On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law. It is intended to stimulate the economy following continued setbacks due to the new coronavirus pandemic. The most newsworthy provisions of the CARES Act relate to the relief granted to small businesses (principally, those businesses with less than 500 employees), but the CARES Act extends tax incentives beyond those businesses to individual taxpayers.
Under the CARES Act, individual taxpayers will receive stimulus payments of $1,200 ($2,400 for married taxpayers filing jointly), plus $500 per qualifying child. These "recovery rebates" are designed as refundable tax credits so the payments will not be taxable income to the recipients.
Quite a lot has been going on:
Sparta Residents Have Been Paying Their Taxes | TAPinto
SPARTA, NJ- Residents have had the option to delay paying their property taxes until June 1 but most have already paid. Sparta Township Manager Bill Close responded to Councilwoman Molly Whilesmith’s inquiry about the collection rate with the one-month extension.
At the township council zoom meeting on Tuesday, May 26, Close said collections were about 1.5 to 2% off last year at this time. That equates to approximately 89% versus 91%.
New York City Property Taxes Rise as Coronavirus Pushes Values Down - WSJ
New York City property owners owe $1.65 billion more in property taxes than they did last year, despite a pandemic that has hobbled real-estate values.
A Wall Street Journal analysis of the latest city assessment rolls found that the industry's new tax bill will rise 5.7%. That is because the tax assessment date was Jan. 5, well before property values deteriorated in response to the March shelter-in-place orders that led numerous businesses to close and many tenants to withhold rent.
State tax deadlines near, along with COVID tax extensions | News | indexjournal.com
Though there's still time to file income tax returns for 2019. The state Department of Revenue reminded people Thursday that deadlines are nearing for certain tax payments and filings, and the postponed deadline for individual income tax filings is coming up next month.
As the coronavirus spread, the IRS and state officials moved to extend tax deadlines. Traditionally due April 15, the IRS and state DOR extended the filing and payment due dates to July 15. But certain returns and payments are due today, including the state Sales and Use Tax, Admissions Tax, Withholding Tax and other taxes administered by the SCDOR.
Quite a lot has been going on:
How Work From Home Orders Affect Lansing, East Lansing Income Taxes | WKAR
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WKAR's Scott Pohl reports on Lansing and East Lansing income tax rules for people working from home.
Non-residents who are required to work from home, though, are not subject to taxation for the days they aren't going to their workplace. That will have an impact on tax revenues, and will mean a little extra work for taxpayers who want to recoup the difference when they file next year.
Don't blame pipeline decline on oil taxes - Anchorage Daily News
Oil and gas pipelines run into Alyeska's trans-Alaska oil pipeline Pump Station 1 on Alaska's North Slope near Deadhorse.
North Slope oil that comes out of the ground is crude, which consists of many things, including saltwater, carbon dioxide and natural gas. Before crude oil enters the trans-Alaska oil pipeline at Prudhoe Bay Pump Station #1, it must be processed to remove the water and gas. The processing of crude occurs at above-ground treatment facilities, which are located between the oil-producing wells and the pump station.
Don't misinterpret the tax incidence study to justify tax increases
Connecticut's Progressive Caucus and state union leaders are again calling for an increase in the state income tax and are justifying their recommendation by pointing to a 2014 tax incidence report released by the state Department of Revenue Services.
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The state is supposed to release a tax incidence report every two years but has only released one report ever. We would welcome additional tax incidence reports as they will show in stark numbers the cost of Connecticut's high taxes on every resident.
Democrats Stick With Tax-Rise Policies as They Make Plans for 2021 Majority - WSJ
The coronavirus pandemic shook the U.S. economy. It hasn't shaken Democrats' fervor for trillions of dollars in tax increases, and significant income redistribution is still likely as soon as 2021 if Joe Biden wins the White House and Democrats control Congress.
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