And here's another article:
Should Congress Pump Money Into Businesses By Shifting The Timing Of Tax Benefits?
COLUMBUS, OH - MAY 12: Shoppers explore a mostly empty mall. (Photo by Matthew Hatcher/Getty Images)
Should Congress manipulate the timing of business tax benefits to support firms in the midst of the COVID-19 economic slump? And if so, how?
That debate may be the next big battleground as Congress begins to focus on a new round of economic relief. The Coronavirus Aid, Relief, and Economic Security (CARES) Act started down this road by allowing firms to use recent year net operating losses (NOLSs) to get refunds for taxes they paid as far back as seven years ago.
Avoid the payroll tax trap | Opinion | tiftongazette.com
"While good business ideas are plentiful, many entrepreneurs struggle to understand payroll taxes, health care and other thorny issues… They don't have the financial literacy to scale..." - Daymond John – CEO of FUBU
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• Payroll taxes are complicated and don't add value to the business. So, entrepreneurs delegate this task to others without strong systems to make sure the work is done right.
Yes, we still need to raise the gas tax - The Boston Globe
A long time ago, in a galaxy far away — actually, in March on Beacon Hill — Massachusetts lawmakers were on the cusp of a long-overdue fix to the state's tattered transportation system. Early that month, the House of Representatives passed legislation that would have invested about $600 million a year in the state's congested roads, crumbling bridges, and overcrowded trains, funded mostly with a modest five-cent boost to the per-gallon gas tax.
Then the coronavirus pandemic hit, the Legislature scattered, and the economy collapsed. With offices closed and few commuters on the road, the highways temporarily became bearable, reducing some of the urgency around the problem and raising questions about whether travel patterns had changed forever. The Senate voted on a short-term transportation bill last week, but has yet to take up larger legislation like the House's bill from March.
Check out this next:
Estimated Taxes Due July 15: Tax Return Pros Warn About Special Issues For 2020
This means that on July 15 it's possible for someone to owe half their estimated taxes for 2020 plus any taxes owed with their 2019 tax return. That's bad news for people whose income has tanked in the past few months because of the pandemic.
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My sources at the IRS tell me that changes in the safe harbor percentages for 2020 will "probably be considered." However, they also say that right now it's likely to be "at the bottom of the pile," given all the other issues demanding immediate attention at the Treasury Department and the IRS.
Wayfair Roundup: Remote Sales Taxes Become Pivotal in Covid Era
States have dramatically overhauled their sales tax structures since the landmark U.S. Supreme Court decision that—two years ago this Sunday—opened the door to taxing sales from online companies that aren't based in a given state.
Bloomberg Tax, in a series of stories this week, chronicled the continuing impact of the South Dakota v. Wayfair ruling, which tossed out the physical presence standard that had kept states from requiring tax collection and remittance on remote sales.
Scuttlebiz: Pandemic boosting Columbia County sales taxes - Business - The Augusta Chronicle -
Its sales tax collections paradoxically jumped nearly 5% in April – the height of the pandemic's shelter-in-place protocols – compared to a 10% decline statewide.
With nearly three fourths of Columbia County's labor market employed in other places, the new work-from-home trend has been a boon to county merchants.
More than $3.88 million in sales taxes were collected in April compared to $3.69 million during the same month in 2019.
Why You Should Keep Tax Records For More Than Three Years
A Pennsylvania citizen, who will be identified here as "P," has a bone to pick with the collections agency that handles taxes for his municipality. P says he duly paid his 2015 local income tax, but just a few weeks ago got a nasty notice calling him a delinquent and demanding immediate payment of more than $2,000 in taxes and penalties.
P asks: Isn't there a three-year limit on tax audits? What am I supposed to do if my bank can't locate a five-year-old cancelled check? Do I have to pay the taxes twice?
Happening on Twitter
— Traffic expert warns of "Coronavirus Carmageddon." — Public schools at risk over projected budget deficits. — Law… https://t.co/qALja1FakS ABC (from New York City / Worldwide) Tue Jun 16 19:35:08 +0000 2020
States face an estimated $615 billion budget deficit over the next three years due to the economic fallout from COV… https://t.co/CygGLkdP70 ABC (from New York City / Worldwide) Tue Jun 16 09:18:20 +0000 2020
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