Tax

The U.S. government’s $2.2 trillion stimulus package comes with a perk for high fliers: Flights are getting cheaper for some private-jet customers.

This is normally the time of year when the federal government is collecting taxes due, but the devastating coronavirus now has the U.S. trying to rapidly dole out hundreds of billions of dollars in aid and tax breaks to businesses large and small.

Even as they still have to deal with tax season, the service is tasked with handling much of the stimulus packages.

Accounting and tax professionals are especially in the throes of the evolving situation as federal and state governments discuss how they will provide relief to struggling families and American businesses.

Some people counting on $1,200 stimulus checks from the government may not see the money until mid-September, according to a House Ways and Means Committee analysis.

Over the Topps; a thirst for fraud; the sky is limited; and other highlights of recent tax cases.

The Internal Revenue Service issued a warning urging taxpayers to beware of scammers calling and emailing them about the stimulus payments they are expecting as a result of last week’s CARES Act.

Ask the average business owner if they have a tax shelter and they’d probably have a chuckle while wistfully thinking about how nice it would be to swim in crystal clear waters while their offshore bank accounts grew, unencumbered by state and federal taxes.

The Internal Revenue Service and the Treasury Department have reversed course on requiring senior citizens to file a “simple tax return” in order to receive a stimulus payment as part of the coronavirus package passed by Congress last week.

The TAP also just welcomed 33 new members.