What Are the Tax Plans of the Major Parties’ Presidential Candidates?
As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now. However, the political and economic landscapes can change, and there is no assurance these plans won’t be revised or that they will have eventual Congressional backing. However, the information may be helpful as you look toward future tax planning.
Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children
The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children who didn't receive a $500 per child Economic Impact (stimulus) Payment earlier this year.
How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19
Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social distancing is likely to remain in place for many organizations. Some of the country’s most recognizable brands, including Facebook and Google, have already announced a work-from-home option that will extend through July 2021 for all of their employees, while others have made the ability to work remotely permanent.
IRS Cancels Stimulus Checks Issued to Decedents
According to the recently updated IRS FAQ page, the Treasury Dept. has cancelled outstanding Economic Impact Payment checks issued to recipients who may not be eligible, including those who may be deceased. Some sources indicate the Bureau of Fiscal Services, the agency issuing the stimulus checks, has stopped payment on uncashed checks and is even having those that have already been deposited into existing bank accounts reversed.
Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19
Regardless of the type of business you're running, it's safe to say that you've likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have begun to try to settle into whatever this "new normal" actually is. They're resuming their regular activities (at least as much as possible) and are once again attempting to continue to follow the path that they set for themselves and their organizations at the beginning of the year.