Tax & Accounting News

The Weekly (Tax)Buzz - September 23, 2020

The Weekly (Tax)Buzz - September 23, 2020

If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from our favorite bloggers, US tax proposals, tax crime stories, and much more.

The (Tax)Buzz this week: Continued delays for some tax returns, a stopgap bill to avoid a government shutdown, the “back-to-normal index” after 6 months of Coronavirus restrictions, and more.

ABC News: The House of Representatives has passed a stopgap bill to avert a government shutdown at the end of the month.

CNBC: The coronavirus recession has essentially ended for the rich, but is far from over for the lower-income communities still struggling.

Tax Foundation: Does your state have an Individual Alternative Minimum Tax (AMT)? Only if you live in one of these five places.

The Wall Street Journal: The labor market’s recovery is showing “fresh signs of losing momentum” as applications for unemployment benefits remain historically high.

Yahoo! Finance: It’s late September – almost three-fourths of the way through 2020. If you still haven’t received your tax return, here’s what the holdup could be.

Tax Policy Center: Since unemployment benefits are taxable income, those payments “may result in smaller refunds from tax credits such as the earned income tax credit (EITC)” next year.

The Hill: According to the nonpartisan Congressional Budget Office (CBO), COVID-19 rescue packages saved 4.7 percent in GDP.

CNN Business: It’s been six months since the start of coronavirus lockdowns, so here’s a check-in with CNN’s “back-to-normal index.”

USA Today: Some economists are saying that the US could slip into a “double-dip recession” if Congress doesn’t pass new stimulus legislation.

CNBC: Many Americans are still struggling after 6 full months have gone by since the CARES Act was passed.

Bonus content: 

  • Need help guiding your clients through the PPP forgiveness process? Our experts at TaxCPE converted the SBA’s very complicated instructions and side computations into a series of worksheets that make completing the SBA applications (Form 3508EZ and Form 3508) considerably easier. Download them here.
  • 17 Free White Paper Downloads – With the constant changes in legislation and rules governing our industry, it can be hard to keep up. That’s why the tax experts at TaxCPE / ClientWhys put together 17 free white papers on the most important tax issues during COVID-19.
  • As the COVID-19 outbreak continues to disrupt our lives across the board, we’ve received many questions about how tax and accounting pros should respond. To help, we created a Coronavirus Resource Hub with all the info you need to keep up. Be sure to explore and bookmark this page as we’re updating it continually.

Don’t miss our latest TaxBuzz posts: 

  • Yes, Your Unemployment Benefits Are Taxable Income
  • Office in Home: So COVID-19 (TaxMama Guest Post)
  • TaxBuzz Chat: Looking Ahead to the 2020 Tax Season

Did we miss a great article this week? Let us know in the comments below!

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Lauren Detweiler

Lauren Detweiler

I am equal parts marketer, traveler, and writer, and I've been doing all three for as long as I can remember. I have spent most of my time since graduating university traveling and working remotely in Africa and Europe. My passion lies in conveying the right messaging to the right people, and being a part of the CountingWorks and TaxBuzz team means I get to do that not only for our company, but for clients across the country as well.

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