IRS gets more pandemic relief payments out after delays
The National Consumer Law Center estimates that up to 20 million Americans who filed their taxes with an online preparation service found that their payment did not make it to them directly.
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Some taxpayers find relief payments sent to wrong account
A number of taxpayers who use tax preparation services, such as H&R Block and TurboTax, say their second relief payments were sent to the incorrect bank account, forcing them to wait longer for their money.
In a first, Congress overrides Trump veto of defense bill
The bill affirms a 3% pay raise for U.S. troops and guides defense policy, cementing decisions about troop levels, new weapons systems and military readiness, personnel policy and other military goals.
‘Trickle-down’ tax cuts make rich richer but don’t boost economy, study finds
The authors say their findings offer one clear pathway for policymakers looking to dig their way out of the financial hole created by the coronavirus crisis: Make the rich pay for it.
White House secures ‘three martini lunch’ tax deduction in draft of relief package
The tax break for corporate meal expenses has been denounced by congressional Democrats, but they agreed to the provision in exchange for expanded tax credits for low-income families and the working poor.
Top GOP lawmakers signal support for coronavirus legal protections for businesses
During the chamber’s annual legislative preview event—which was held virtually this year as a safety precaution—the organization announced its top five priorities for the session that starts in January.
Global watchdog proposes tax overhaul for Big Tech
If countries don’t all agree on the new tax rules, the Organization for Economic Cooperation and Development warned there’s a risk of a global trade war triggered by individual countries launching their own digital services taxes to help their recovery from the pandemic.
Trump used strategies common among real estate developers to shrink taxes
U.S. tax law has long been kind to big real estate developers. It allows them myriad legal loopholes and breaks that can significantly shrink their tax bills.
Developers ‘optimistic’ about multifamily projects, stress that incentives are needed
Developers remain optimistic about multifamily developments in general across the city, but some believe additional affordable housing—and associated incentive deals—is needed.
Business lobby raises concerns over Trump payroll tax break
The U.S. Chamber of Commerce called the president’s move “well-intended to provide relief,” but raised questions about whether it would be workable.
State revenue collections show impact of COVID-19 pandemic
Indiana’s monthly revenue report, released Friday, shows that the state is still falling short of the funds that were expected when the forecast was made last December.
State to cut spending 15%, sideline several projects to deal with budget shortfalls
Gov. Eric Holcomb said the budget agency is estimating that Indiana could take in $3 billion less than expected during the last two months of fiscal year 2020—which ends June 30—and fiscal year 2021.
UPDATE: Indiana’s April revenue nearly $1B below budget projections
Budget officials predicted Indiana would collect nearly $2.2 billion in revenue in April, but it only received $1.23 billion, for a difference of $964 million.
State, city government freeze hiring—but haven’t furloughed employees—as budgets tighten
State and local government budgets are expected to be hit hard as a result of restaurants, retailers and other businesses being closed for weeks.
Are local governments ready for the storm clouds brewing? At least they have time to plan.
City and county officials are grappling with the sacrifices they’ll have to make as plummeting employment, delayed collections and reduced economic activity cut into tax revenue.
Coronavirus deals one-two financial punch to state budgets
Cris Johnston, director of the Indiana Office of Management and Budget, said Thursday that the state has begun to use some of its $2.3 billion reserve fund. Indiana is far from alone.
Effects of pandemic will slam state, local tax receipts
A former Senate budget writer said the hit to the state budget could be bigger than during the Great Recession, when state revenue dropped 15% over two years.
Trump signs $100B rescue bill while proposing $1 trillion plan to stabilize economy
Details on the president’s economic rescue plan remain sparse, but its centerpiece is to dedicate $500 billion to start issuing direct payments to Americans by early next month. It would also funnel cash to businesses to help keep workers on payroll.
Bill could strip IndyGo of millions of dollars, halt future work on Purple, Blue lines
Sen. Aaron Freeman, the Indianapolis Republican and former city councilor who authored the legislation, said his goal is not to cripple the bus system’s operations but to hold IndyGo accountable to a 2014 law that required it to fund some of its operations with private funds.
TurboTax maker Intuit buying Credit Karma in $7.1B deal
The agreement announced Monday would bring together the maker of TurboTax, QuickBooks and other personal finance tools with one focusing on consumers’ access to financial products, such as finding the right loan or credit card.