The IRS on Tuesday issued a new form and instructions for employers to use to obtain advance payments of three tax credits that were created to help businesses cope with the coronavirus pandemic. Employers may file new Form 7200, Advance Payment of Employer Credits Due to COVID-19, to obtain advances of employment taxes that are […]

To allow employers to take immediate advantage of various credits enacted in response to the COVID-19 pandemic and to ease employers’ cash flow, the IRS is permitting eligible employers who pay qualifying wages to retain an amount of the payroll taxes equal to the amount of qualifying wages that they paid, rather than deposit them […]

Novak Djokovic of Serbia lifts the trophy after winning his Men’s Singles final against Roger Federer of Switzerland during Day thirteen of The Championships – Wimbledon 2019 at All England Lawn Tennis and Croquet Club on July 14, 2019 in London, England. Matthias Hangst | Getty Images Sport | Getty Images The 2020 Championships Wimbledon have […]

The IRS announced Monday that most qualifying taxpayers will receive recovery rebate payments enacted by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, automatically within the next three weeks without having to take any action (IR-2020-61). According to the IRS, some seniors and others who typically do not file returns will need […]

Carnival Cruise Line’s Fascination ship. Getty Images Carnival is issuing $6 billion in stock and debt as the beleaguered cruise ship company tries to shore up its finances after suspending operations following COVID-19 outbreaks on at least three of its ships.  The company said Tuesday it plans to issue $1.25 billion in stock, $3 billion in […]

Sen. Ted Cruz told CNBC on Monday he and eight other GOP senators recently ripped into the Saudi ambassador in a conference call over the oil price war with Russia that has threatened to put American producers out of business.  In a “Squawk Box” interview, Cruz said the call with Princess Reema bint Bandar bin Sultan […]

College acceptance letters are already in the mail. Now high school seniors must decide their fate for September. Up until now, National College Decision Day, the deadline for high school seniors to choose which college they will attend, has always been May 1. This year, however, the global coronavirus pandemic and extreme economic uncertainty have pushed many […]

American Airlines planes parked in Tulsa, Oklahoma. American Airlines The coronavirus crisis is bringing the United States economy to a screeching halt, with every sector feeling the effects of most of the country’s workforce staying home. Satellite imagery combined with other photographic evidence and alternative data sources give a stark look at the U.S. situation: […]

Under a recently enacted law, eligible small and midsize employers can claim two new refundable payroll tax credits, designed to reimburse them, dollar for dollar, for the cost of providing coronavirus-related leave to their employees. The relief was enacted under the Families First Coronavirus Response Act, P.L, 116-127, signed by President Donald Trump on March […]

News Procedure & Administration By Sally P. Schreiber, J.D. {:else} {timeSince} {/if} {@if cond=”{isCGMA}”} {:else} {/if} {/.} The IRS announced the evening of March 26 that it was closing the Practitioner Priority Service, a special phone line for tax practitioners. It had previously announced that practitioners should be prepared for long wait times when using […]