Live Updates: The Latest News for Taxpayers and Small Business Owners
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With the news coming faster and faster every day, we wanted to help our tax and small business clients stay up to date on the latest stories affecting them and their finances. Keep checking back to stay informed on the top headlines, law changes, tax proposals, and much more. Here are some of the important stories to keep up with today: September 13 Bloomberg: Biden Inheritance-Tax Plan Poised to Be Scaled Back in Congress September 12 Tax Policy Center: Was The Senate’s Heated Crypto Tax Reporting Debate Much Ado About Nothing? September 11 Tax Foundation: Three Issues with Proposed Regulations for Maryland’s Digital Advertising Tax September 10 CNBC: U.S. Democrats propose dramatic expansion of EV tax credits that favors Big Three September 9 CNBC: Here’s how to avoid costly mistakes if you inherit a 401(k) or IRA September 8 CNBC: Here’s how to avoid costly mistakes if you inherit a 401(k) or IRA September 7 CNBC: IRS had a backlog of nearly 8 million paper business tax returns in 2020 due to pandemic September 6 CNET: Still no tax refund? What to do if your IRS money is delayed September 5 GOBankingRates: 7 Ways You’re Accidentally Committing Tax Fraud September 4 CNBC: Renaissance executives agree to pay around $7 billion to settle tax dispute with IRS: Source September 3 Yahoo! Finance: Small Businesses and Workers See Slowdown Due to Delta Variant CNBC: Private payrolls increase by just 374,000 in August, far short of the 600,000 estimate, ADP says CNBC: Jobs report disappoints — only 235,000 positions added vs. expectations of 720,000 September 2 CNBC: IRS chief tells Elizabeth Warren: More transparent bank data can fight tax evasion Fast Company: This is why your hourly workers aren’t coming back Bloomberg.com: 'Forever Changed’: Business Travel Isn’t Coming Back as CEOs Gut Budgets September 1 Accounting Today: IRS regulation of tax preparers gains steam CBS News: Walgreens becomes newest member of the $15 an hour club Reuters: Surging COVID-19 cases dampen U.S. consumer confidence, house prices post record gains August 31 Fast Company: Second stimulus checks are going out in California: This calculator shows how much you’ll get CNBC: Homebuyers sign fewer contracts in July, as high prices chill the summer market Forbes: Taxing College Athlete Name Image Likeness Deals August 30 CNBC: Americans are changing who they turn to for financial advice Yahoo! Finance: Pending home sales fall for second straight month Bloomberg: Goldman Sees 750,000 Evictions in U.S. as Bans Come to an End August 29 Entrepreneur: 4 Personal Finance Tips Every Entrepreneur Should Know August 28 Forbes: IRS Tax Lessons From Michael Jackson August 27 Tampa Bay Times: USF accounting manager pleads guilty to embezzling $12.8 million CNBC: Former start-up CEO arrested and charged with fraud for allegedly misstating financials The Wall Street Journal: U.S. Consumer Spending, Income Grew in July August 26 Yahoo! Finance: Fourth Stimulus Checks Are Coming From These States — Is Yours on the List? CNBC: House vote on $3.5 trillion budget raises prospect of higher taxes on the rich CBS News: Unemployment cliff looms as 7.5 million Americans to lose aid by Labor Day August 25 CNBC: Enhanced tax credits become ‘bargaining points’ in divorce cases Fast Company: IRS direct deposit: Here’s a helpful breakdown that will tell you if it’s a tax refund or credit Forbes: Did IRS Robots And Mail Backlog Cause The Tax Court Petition Flood? August 24 The Wall Street Journal: U.S. Expansion Slowed in August, Survey Shows CNBC: Fast-food wages climbed 10% in latest quarter, the largest jump in years, report says Fast Company: Going back to the office means giving up lucrative WFH side hustles for many employees August 23 Bloomberg: B-Schools Must Evolve for Future Business Demands, Employers Say Forbes: The Covid-19 Pandemic Drove A Huge, But