | NKyTribune
Happening on Twitter
Billions of federal coronavirus relief dollars are flowing. • The good news: Your stimulus payment is all yours •… https://t.co/aQMPzxai4x CNN Tue May 12 00:58:21 +0000 2020
If you're out of work, you will owe federal — and possibly state and local — taxes on any unemployment benefits you… https://t.co/iPvhJJwKWK CNNBusiness (from Global) Tue May 12 11:31:04 +0000 2020
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