Talking Tax

The federal Paycheck Protection Program was rolled out in a hurry—and it showed.

Its initial round of loans totaling nearly $350 billion, intended to keep businesses afloat during the pandemic crisis, was exhausted in less than two weeks. And many small business owners complained that it was as hard to spend their loan dollars in compliance with the law as it was to even get a loan in the first place.

Since then, Congress has added more money to the program. And now it's changing the rules of who can get that money and how they can spend it.

On this week's episode of Talking Tax, host Amanda Iacone talks with Capitol Hill reporter Kaustuv Basu about the revision of the PPP program that cleared Congress late Wednesday night. Kaustuv also explains why the next pandemic relief bill that Congress takes up may be one that makes your vacations tax deductible.

Trying to get a court injunction against an IRS rule that hasn't been used yet to take your taxes? You may be out of luck.

A law dating back to the mid-1800s specifically forbids taxpayer lawsuits that challenge many Treasury Department actions that haven't been enforced yet. The idea behind the law is that, if litigation were to hinder the department's ability to collect revenue, the government could grind to a halt.

This law is about to get a lot more scrutiny in the coming months now that the Supreme Court accepted a case for its next term that challenges its constitutionality. On this week's episode of Talking Tax, reporter Aysha Bagchi speaks with host Siri Bulusu about why the Supreme Court is taking up this case now and about what could happen if it rules against the Treasury Department.

This is not a great time to be in the future predicting business, but unfortunately that's what accountants at companies large and small are paid to do.

On this week's episode of Talking Tax, host Amanda Iacone speaks with accounting consultant Esther Mills about how to create estimates at a time when predicting what conditions will be like just a few months from now seems laughable. Mills talks about what accountants can do to be honest and accurate while still providing investors with the information they need.

Many people are now working and living away from their usual homes or offices, either by choice or otherwise, as they wait out the spread of the coronavirus.

In which jurisdiction do these people pay taxes?

On this episode of Talking Tax, reporters Isabel Gottlieb and Siri Bulusu look at why this is a huge headache not just for taxpayers but also for their employers, who may have to start withholding in states they've never withheld in before. They also talk about the even more complicated issue of people who are working remotely from another country.

The IRS' delayed tax deadline came and went this week, but many taxpayers are far from stable as the coronavirus pandemic shows no signs of letting up.

On this episode of Talking Tax, reporter Allyson Versprille talks about what practitioners are telling clients who, despite the three month delay, are still struggling to pay their taxes. And she discusses whether the IRS may take even further measures to provide these people with additional relief.