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The Weekly (Tax)Buzz - December 23, 2020

The Weekly (Tax)Buzz - December 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: Lots of updates on the COVID-19 stimulus bill, PPP expense deductibility updates, the “three martini” tax break, and more.

The Washington Post: After (seemingly) endless negotiations, a COVID-19 relief bill was reached, but President Trump is now calling on Congress to approve $2,000 stimulus checks, hinting he might not sign the bill without changes.

CNBC: Weekly jobless claims rose less than expected last week, but still held above 800,000 as a wintertime spike in COVID-19 cases continues.

Tax Foundation: Here’s a full FAQ on the latest version of the COVID-19 relief package.

Forbes: Congress agreed to make PPP expenses deductible in the latest bill, but don’t celebrate yet – you may have to wait a year to benefit from them. 

Reuters: The COVID-19 bill includes a “three martini” tax break, but not “the one thing most requested by independent U.S. restaurants which have been devastated by the pandemic: cash.”

MarketWatch: Congress didn’t extend the student loan payment pause in the latest relief bill, but lawmakers did make other changes that could help students pay for college.

USA Today: Even if the COVID-19 relief deal is passed quickly, millions of Americans could face long delays before they receive their unemployment benefits.

Forbes: A holiday gift for millions of Americans with high healthcare costs, especially seniors: new legislation permanently lowers the threshold for claiming the medical expense deduction to 7.5%. 

Small Business Trends: The IRS just released standard mileage rates for 2021, and one of the biggest differences is a drop in the per mile rate for business use from last year.

MarketWatch: There are many tax breaks expiring at the end of the year — but these 8 will probably be renewed. 

Bonus content: 

  • (NEW) The Big Book of Taxes 365, our 1250+ page online tax research library, is FREE to access through 12/31! We know everyone could use some help going into next tax season, so we hope you’ll take advantage of this period. Find it here.
  • The ClientWhys 16-Hour Virtual Tax Update & Review Conference has officially arrived! Choose your own dates between NOW and January 21st for the 8 breakdown sessions. The agenda will include all of the changes brought about from COVID-19 legislation, the Secure Act, PPP loan forgiveness, extenders, newly issued regulations, and other issues of current importance. Register for just $219 here.
  • 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.
  • 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: 

  • It's Happening: Emergency Coronavirus Relief Agreement Reached
  • Nearly one-third of US adults expect to lose employment income: Census Bureau
  • What to Know About the CARES Act $300 Charitable Contribution Deduction for 2020
  • Phone Scammer Pretending to be IRS Sentenced To 20 Years in Prison

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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