Tax & Accounting News

The Weekly (Tax)Buzz - September 9, 2020

The Weekly (Tax)Buzz - September 9, 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: Senate Republican’s new “skinny” stimulus proposal, warnings on the payroll tax holiday, the CDC’s ban on some evictions, and more.

CBS: The IRS says they will notify 9 million Americans who may be eligible for a coronavirus stimulus check but who have yet to claim the relief payment. 

Yahoo! Finance: Here’s what’s inside the proposed stimulus bill coming from Senate Republicans, which is expected to be voted on this week.

NBC News: The economy added an estimated 1.4 million jobs in August according to last Friday’s jobs report, but this actually points to a slowdown in the recovery.

The Hill: Still confused about Trump’s payroll tax deferral? Here are five things you should know about the executive action and what it means for you.

Business Insider: “World economies are still ‘several quarters’ away from returning to pre-coronavirus levels,” although some have gained gradual rebounds in Q3.

Forbes: Taxpayers be warned: The payroll tax holiday is not the same as a tax cut. Here are the key differences and why they matter to you.

The New York Times: The unemployment claims we’re seeing each week indicate that layoffs are continuing to “batter” the economy.

The Hill: “The Social Security Old Age and Survivors Insurance fund, which pays out retirement benefits, is on track to run out in 2031” unless Congress takes action.

Vox: The CDC has announced a four-month ban on some evictions, “allowing some people who are unable to pay rent to stay in their current housing through the end of the year.”

Tax Foundation: Does your state have an estate or inheritance tax? This map breaks it all down.

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: 

  • Office in Home: So COVID-19 (TaxMama Guest Post)
  • TaxBuzz Chat: Looking Ahead to the 2020 Tax Season
  • A Breakdown of Donald Trump's Tax Plans
  • IRS Corrects Mistake - 50,000 Taxpayers to Receive Wrongly Withheld Stimulus Checks

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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