Breaking Tax News Week of June 8, 2020
Breaking: June 10, 2020
The IRS announced it is extending the deadline on estimated tax payments for tax year 2020 to July 15. 2020, due to the Cocid-19 pandemic.
However, here is where it gets tricky: Not all U.S. States have changed their 2019 filing deadlines to the federal Jul 15, 2020 date, and the same is true for estimated 2020 tax due dates. Life is complicated.
Forbes has compiled a comprehensive list of State-by-State 2019 income tax and 2020 estimated tax filing deadlines. Get in the know before you inadvertently find yourself out of compliance.
Breaking: June 11, 2020
What is the State of the Coronavirus Stimulus?
Will congress come through with more dough? You’ll have to wait until the Senate returns from summer recess to find out.
Although the May Jobs Report showed the U.S. unemployment numbers at a dismal 13.3%, the fact that the unemployment numbers fell from April, and 2.5 million jobs were added was enough good news to buoy the U.S. Senate into rethinking whether another round of stimulus was justified. Add to this that a lot of business stimulus money has remained unspent, and you have a recipe for a summer showdown in congress.
There are numbers to support opinions on both sides of the aisle, with the average American business and individual still picking up the pieces of their upended lives and livelihoods.
Will Summer 2020 usher in the long, hot road to recovery, a lazy, hazy stall or set the stage for a (down) Fall? Watch these pages for updates as the data swims in.
This recent Forbes article will give you the numbers that are simultaneously fueling the conclusions of the stimulus cutters and the stimulus believers.
If you have questions or concerns in regards to any cross-border tax and investment management issues. Contact IWTA. We’re here to help.