The IRS is allowing partnerships subject to the centralized audit provisions in the Bipartisan Budget Act of 2015 (BBA), P.L. 114-74, to file an amended partnership return for 2018 or 2019 to take advantage of beneficial tax provisions in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116- 136. The IRS announced in […]
1 in 4 Americans have either lost their job or had pay cut from coronavirus shutdowns: Survey
People wearing masks and gloves wait to checkout at Walmart on April 03, 2020 in Uniondale, New York. Al Bello | Getty Images A quarter of Americans have either lost their job or seen their wages cut as a result of the coronavirus shutdown, according to the CNBC All-America Economic Survey, which registered the biggest […]
AICPA posts 20 FAQs on tax filing relief
Based on member feedback, the AICPA has identified seven key areas in need of immediate tax relief and has posted 20 FAQs on the latest developments in taxpayer relief during the COVID-19 pandemic. The AICPA has been advocating for more comprehensive relief from Treasury and the IRS and also continues to urge the agencies to […]
House Democrats urge Boeing to take federal aid as plants shut down over coronavirus pandemic
Workers assemble a Boeing 787 Dreamliner at the Boeing Everett Factory in Everett, Washington. Patrick T. Fallon | Bloomberg | Getty Images U.S. House Democrats representing Washington state have urged Boeing to accept government aid to help weather the coronavirus pandemic after the plane maker’s chief executive balked at the possibility of government equity stakes in exchange for […]
New York City may have to bury coronavirus victims on public lands as deaths overwhelm mortuaries
Medical workers remove a body from a refrigerated truck outside of the Brooklyn Hospital on March 31, 2020 in New York City. Stephanie Keith | Getty Images New York City is preparing to bury dead COVID-19 patients in temporary plots on public land until the city’s morgues and cemeteries can catch up to the rapidly […]
New Yorkers stop and give daily thanks and gratitude for coronavirus frontline workers
New Yorker’s come together at 7pm each day to give thanks and gratitude to the city’s frontline workers fighting the coronavirus pandemic. Adam Jeffery | CNBC It has been over two weeks now since Gov. Andrew Cuomo ordered all non-essential businesses closed and for New Yorkers to stay indoors in an effort to flatten the […]
MLM sellers are asking for cash to donate products to health workers, but experts say it’s a marketing ploy
Arbonne products Source: Arbonne Multilevel marketing company distributors are asking for cash donations so they can buy their own supplies to give to first responders, doctors and nurses and others on the front lines of the COVID-19 pandemic. But experts warn this is a marketing ploy to improve sales volume and that consumers’ donation money […]
New York Gov. Cuomo says state saw its single-biggest increase in coronavirus deaths yesterday
Following the arrival in New York City of the U.S. Naval hospital ship Comfort, NY State Governor Andrew Cuomo is seen during a press conference at the field hospital site at the Javits Center. Albin Lohr-Jones | Pacific Press | Getty Images Gov. Andrew Cuomo said Friday that 2,935 New Yorkers have died from the […]
Social Security recipients will automatically receive stimulus payments
News Procedure & Administration By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} Treasury announced Wednesday that Social Security and Railroad Retirement benefit recipients will receive economic stimulus payments automatically without having to file a tax return. On Monday, the IRS had said that only taxpayers who had filed tax returns […]
Coronavirus hits prisons: Ex-GOP Rep. Chris Collins’ surrender date delayed two months as inmates, guards infected
Former Representative Chris Collins, a Republican from New York, exits a federal court in New York, U.S., on Friday, Jan. 17, 2020. Peter Foley | Bloomberg | Getty Images A federal judge granted a two-month delay for the prison surrender of former GOP Rep. Chris Collins after his lawyers argued he has a high risk […]