The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.
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Tax Practice
May 19, 2020
Upcoming Events May 19, 2020
IRS starts using prepaid debit cards to send stimulus payments
By Michael Cohn      2 min read
The Internal Revenue Service and the Treasury Department are beginning to send nearly 4 million economic impact payments by prepaid debit card, instead of by paper check or direct deposit.
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IRS adding 3,500 phone reps to answer stimulus payment calls
By Michael Cohn     2 min read
The Internal Revenue Service is bringing in more help to deal with the flood of calls about economic impact payments.
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House passes $3 trillion stimulus with no future in Senate
By Erik Wasson and Billy House     4 min read
The measure, passed 208-199, would give cash-strapped states and local governments more than $1 trillion while providing most Americans with a new round of $1,200 checks
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With sales tax revenues down sharply, nexus becomes tool of choice for states
By Robert Schulte     4 min read
The CPA’s first line of defense is to protect e-tailers and brick-and-mortar shops.
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Companies that left U.S. for tax reasons could qualify for Fed’s aid
By Laura Davison     5 min read
Lax eligibility requirements are raising new questions about which firms should get access to public money.
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Tax Fraud Blotter: Snow jobs
By Jeff Stimpson     5 min read
A fuel and his money; see ya labor; low miles but high taxes; and other highlights of recent tax cases.
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IRS limits loan forgiveness in Paycheck Protection Program
By Tracey J. Niemotko     2 min read
The Internal Revenue Service guidance caused some consternation among some small businesses and tax experts.
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Marriage lockdown: Divorce in the time of coronavirus
By Brian M. Karpf     4 min read
Divorce and COVID-19 each bring various tax considerations.
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Study questions effectiveness of TCJA at stemming foreign R&D shifting
By Michael Cohn     3 min read
The international tax provisions of the Tax Cuts and Jobs Act will likely have less impact on the willingness of multinational companies to shift their income abroad than the money they can save by using foreign employees to do research and development.
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Proposed regs address deductibility of fines and penalties
By Jeff Stimpson     1 min read
The IRS is aiming to clarify some of the ramifications of the TCJA.
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