Tax & Accounting News

The Weekly (Tax)Buzz - September 30, 2020

The Weekly (Tax)Buzz - September 30, 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: The NY Times report on Trump’s tax returns, 9 million unclaimed stimulus checks, how canceled debts could affect your taxes, and more.

The New York Times: The top tax story this week comes from a NY Times investigation: Long-concealed records show Trump’s chronic losses and years of tax avoidance.

Forbes: The IRS is urging nearly nine million people to sign up to receive the $1,200 stimulus check they are qualified for but haven’t yet received.

USA Today: An important fact check on some viral social media posts: those payroll taxes cut by executive action must be paid back in 2021.

MarketWatch: Pay attention to any financial relief measures that arise in the coming years. Things like canceled student-loan and mortgage debts can affect your taxes.

The Wall Street Journal: The IRS is changing Form 1040 for the 2020 filing season “to strip away excuses for ignoring the tax rules on bitcoin, ether or other digital currencies.”

Business Insider: The data is in. This is how much the average amount Americans pay in federal income taxes, broken down by income level.

CNBC: Apple’s battle with the European Union over $15 billion in taxation is continuing, heading next to the highest court in Europe.

Accounting Today: The IRS is giving victims of Hurricane Sally until mid-January to file various federal individual and business returns and make tax payments. 

Forbes: Thirty-three year old Kevin Kinard discovered a massive 9-carat diamond in a public state park in Arkansas – and yes, it’s taxable.

The Hill: Lawmakers and tax professionals are concerned by the challenges taxpayers may face next year when they go to file their state taxes, due to remote work and other COVID-19 complications.

Bonus content: 

  • Need help guiding your clients through the PPP forgiveness process? Our experts at ClientWhys 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.
  • Also available: TaxCPE’s 2-hour "PPP Loans & Forgiveness" CPE webcast has just been released to answer your most difficult questions and guide you through the PPP forgiveness application with our comprehensive worksheets. See it 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: 

  • 1099-NEC: Revised Tax Form Addresses Payments to Freelancers and Gig Workers
  • IRS: Spanish Language Form 1040 To Debut Next Year
  • Yes, Your Unemployment Benefits Are Taxable Income

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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