The U.S. Senate and Supreme Court are joining the House in not implementing President Donald Trump’s order allowing employers to defer payroll taxes owed by workers, Missouri Senator Roy Blunt said Tuesday. “My belief is we are not moving forward with the payroll tax deferral in the Senate,” Blunt, a member of the Senate GOP
In 2017, Value-Added Tax (VAT) accounted for 62.3 percent of consumption tax revenues in the OECD on average, making it an important source of government revenue. The European Commission (EC) recently published the latest version of their annual report on the “VAT Gap” in 2018 for the 28 Member States of the European Union at
Snowflake IPO begins trading at the NYSE on Sept. 16th, 2020. Source: NYSE So you think Snowflake up over 100% on its first day is a big deal? Nah, there’s been plenty of companies that have had first day pops bigger than that this year. They include biotech firm CureVac, up 249% on the first
Getty Images Working parents are feeling the sting of the coronavirus pandemic — and it’s hitting women especially hard. School shutdowns have left many trying to juggle work, childcare and helping their kids with distant learning. Since the crisis began, 40% of working parents have had to change their employment situation, according to a new
The economic downturn of the coronavirus pandemic that struck back in March left millions of Americans without jobs. Currently, more than 22 million people are collecting unemployment benefits — much of which is a direct result of the country shutdown. And while the CARES Act offered some relief to those impacted by the economy closure through
The Internal Revenue Service is gearing up to deploy a more modern taxpayer case management system in December, starting with the customer support area of its Exempt Organizations unit and eventually more widely across the IRS, in the hope of making it easier for taxpayers and IRS employees to get access to information more quickly
Wolters Kluwer experienced issues with its CCH Axcess e-filing system on the Sept. 15, 2020, tax filing deadline. Tax preparer users started noticing e-filing was not functional on Tuesday, Sept. 15, with some receiving a message saying the system was experiencing “temporary filing errors.” Others received a message saying the system was down for “scheduled
Warren Buffett Gerry Miller | CNBC Warren Buffett, the man who pioneered buy and hold investing, just made quite a fast billion bucks from a type of investment he once mocked. Berkshire Hathaway bought $250 million worth of Snowflake stock at the IPO price and an additional 4.04 million shares from another stockholder at the
This week’s map shows the five states that have an Alternative Minimum Tax (AMT) in their individual income tax codes: California, Colorado, Connecticut, Iowa, and Minnesota. Under an individual AMT, many taxpayers are required to calculate their income tax liability under two different systems and pay the higher amount. The federal AMT was created in 1963, after Congress discovered
The Federal Reserve said Wednesday it would keep its benchmark interest rate near zero for as long as it takes to help the economy bounce back from the coronavirus crisis. The Fed said the ongoing coronavirus pandemic will “weigh heavily” on the near-term outlook and poses “considerable risks” for the medium term. In addition to holding rates near rock bottom, the
The Institute of Management Accountants has launched a new promotional campaign to highlight the role of Certified Management Accountants in real-world situations, taking a more serious tone in the midst of the novel coronavirus pandemic than its previous humorous advertising campaigns. The campaign aims to demonstrate how accounting and finance professionals who earn a CMA
A majority of CFOs and other C-suite executives anticipate corporate tax rates will rise after the election, no matter whether Donald Trump or Joe Biden wins in November, according to a new survey by PricewaterhouseCoopers. PwC’s Road to Election 2020 Pulse Survey polled 578 CFOs and other executives to determine the general election’s impact on
The software business is on fire. This is going to be by far the biggest year for software IPOs in history. Four big software IPOs are pricing this week: Snowflake, Unity Software, Jfrog, and Sumo Logic. Palantir and Asana are coming at the end of September. Snowflake priced its IPO at $120 per share, raising
Westend61 | Westend61 | Getty Images Retirement often seems like a far-off destination. But once you hit your 40s, it’s no longer the distant country you once thought it was. On the plus side, you still have time to make some smart money moves with retirement savings. On the minus side, saving what you’ll need
Crypto help wanted; PPP and R&D; SEO tips; and other highlights from our favorite tax bloggers. Useful results Tax Vox (https://www.taxpolicycenter.org/taxvox): Everything old is new again: The newly published results of an extensive survey of public views on taxes find deep partisan divisions and a widespread lack of understanding about taxes. The survey also shows
Small-business owners tend to realize almost immediately how different their businesses are to run from large corporations. For success, a small business needs to adopt its own strategies that work with limited available resources. From figuring out how to find and develop new talent to discussing how to expand the business’s reach, small-business entrepreneurs have
The Internal Revenue Service released final regulations Tuesday for taxpayers who claim the rehabilitation credit under changes made in the Tax Cuts and Jobs Act of 2017. The TJCA amended the rehabilitation credit so taxpayers can now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer’s qualified rehabilitation
Hundreds of jobless people wait outside the Kentucky Career Center for help with their unemployment claims on June 19 in Frankfort, Kentucky. John Sommers II/Getty Images Americans who are hoping for more financial assistance may have to wait until after the November election before Congress can strike a deal. Yet experts say continued financial assistance
Richard Jones, the new chairman of the Financial Accounting Standards Board, said Tuesday he is making post-implementation reviews of standards one of his top priorities, as well as taking a closer look at all the many projects on FASB’s crowded agenda. During a session Tuesday during the American Institute of CPAs’ virtual conference on banks
Many taxpayers who thought, back in March 2020, that the relocation of their workplace from somewhere “downtown” to home was merely a temporary circumstance are continuing to work remotely. For some, this is due to the ongoing pandemic or the need for their workspace to be reconfigured in light of the virus. And while it
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