News & Press

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

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.”

The coronavirus pandemic is wreaking havoc on the U.S.economy, with 26 million workers newly unemployed and plenty more people jolted by declines in their retirement and brokerage accounts.

Americans at all economic levels are looking to free up cash

Sen.Ben Cardin, D-Md., signaled Thursday that the next round of coronavirus stimulus could likely include required minimum distribution relief.

During an early Thursday afternoon webcast held by the American Council for Capital Formation, Cardin was questioned on measures lawmakers could take to deal with the massive withdrawals from retirement accounts taking place now.

It’s a confusing year for charitably minded seniors with traditional individual retirement accounts—and a good one to reconsider giving strategies.

Recent law changes are responsible.Late in 2019, Congress raised the age at which most savers are required to start taking money from their IRAs to age 72 from age 70½

The CARES Act, the legislation signed into law by President Trump in March, generated many questions from readers.Below we answer some of them.

Q: You wrote in a recent article that "the law also doubles the amount 401(k) participants can take in loans from an account for the next six months to the lower of $100,000 or 100% of the account balance

With stocks down around 17% since Feb.20, older Americans stand to benefit from Congress’s stimulus-bill move to suspend required minimum distributions from retirement accounts this year.

The one-year hiatus gives those who can afford to leave their nest eggs alone a better chance of recovering losses

People who took a required minimum distribution (RMD) in 2020 and want to roll it back into an IRA because of the RMD waiver, a reprieve granted by the CARES Act, may have a little more time to do it.Recent IRS guidance includes an extension until July 15, 2020, to complete time-sensitive actions, such as indirect rollovers of retirement account distributions

The Internal Revenue Service has been scrambling to make things easier for taxpayers in light of the COVID-19 pandemic, and now it’s issued yet another notice related to this tax season that moves deadlines later.It’s welcome relief for seniors and gig workers and many more

The new coronavirus outbreak and economic measures to contain it could have a significantly negative impact on retirement preparations for millions of Americans.

Account balances have been depleted by the stock market collapse.Many people now need to tap into their accounts to make ends meet