Accounting Archives - Page 335 of 362

Mnuchin backs $1K per adult, $500 per child in payments

U.S. Treasury Secretary Steven Mnuchin said he supports direct payments of $1,000 per adult and $500 per child to Americans within three weeks if Congress backs the plan. Original Article Posted at : https://www.accountingtoday.com/articles/mnuchin-backs-1k-per-adult-500-per-child-in-payments

The Novel Coronavirus Requires Novel State Solutions

The United States has very little experience coping with pandemics, let alone their fiscal implications. As the crisis progresses, state leaders may be inclined to…

Coronavirus delays 2020 CPA Exam testing

NASBA and the AICPA announced the decision after test administrator Prometric closed its test centers across the United States and Canada for 30 days. Original Article Posted at : https://www.accountingtoday.com/news/coronavirus-delays-2020-cpa-exam-testing

Cross-Border Corporate Effective Average Tax Rates in Europe

In today’s globalized economy, many businesses make foreign investments in countries around the world. Taxes—among many other factors—play a role in business decisions on whether and where such investments are made. Today’s maps look at the cross-border corporate effective average tax rates (EATR) on investment among 32 European countries. Cross-border EATRs capture both domestic and…

New email scam targets tax pros warning their EFINs will be suspended

The IRS cautioned tax professionals about a new version of a phishing email scam targeting them. Original Article Posted at : https://www.accountingtoday.com/news/new-email-scam-targets-tax-pros-warning-their-efins-will-be-suspended

IRS and Treasury offer guidance on deferring tax payments amid coronavirus

Taxpayers can defer tax payments of up to $1 million until July 15 in response to President Trump’s emergency declaration granting relief amid the COVID-19 pandemic. Original Article Posted at : https://www.accountingtoday.com/news/irs-and-treasury-offer-guidance-on-deferring-tax-payments-amid-coronavirus

Tax Policy to Bridge the Coronavirus-Induced Economic Slowdown

The coronavirus-related lockdowns and quarantines are causing a major but temporary pause in economic activity. Many jobs and paychecks have been suspended. Congress and the Trump Administration are exploring tax relief and changes to unemployment benefits for individuals. Many businesses will experience a sharp reduction in cash flow, impairing their ability to make payroll, rent,…

VAT is becoming the global fiscal tool of choice during the coronavirus downturn

One strategy being used across international regions is to utilize value-added tax measures as a flexible and effective response to the economic slowdown. Original Article Posted at : https://www.accountingtoday.com/opinion/vat-is-becoming-the-global-fiscal-tool-of-choice-during-the-coronavirus-downturn

Tax Policy and Economic Downturns

The current coronavirus outbreak has policymakers around the world advancing policies to counteract the economic effects of the crisis. Those economic effects are likely to be severe, and policymakers should consider how the structure of their tax systems might result in deep revenue losses or hamper an economic recovery once the health risks have subsided.…