IR-2020-207, September 10, 2020 WASHINGTON — The Internal Revenue Service today urged individuals who owe taxes but have not yet filed for 2019 to act now to avoid larger penalties that, by law, start after September 14. The tax deadline was July 15 this year. Taxpayers who submitted an extension have until October 15 to [...]
Now that the conventions of both major parties have wrapped up, we’re heading into the home stretch of the presidential election race. Naturally, taxes will be a major point of contention. Although President Trump hasn’t released a formal plan yet, he has generally expressed his intent to preserve, and expand on, the Tax Cuts and [...]
Amid historic levels of unemployment, as many as 12 million Americans may have lost their health insurance since February, according to a study by the Economic Policy Institute. “Because most U.S. workers rely on their employer or a family member’s employer for health insurance, the shock of the coronavirus has cost millions of Americans their jobs and [...]
President Donald Trump announced four executive actions on Saturday, including continued expanded unemployment benefits and a temporary payroll tax deferral for some workers, as the coronavirus pandemic continues to hobble the U.S. economy. Trump also ordered continued eviction protection and student-loan relief. The moves could jeopardize negotiations with congressional Democrats over an additional coronavirus relief [...]
A half-century ago, tax withholding was one of the simpler issues for taxpayers and practitioners. A more mobile society makes state tax withholding more complicated today given the ease of conducting cross-jurisdictional business and the increase in teleworking or remote work arrangements. Meanwhile, the web of inconsistent state and local income tax and withholding rules [...]
The IRS on Thursday issued its “Dirty Dozen” tax scams for 2020, pointing out that it was placing special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including economic impact payments (IR-2020-160). “Tax scams tend to rise during tax season or during times of crisis, and scam artists are using pandemic to [...]
The City of Myrtle Beach has passed an emergency ordinance requiring face masks in public, which will go into effect just in time for the busy July 4 holiday weekend. Myrtle Beach approves requiring face masks in public places The council approved the measure Thursday morning. It triggers at 12 a.m. Friday morning, the day [...]
Got a vacation home? There’s a big tax break if you rent it out—but a potential hit if you sell. First, the break: Long-standing rules allow owners of vacation homes to rent out their cottages or condos, pocket the rent checks and completely sidestep taxes on the rental income. I’ll use owner Olivia to illustrate [...]
June 19, 2020 Board Approves Budget Today, the University of South Carolina’s Board of Trustees approved the University's budget plan for the upcoming fiscal year, which includes freezing tuition system wide while implementing a series of cost-saving measures to prepare for the impact of COVID-19. “The budget outlook before us is more serious than any the university [...]
Pausing business operations may have stretched companies in 2020, but reopening is proving challenging in its own right. Public health leaders, governments, and businesses are considering phased reopening as their countries pass peaks of COVID-19’s initial wave, but 44% of businesses polled in a Gartner survey were unsure how a return to work will play [...]