The Commerce Department last week revised its 2nd Quarter GDP estimates showing the economy shrunk by nearly one-third. In a $22 trillion economy, that translates into nearly $2 trillion in lost wages, profits, retirement savings, etc.
The threat of this precipitous decline was the catalyst for the business community letter dated back on March 18th. As Governors closed businesses and schools to slow the spread of COVID-19, …
As the Administration negotiates with Congress over the next round of COVID-19 relief, here’s a simple way they can help Main Street businesses to the tune of $100 billion plus… just do what Congress intended.
That’s the message more than 170 business trades are sending to congressional leadership today. The letter, signed by the Farm Bureau, NFIB, AICPA, the National Restaurant Association, the National Retail Federation among others, makes clear that loan forgiveness under the …
The Senate this week will debate an amendment to require private companies to annually report the personal information of their owners to the Financial Crimes Enforcement Network (FinCEN) at the Department of Treasury, or face large fines and multi-year jail sentences.
The amendment — sponsored by Senate Banking Committee leaders Mike Crapo (R-ID) and Sherrod Brown (D-OH) – mirrors the Corporate Transparency Act of 2019 that passed the House last fall. If it passes …
Talking Taxes In a Truck Episode 6 – Doug Badger on the Coronavirus, Health Savings Accounts, Florida, and the Phillies
Doug Badger, former Deputy Assistant to the President and misguided Phillies fan, talks COVID-19, what needs to happen for the economy to reopen, and the prospects for baseball to return in our latest “Talking Taxes in a Truck” podcast. Recorded on June 26, 2020 — 23 minutes.
Advocates defending the CARES Act NOL-Loss Limitation relief had a busy week. First, more than 75 national and local trade groups signed a letter in favor of keeping the relief intact. The broad number of signatories on the letter, drafted by our friends at the National Mining Association, makes clear arguments that the provision was “snuck” into the CARES Act or would only benefit a “narrow” sliver of industries are wholly meritless. As the …