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COVID-19 (coronavirus) Pandemic Tax Policies

As the U.S. federal, state, and local governments, as well as countries around the world, continue to implement measures to support their economies amid the coronavirus (COVID-19) pandemic, our experts are providing trusted analysis of the latest coronavirus tax developments to better inform policymakers, journalists, and taxpayers.

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Is Now the Time for a $100 billion Tax Increase?

Seemingly unconcerned about how the digital project could impact the economy at this crisis moment, officials at the OECD recently released a statement boasting that they are continuing to work “full steam” on their global digital tax project.

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April 10th Afternoon State Tax Update

California extends tax filing and payment deadline to July 31 for a broad spectrum of business taxes as Virginia keeps May 1st tax filing deadline.

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Evaluating the Trade-offs of Small Business Relief Provisions of the CARES Act

The small business provisions in the CARES Act support small businesses and nonprofits seeking economic relief during this downturn. However, creating multiple programs with overlapping purposes and differing qualification requirements makes relief more complicated, vague, and not neutral.

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These States Could Tax Your Recovery Rebates

Due to a quirk of some state tax codes, the recovery rebates in the CARES Act could increase your income tax liability in six states: Alabama, Iowa, Louisiana, Missouri, Montana, and Oregon.

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State Rainy Day Funds and the COVID-19 Crisis

State revenue stabilization funds, often called rainy day funds, are better funded now than they were at the start of the Great Recession and can be a valuable tool as states face a sharp pandemic-linked economic contraction.

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California

April 2nd Evening State Tax Update

California extends tax filing and payment deadline to July 31 for a broad spectrum of business taxes as Virginia keeps May 1st tax filing deadline.

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Tracking State Legislative Responses to COVID-19

Many states are racing to pass budgets, emergency COVID-19 supplemental appropriations, and other must-pass legislation as quickly as possible. We’re tracking the latest state legislative responses to the coronavirus crisis.

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Federal Coronavirus Relief: CARES Act FAQ

Congress recently passed the largest economic relief bill in American history (CARES Act). We’ve created a FAQ portal to better inform policymakers, journalists, and taxpayers across the country on the new law.

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Understanding the Paycheck Protection Program in the CARES Act

Many small business owners are seeking guidance as they apply for loans backed by the Small Business Administration (SBA) to help maintain cash flow and retain workers even as more states announce new quarantine and shelter-in-place orders.

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A Visual Guide to Unemployment Benefit Claims

Another 1.4 million Americans filed initial regular unemployment benefit claims, the eleventh week of a decline in the rate of new claims, but still among the highest levels in U.S. history. The total number of new and continued claims now stands at 19.3 million, a marked decline from the peak of 24.9 million a month ago.

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VAT Bases in Europe

The extent to which businesses and consumers will benefit from coronavirus relief measures like temporary VAT changes will depend on the VAT base.

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How Healthy is Your State’s Rainy Day Fund?

Rainy day funds have increasingly emerged as a standard component of states’ budgeting toolkits. Economic cycles can have significant impacts on state revenue, but states can prepare for the inevitable downturns during good times by putting away money in a revenue stabilization fund.

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State and Local Funding Totals Under the CARES Act

State and local governments across the country split $150 billion in federal aid under a provision of the Coronavirus Aid, Relief and Economic Security (CARES) Act, passed on March 30th.

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A History and Analysis of Payroll Tax Holidays

As Congress and the White House consider ways to shore up the economy in the face of a public health crisis, President Trump has suggested suspending the entire payroll tax for the duration of the year. That would cost about $950 billion, according to our analysis.

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