Accounting
VAT Exemption Thresholds in Europe
Countries around the world have been introducing various fiscal measures to counteract the economic distress caused by COVID-19. One measure—among many others—has been to make changes to Value-Added Taxes (VAT), such as delaying payments, speeding up refunds, or reducing rates. These measures can provide great relief for many businesses and in some cases for consumers…
Read MoreTrump’s April 6 deadline for virus stimulus checks could be hard to meet
The payments are one of the central provisions of the $2 trillion stimulus package awaiting a Senate vote. Original Article Posted at : https://www.accountingtoday.com/articles/trumps-april-6-deadline-for-virus-stimulus-checks-could-be-hard-to-meet
Read MoreWinners and losers in Congress’s $2T virus rescue plan
Days of negotiations between the Trump administration and Congress — and fierce lobbying by industries eager for assistance dealing with the coronavirus outbreak — has yielded a rescue package worth more than $2 trillion in spending and tax breaks. Original Article Posted at : https://www.accountingtoday.com/articles/winners-and-losers-in-congresss-2t-virus-rescue-plan
Read MoreIRS offers more time to file FATCA form amid coronavirus outbreak
The Internal Revenue Service is giving foreign banks and financial institutions more time to file information about U.S. taxpayers with overseas bank accounts because of the coronavirus pandemic. Original Article Posted at : https://www.accountingtoday.com/news/irs-offers-more-time-to-file-fatca-form-amid-coronavirus-outbreak
Read MoreA German Export for Times of Crises: The Short-Time Work Scheme
Amid the all-round disruptions caused by the novel coronavirus, a major concern is the threat of enormous job loss. Governments around the world have put forward various measures to address such concerns. One of the most talked about is Germany’s Kurzarbeit—German for “short-work”—scheme, a wage subsidy that many economists believe was essential in stabilizing the…
Read MoreWeighing the Value of Tax Credits During an Economic Crisis
Policymakers are nearing a deal on a third round of legislation to address the economic and public health crisis caused by the outbreak of COVID-19, and some have already outlined ideas for a fourth proposal. One idea under consideration is adjusting existing tax credits, such as the Child Tax Credit (CTC) or Earned Income Tax…
Read MoreState Aid Provisions of the Federal Coronavirus Response Bill
The economic relief bill that federal lawmakers have reportedly reached an agreement on includes $150 billion designated for state efforts to combat the COVID-19 pandemic. The Coronavirus Aid, Relief, and Economic Security (CARES) Act provides for this state aid under the auspices of a new Coronavirus Relief Fund. The current language, however, may exclude COVID-19…
Read MoreIRS lightens taxpayers’ compliance and enforcement burden to help with COVID-19
The Internal Revenue Service is taking a “sweeping series of steps” to help taxpayers during the coronavirus outbreak. Original Article Posted at : https://www.accountingtoday.com/news/irs-suspends-key-tax-compliance-and-enforcement-programs-to-adjust-covid-19-effort
Read MoreWorking from Home Brings Greater Exposure to State Tax Codes
There’s a good chance you’re reading this from home. Congratulations, you’re practicing social distancing! But while you’re putting six feet of distance between yourself and other human beings, you and your employer might also be in closer contact with state and local tax regimes than you realize. Corporate Income Tax Nexus and Apportionment Many businesses…
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