Temporary, Increase in Households That Did Not Pay Federal Income Tax NPR: These Older Workers Hadn't Planned To Retire So Soon. The Pandemic Sped Things Up August 22 Fast Company: 7 companies that could be worth $1 trillion within the next three years August 21 CNBC: Despite the pandemic, 401(k) balances and savings rates are higher than ever August 20 CNBC: This lesser-known tax credit may offer working families a bigger write-off this year August 19 Tax Policy Center: The COVID-19 Pandemic Drove A Huge, But Temporary, Increase in Households That Did Not Pay Federal Income Tax August 18 Bloomberg: U.S. Initial Unemployment Claims Drop for Fourth Straight Week August 17 CNBC: Climate change will disrupt supply chains much more than Covid — here’s how businesses can prepare August 16 CNET: IRS Child Tax Credit Update Portal: The key to opting out, handling payments and more August 15 Yahoo! Finance: What Income Level Is Considered Middle Class in Your State? August 14 CNBC: Consumer sentiment measure falls to pandemic-era low, sees one of largest drops on record August 13 CNBC: Repeal of the cap on state and local tax deduction still in play. Here’s what to watch Bloomberg: U.S. Inflation Forecasts Keep Rising as Supply Constraints Loom Yahoo! Finance: Child Tax Credit: Many families used the first payments to pay off debt August 12 Forbes: California Congressman Mark Takano Introduces Legislation For A Four-Day Workweek CNBC: Social Security cost-of-living adjustment could be 6.2% in 2022 Barron’s: How Will the U.S. Pay for the $3.5 Trillion? Taxes, Mostly. August 11 The Washington Post: What’s in the $1.2 trillion Senate infrastructure package Reuters: U.S. consumer price increases slow in July, signs inflation peaked CNBC: Labor shortage gives retail and restaurant workers the upper hand—for now August 10 The New York Times: Senate Passes $1 Trillion Infrastructure Bill, Handing Biden a Bipartisan Win CNBC: Main Street overconfidence: America’s small businesses aren’t worried about hacking Forbes: Tax On U.S. Olympic Medals Makes IRS Biggest Winner August 9 Yahoo! Finance: Move here, get paid: Small towns offer up to $20K just to get you to live there, work remotely CNBC: Job openings surge above 10 million for first time ever, Labor Department says Forbes: IRS Payments Abound In July, But Frustration Remains For Those Awaiting Tax Refunds August 8 Fast Company: IRS tax refund update: Faulty ‘math error’ notices sent to people who claimed stimulus check credits August 7 Yahoo! Finance: Unemployment rate headed to a 50-year low August 6 CNBC: Payrolls increase 943,000 in July as unemployment rate slides to 5.4% Fast Company: Still no IRS tax refund? It could be a simple math or clerical error. Here’s how you’ll know Yahoo! Finance: Mortgage rates hit new 6-month low as refinance fee ends, delta variant rages August 5 The New York Times: P.P.P. loan forgiveness portal opens, but big banks opt out. CNBC: Private companies added 330,000 jobs in July, according to ADP, far short of the 653,000 estimate Business Insider: How unemployed Americans scored a big last-minute win in Biden's infrastructure bill, cutting a $50 billion measure that could have stripped their benefits August 4 CNBC: Here’s how much 2021 winners of Mega Millions and Powerball have forked over in taxes NPR: The Biden Administration Issues A New Eviction Moratorium After A Federal Ban Lapsed Yahoo! Finance: Mortgage Boom Drives Biggest Jump in Household Debt Since 2013 August 3 CNBC: How language in the infrastructure bill could roil the crypto markets Fast Company: Jobseekers: These are the best and worst states for new work opportunities right now Reuters: U.S. manufacturing growth cooling; bottlenecks starting to abate August 2 Associated Press: It’s in and it’s big: Senate unveils $1T infrastructure bill CNN Business: Supply Chain Interrupted: Here's everything you can't get right now Forbes: Crypto Exchanges Face New Reporting Requirements