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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 MoreLegal actions and efforts to enable businesses and also insurers to force through claims related to business interruption appear to be expanding, with potentially significant ramifications for some in the reinsurance and insurance-linked securities (ILS) market should any succeed. It largely comes down to contract wording interpretation and the understandable desperation of business owners facing…
Read MoreWe are health care workers. We are doctors, advanced care practitioners, nurses, pharmacists, social workers, and so much more. We are on the frontlines. We are our parents’ children, and we are parents to our young children. For the first time, we are at an extremely high risk of being quarantined by the same beast…
Read MoreIn life, nothing is guaranteed. That’s especially true of our finances. Our jobs aren’t a sure bet. And major, unexpected expenses can arise at any time — especially when the nation is in the middle of a coronavirus pandemic or at the start of a recession. That means a healthy emergency fund is a must.…
Read MoreThe Lloyd’s of London insurance and reinsurance market fell to an underwriting loss for the third consecutive year, reporting a combined ratio of 102.1% for 2019, while paying gross claims during the year that were higher than in the prior year. Lloyd’s has struggled with its underwriting performance in recent years as major catastrophe losses…
Read MoreThe 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 MoreDays 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 MoreThe 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 MoreAmid 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 MorePolicymakers 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…
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