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4 Tax Moves to Consider as the Election Gets Closer
Posted by Bill Smith on Thu, Oct 22, 2020 @ 02:22 PM

As the 2020 presidential election approaches, many are looking ahead to how tax rates will be shaped by the next administration. President Trump and former Vice President Joe Biden hold strikingly different views on tax law, with planned changes to the current law expressed by both candidates.

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Topics: IRS, Taxes, Donald Trump, Trump, COVID19, Coronavirus, Biden, Harris, #taxplan, capital gains

Comparing the Trump and Biden Tax Plans
Posted by Bill Smith on Tue, Jul 21, 2020 @ 03:15 PM

The 2020 presidential campaign between President Trump and former Vice President Joe Biden has mostly been sidelined as the country continues to grapple with the COVID-19 (coronavirus) pandemic. With November fast approaching, attention will soon shift toward the presidential race, where both candidates seek to distinguish their policies and initiatives. One place where the candidates stand far apart is on taxes.

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Topics: IRS, Taxes, Donald Trump, Trump Tax Plan, Coronavirus, Biden, #taxplan, Joe Biden

How the New PPP Law Affects Loan Forgiveness Requirements
Posted by Jenna Peabody on Mon, Jun 8, 2020 @ 11:01 AM

Changes have been made to the Paycheck Protection Program (PPP) to give loan recipients more leeway to qualify for loan forgiveness. President Trump signed the Paycheck Protection Program Flexibility Act (PPPFA) into law after the House and Senate passed it last week.

In addition to providing more breathing room for the loan forgiveness requirements, the PPPFA increases the minimum loan maturity date to five years for PPP loan balances not forgiven. The following takes a deeper dive into what the PPP loan forgiveness requirement now looks like.

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Topics: Donald Trump, Trump, CARES Act, PPP, payment protection plan, SBA, Small Business Administration, PPPFA, payment protection plan flexibility act, loan forgiveness

Trump Administration Announces Tax Day Moved to July 15
Posted by Chrissy Hammond on Fri, Mar 20, 2020 @ 12:15 PM

Treasury Secretary Steven Mnuchin announced via Twitter this morning that the April 15 tax filing deadline is extended to July 15. This supplements the tax payment extension to July 15 that was announced March 17 and published by the IRS on March 18. Secretary Mnuchin tweeted, “At @realDonaldTrump’s direction, we are moving Tax Day from April 15 to July 15. All taxpayers and businesses will have this additional time to file and make payments without interest or penalties.”

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Topics: tax update, Donald Trump, COVID19, tax extension, tax season, Coronavirus

Trump Signs Phase 2 COVID-19 Emergency Legislation
Posted by Chrissy Hammond on Thu, Mar 19, 2020 @ 12:13 PM

President Trump signed into law on March 18 the Families First Coronavirus Response Act (the Act), which will provide paid sick and family leave assistance due to illness, as well as food assistance and medical testing assistance. The Senate passed the bill earlier the same afternoon, where Senate Majority Leader Mitch McConnell (R-KY) said any shortcomings the Senate saw in the bill would be addressed in the next phase of coronavirus legislation.

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Topics: Donald Trump, COVID19, Coronavirus, Families First Coronavirus Response Act

Updated Information on April 15 Tax Payment Deadline Extension Amid Coronavirus Pandemic (Updated March 18, 2020)
Posted by Chrissy Hammond on Wed, Mar 18, 2020 @ 05:48 PM

On March 17, the Trump administration announced an extension to the April 15 tax payment deadline for all individual and corporate taxpayers. On March 18, the IRS issued Notice 2020-17, clarifying some of the uncertainties that remained after Treasury Secretary Steven Mnuchin’s initial announcement.

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Topics: tax update, Donald Trump, COVID19, tax extension, tax season, Coronavirus

April 15 Tax Payment Deadline Extended Amid Coronavirus Pandemic
Posted by Chrissy Hammond on Tue, Mar 17, 2020 @ 05:39 PM

The Trump administration today announced an extension to the April 15 tax payment deadline for all individual and corporate taxpayers. There is some uncertainty whether the extension applies only to individuals with tax liabilities of $1 million or less, and corporations with tax liabilities of $10 million or less, or if the extension applies to the first $1 million and $10 million of taxes owed, respectively. The unprecedented move comes pursuant to the President’s national emergency declaration on March 13 related to the novel coronavirus outbreak (the COVID-19 virus). The tax relief postpones the tax payment deadlines until July 15, 2020; however, taxpayers apparently must continue to file returns or request extensions by the April 15 tax filing deadline.

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Topics: tax update, Donald Trump, COVID19, tax extension, tax season, Coronavirus

Congressional Tax Writers, Trump Administration Considering Tax Relief Measures
Posted by Chrissy Hammond on Tue, Mar 10, 2020 @ 12:00 PM

Congressional tax writers and the Trump administration are considering various tax relief measures in response to the current global health emergency.

"While we continue to assess the economic impacts, [Senate Finance Committee] Chairman [Chuck] Grassley, [R-Iowa], is exploring the possibility of targeted tax relief measures that could provide a timely and effective response to the coronavirus," Grassley’s communications director Michael Zona said in a statement emailed to Wolters Kluwer on March 9. "Several options within the committee’s jurisdiction are being considered as we learn more about the effects on specific industries and the overall economy."

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Topics: tax update, Donald Trump, COVID19, tax extension, tax season, Coronavirus

Tackling Tariffs: A Deep Dive Into How Tariffs Affect You and Your Business
Posted by Barret Pinto on Fri, Sep 13, 2019 @ 12:29 PM

One of the favored talking points of President Trump is the trade deficit between the U.S. and China. And one of his favored solutions to remediate this imbalance is tariffs. Opponents argue tariffs hurt consumers by driving up the cost of imports and generating tension with trading partners. Proponents counter they can be necessary to pressure countries to play fair on trade. What is certain is their effects are complicated and undoubtedly impact you and your business in one way or another.

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Topics: Donald Trump, Barret Pinto, tariffs, Customs

Trump's Tax Plan Eyes Dynamic Scoring to Finance Tax Cuts
Posted by Michael Corrente on Thu, Jun 22, 2017 @ 08:40 AM

How much economic growth will tax cuts create? The President’s outline of his tax proposals is based on the premise that tax cuts pay for themselves by stimulating the economy to create additional and offsetting tax revenues. There are varying ways to project the effect of tax policy on economic growth and tax revenue; the most popular method is called dynamic scoring. To bring dynamic scoring into focus, it is necessary to understand what it is, how it is calculated, and why it matters.

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Topics: Michael Corrente, Donald Trump, Trump, Tax Plan, Trump Tax Plan

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