The Internal Revenue Service is extending timelines for performing some of the actions associated with the low-income housing tax credit and bonds for qualified residential rental projects to give businesses more time during the COVID-19 pandemic. The IRS issued Notice 2020-53 Wednesday to offer regulatory and tax relief to issuers, operators, owners, and tenants of
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Lawmakers are giving cash-strapped entrepreneurs more time to apply for emergency funding. But the effort might be insufficient to keep business owners afloat. The Paycheck Protection Program, the forgivable loan program that was established through the federal CARES Act, was originally intended to cover eight weeks of payroll costs, plus mortgage interest, utilities and rent
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Yet another fictional company; more tooth and justice; unsafe bets; and other highlights of recent tax cases. Denver: Tax defier Lawrence Birk has pleaded guilty to failing to surrender to serve his prison sentence for tax evasion and illegal possession of a firearm. Birk, convicted a year ago of tax evasion, founded a sole proprietorship,
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According to EU law, every EU country is required to levy an excise duty on beer of at least €1.87 per 100 liters (26.4 gal) and degree of alcohol content, translating to approximately €0.03 per 330ml (11.2 oz) beer bottle at 5% abv. As today’s map shows, only a few EU countries stick to the minimum
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An artist’s rendering of a Momentus Vigoride transfer vehicle deploying satellites in orbit. Momentus A space startup offering a “last mile delivery” service for spacecraft is continuing its deal spree this year, becoming an increasingly important player in the growing small satellite market. Momentus, a Santa Clara, California-based company, has so far struck $40 million
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The holiday weekend is almost upon us and many are getting ready for a weekend of family and celebration. Independence Day means firing up the barbecue, setting off fireworks, enjoying cold drinks, and wearing flag paraphernalia. It also means spending big: last year, Americans spent $6.7 billion for the Fourth of July. This year, due
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Three worldwide accounting groups have banded together to issue a report offering guidance on how CFOs and finance teams can steer their organizations toward long-term value creation during the COVID-19 pandemic. The report, issued last week by the International Federation of Accountants, the International Integrated Reporting Council and the Association of International Certified Professional Accountants
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The growth of the digital economy over the last several decades has raised important questions about how to tax corporations that no longer need a physical presence in a country to turn a profit there. For months, countries in the Organisation for Economic Co-operation and Development (OECD) have been working towards a multilateral solution to this challenge,
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The Institute of Management Accountants appointed accounting professor Paul Juras as chair of IMA’s Global Board of Directors for fiscal year 2021 from July 1, 2020 to June 30, 2021. Juras (pictured), a professor at Babson College in Wellesley, Massachusetts, plans to focus on creating educational opportunities for students and developing technological strategies to drive
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Today begins Germany’s presidency of the council of the European Union. The EU presidency rotates among EU member countries every six months; Germany’s presidency will last through the end of 2020. In addition to a new six-month presidency, this is also the beginning of an 18-month cycle with Germany, Poland, and Slovenia working on a
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BlackRock’s global chief investment strategist said after the market’s strong gains, he is more cautious on U.S. stocks into the second half of the year because of risks of fading fiscal stimulus and potential election volatility. BlackRock Investment Institute, in its second half outlook, said it retains equities at neutral, or benchmark weight in portfolios.
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