FOX BUSINESS

Will tax laws change as remote work becomes more popular?

News & Press

Friday, September 11, 2020

Remote work has become more commonplace as a result of the coronavirus pandemic, but experts caution against expecting any major changes to U.S. tax laws that would account for these trends.

According to a June survey from PwC, 55% of employers said they expect most of their employees to work from home even after the pandemic is no longer a threat.

 

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401(k) retirement savers gain access to private equity investments

News & Press

Wednesday, June 03, 2020

The Trump administration on Wednesday announced new guidance pertaining to defined contribution plans – like 401(k) accounts – and what investments the funds are able to access.

Retirement savers will now have access to private equity investments through defined contribution plans, the Department of Labor said in an information letter.

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Mnuchin backs IRS on coronavirus PPP loan tax break denial, ‘basically tax 101’

News & Press

Wednesday, May 06, 2020

U.S.Treasury Secretary Steven Mnuchin has backed a recent, controversial IRS ruling that expenses paid for with the forgivable Paycheck Protection Program loans are not tax-deductible.

Mnuchin told FOX Business’ Maria Bartiromo this week that he has reviewed the issue personally and that the guidance is correct, saying it’s “basically tax 101.”

“The money coming in the PPP is not taxable,” Mnuchin said

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Coronavirus relief tax deduction denial: Is your PPP loan worth less?

News & Press

Friday, May 01, 2020

Taxpayers and lawmakers are not happy with a newly released policy regarding the Paycheck Protection Program, which some argue diminishes the value of the loans for recipients.

The IRS issued guidance late Thursday preventing business owners who have their PPP loans forgiven from claiming tax breaks on otherwise deductible expenses if they were paid for using the government aid.

The loans are tax-exempt, so the guidance was based on existing law, which generally aims to prevent people from receiving a “double tax benefit.”

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Tax filing trouble? What to do if you can’t reach the IRS

News & Press

Tuesday, February 26, 2019

“If it’s a big enough issue, you should speak to a qualified tax preparer and seek professional advice on your personal situation,” Ed Slott, CPA and founder of IRAhelp.com, told FOX Business.“While you may be able to find some answers on your own by researching online, you can’t guarantee it’s accurate or applies to your unique situation.”

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