The Internal Revenue Service is postponing the date for filing gift tax and generation-skipping transfer tax returns and making payments until July 15, 2020, because of the novel coronavirus pandemic. The IRS issued Notice 2020-20 on Friday, extending the relief it provided earlier this month on the tax-filing and payment dates for most other types
The Virgin Orbit ventilator device. Virgin Orbit Richard Branson’s California-based rocket company Virgin Orbit partnered with medical researchers and developed a ventilator device that the company plans to mass produce and send to hospitals around the United States to fight the coronavirus. “[It is] a very, very simple and robust design that we can get out
On March 26, weekly initial unemployment benefit claims hit the highest level in U.S. history, with five times as many filed as during the worst week of the Great Recession. Mandatory business closures and shelter-in-place orders have radically accelerated job losses compared to the steadier pace of layoffs in prior recessions, meaning these claims likely
US President Donald Trump participates in a meeting with Supply Chain Distributors to discuss the response to COVID-19 at the White House in Washington, DC, on March 29, 2020. Jim Watson | AFP | Getty Images This year, heirs of retirement accounts can bypass mandatory withdrawals from those IRAs. The coronavirus relief bill, which President
CFOs in the U.S. and Mexico are increasingly concerned about the ramifications of the novel coronavirus pandemic, according to a new survey by PricewaterhouseCoopers, with 87 percent of the CFOs polled expressing great concern for their businesses and 80 percent anticipating COVID-19 will decrease their revenue or profits this year. This is the second poll
Paul Tudor Jones Kevin Mazur | Getty Images Hedge fund manager Paul Tudor Jones said Thursday investors should commend Washington’s policy response to the economic shock from the coronavirus pandemic. “Investors can take heart that we’ve counteracted this existential shock with the greatest fiscal, monetary bazooka. It’s not even a bazooka. It’s more like a nuclear bomb,”
The pandemic affects everyone — even cats and dogs that are clearly surprised at the change in routine. Younger children might not understand everything that’s going on, and older ones might realize life has changed but not know how to get clarity from their parents. The current situation is different from anything anyone’s experienced in
Republican staff on the Senate Finance Committee working in the office of chairman Chuck Grassley, R-Iowa, have released a set of answers to frequently asked questions about the stimulus payments that are expected to give taxpayers at least $1,200 to deal with the economic fallout of the COVID-19 pandemic. The FAQ page serves as unofficial
The postponement and extension are on. Funny how some prospects and clients think that just gives them more time to interrupt preparers’ work. What to tell them that’s polite, professional and effective? “‘I’m doing the best I can, and you want the best, don’t you?’” said Debra James, an Enrolled Agent at Genesis Accounting &
Hedge fund manager Paul Tudor Jones told CNBC on Thursday the market could be higher by June despite what he sees as a turbulent month ahead. “My guess is one of the reasons the market’s up right now is because of all the month-end rebalancing. The market’s front-running, it sees the fact that there are going to
College acceptance letters are already in the mail. Now high school seniors must decide their fate for September. Up until now, National College Decision Day, the deadline for high school seniors to choose which college they will attend, has always been May 1. This year, however, the global coronavirus pandemic and extreme economic uncertainty have pushed many
A conversation that all accounting firms and departments need to have, especially during times of viral epidemics and other public health crises, is how to keep the business running efficiently during these times. By now you and your colleagues are likely staying away from the office and working from home. If that’s not already your
Many small businesses are now allowing employees to work remotely because of the coronavirus pandemic. Even aside from this recent reality, working from home has been steadily gaining popularity among business owners and employees for years. It’s not all bad, though. About 91 percent of workers actually think they’re more productive when working remotely. So
The American Institute of CPAs wants the Internal Revenue Service and the Treasury Department to give taxpayers more tax filing and payment relief during the coronavirus pandemic, in addition to the three-month extension until July 15 that has already been announced. The AICPA submitted several priority questions and recommendations for consideration in a letter Thursday
Morgan Stanley CEO James Gorman told his employees that despite the upheaval caused by the coronavirus pandemic, their jobs will be secure through this year. “I am sure some, if not many, of you are worried about your jobs,” Gorman said Thursday in a staff memo. “While long term we can’t be sure how this
New Jersey Governor Phil Murphy speaks after taking the oath of office in Trenton, New Jersey, January 16, 2018. Lucas Jackson | Reuters New Jersey homeowners whose finances have been affected by the novel coronavirus will get a 90-day reprieve on their mortgage payments, said Gov. Phil Murphy on Saturday. Lenders will also waive late
As we navigate the start of a new decade, who could guess that it would start like this — with a global pandemic? Independent accounting firm leaders are tasked with the sustainability of their firms, and it is even more critical to understand what that means now. As we consider firm sustainability now and in
The Internal Revenue Service said Friday that it is shutting down its Practitioner Priority Service line, the e-Services Help Desk, as well as the e-Services FIRE and AIR system help desks are closed until further notice, due to staff limitations amid the coronavirus pandemic. The move comes on the heels of the IRS closing its
American Airlines planes parked in Tulsa, Oklahoma. American Airlines The coronavirus crisis is bringing the United States economy to a screeching halt, with every sector feeling the effects of most of the country’s workforce staying home. Satellite imagery combined with other photographic evidence and alternative data sources give a stark look at the U.S. situation:
Andrew Cuomo, governor of New York, speaks during a news conference at the Jacob Javits Convention Center in New York, U.S., on Friday, March 27, 2020. Angus Mordant | Bloomberg | Getty Images New Yorkers are getting more time to submit their 2019 income tax returns to the Empire State. Individuals filing a New York
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