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People who receive Supplemental Security Income will automatically get economic impact payments from the federal government in response to the novel coronavirus pandemic. The Internal Revenue Service, the Treasury Department and the Social Security Administration said the economic impact payments will go directly to the SSI recipients’ bank accounts through direct deposit, Direct Express debit
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filadendron As small businesses sought emergency federal loans, financial advisors not only assisted clients, but also applied for aid to bolster their practices. The Paycheck Protection Program, the $349 billion small-business loan offering, ran out of money on April 16 after being open for close to two weeks. More than 1.6 million businesses were approved
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The Treasury Department and the Internal Revenue Service are partnering with the U.S. Department of Veterans Affairs to deliver economic impact payments automatically to veterans and their beneficiaries, without filling out extra forms, in response to the COVID-19 pandemic. The stimulus payments will automatically go to veterans and their beneficiaries who receive Compensation and Pension
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IRS-Related Coronavirus Scam As you might all be aware, under the CARES Act signed into law on Friday, March 27, 2020, the Internal Revenue Service (IRS) will be delivering economic impact payments to eligible taxpayers who filed tax returns for either 2019 or 2018. In order to avoid falling victim to fraudulent individuals either impersonating
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Secretary of the Treasury Steven Mnuchin speaks with President Donald J. Trump and members of the coronavirus task force during a briefing in response to the COVID-19 coronavirus pandemic on Thursday, April 02, 2020 in Washington, DC. (Photo by Jabin Botsford/The Washington Post via Getty Images) The Washington Post Veterans and their family members will
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The Securities and Exchange Commission recently voted to exempt many smaller public companies from the Sarbanes-Oxley requirement for auditor attestations of their internal controls over financial reporting, but many companies have been able to avoid such audits anyway by incurring debt instead of selling stock, according to a new study by researchers at University of
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The Internal Revenue Service wants to reduce the PTIN fee to $21 per application or renewal. The fee is currently $33. Notice of the proposal appeared in today’s “Federal Register.” The proposal would amend 26 CFR Part 300. The lower proposed cost is based on the IRS’s regular recalculation of the cost to provide PTINs
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The Internet Tax Freedom Act (ITFA), enacted in 1998, was intended to protect the developing internet technology. ITFA, which prohibited states and localities from applying taxes on internet access or imposing discriminatory digital-only taxes, became permanent in 2016 but included a grandfather clause that allowed states with taxes existing before 1998 to keep that tax
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  This past week, state policymakers made continued progress in their fiscal policy responses to the coronavirus outbreak. Major trends and developments are recapped below. Tax Deadline Extensions Several states extended their deadlines for payment of sales taxes, excise taxes, and other taxes remitted by businesses. Some of these announcements were new, while other states
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The seal of the Internal Revenue Service (IRS) hangs on a podium during an IRS Criminal Investigation 100th year anniversary event at the agency’s headquarters in Washington, D.C., U.S., on Monday, July 1, 2019. Photographer: Andrew Harrer/Bloomberg via Getty Images Bloomberg An unlikely group counts itself among the recipients of the coronavirus stimulus checks: the
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The US President signed into law, the largest emergency relief in the history of the country, a $2.2 trillion coronavirus stimulus package. The package is meant to provide relief to people from different sectors who have taken a financial hit over the past several weeks. The Coronavirus Aid, Relief and Economic Security (CARES) Act is
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