And Stiff Penalties Under Senate Infrastructure Bill August 1 CNBC: There’s an unemployment cliff coming. More than 7.5 million may fall off July 31 Fast Company: IRS unemployment refund update: Timeline for next round, direct deposit, mailed paper checks July 30 CNBC: Consumers did great job paying down credit card debt during pandemic. That may be ending July 29 NPR: You Might Consider Opting Out Of The Child Tax Credit. Here's Why CNBC: Economic growth likely hot in the second quarter, but shortages may have kept it from overheating CBS News: IRS sending out another 1.5 million tax refunds to people who overpaid on unemployment benefits July 28 Inc.: Hurry: The SBA Is Launching a Fast Forgiveness Portal Reuters: U.S. consumer confidence at 17-month high; business spending on equipment strong Yahoo! Finance: No Hiring Boom in States That Cut Unemployment Benefits Early: Analysis July 27 The Wall Street Journal: A Key Gauge of Future Inflation Is Easing CNBC: Consumer losses due to Covid-related fraud top $500 million Forbes: The IRS Bottleneck Most Taxpayers Have Never Heard Of July 26 The New York Times: Biden’s Antitrust Team Signals a Big Swing at Corporate Titans CNBC: Gen X workers may be facing the biggest unemployment crisis, study finds Fast Company: IRS fourth stimulus check hoaxes prey on people’s hopes for clicks July 25 CNBC: A tax loophole is helping bitcoin holders save tons of cash by avoiding federal taxes July 24 Yahoo! Finance: Social Security checks may see a huge raise next year. Will it be enough? July 23 Yahoo! Finance: IRS sends out another 2.2 million $1,400 stimulus checks Department of Justice: Twenty-Two Charged in Connection with a More than $11-Million Paycheck Protection Program Fraud Scheme CNBC: States cutting unemployment benefits didn’t get people back to work, study finds July 22 Forbes: Why Some Taxpayers Got Three Checks From The IRS In July CNBC: Another 2.2 million stimulus checks have gone out. Here’s who received the payments The Wall Street Journal: U.S. Jobless Claims Rose to 419,000 Last Week July 21 CNBC: Oregon Democrat proposes Senate bill to overhaul tax break for pass-through businesses Yahoo! Finance: Space tourism tax: Congressman announces new plan after Blue Origin launch Fast Company: IRS unemployment refund update: Timeline for the next batch is unclear as millions wait for payments July 20 Reuters: U.S. recession ended in April 2020, making it shortest on record NPR: Low Pay, No Benefits, Rude Customers: Restaurant Workers Quit At Record Rate Tax Foundation: IRS Sends Nearly $15 Billion of Advance Child Tax Credit Payments July 19 Axios: Consumers complain about high prices, but buy anyway Yahoo! Finance: IRS to Send More Unemployment Tax Refund Checks in July The Wall Street Journal: Red-Hot U.S. Economy Expected to Cool From Here July 18 Yahoo! Finance: U.S Mortgage Rates Fall for a Third Week as COVID-19 Delivers Uncertainty July 17 Forbes: Kardashians Win $13.5M Beauty Lawsuit, IRS Collects Taxes July 16 Fast Company: Didn’t get your IRS child tax credit check? Here’s what to try if your payment never showed up July 15 CNBC: Inflation could prompt largest Social Security cost-of-living adjustment in decades. Why there’s a push to change the way it’s calculated CNBC: How the IRS is trying to nail crypto tax dodgers July 14 Bloomberg: Biden Agenda Gets Boost on Senate Democrats’ $3.5 Trillion Plan July 13 The New York Times: E.U. Delays Digital Levy as Tax Talks Proceed CNN: Biden administration says states can restart pandemic unemployment benefits as lawsuits mount Reuters: Aging population to hit U.S. economy like a 'ton of bricks' -U.S. commerce secretary July 12 CNBC: Janet Yellen says tax changes for large firms may not be ready until 2022 Yahoo! Finance: G20 backs historic corporate tax reform in Venice NBC: San Jose Man Arrested in Connection With Fraud Involving COVID-19 Relief Funds July 11 Bloomberg: Biden Says Competition Order to Restore ‘Heart’ of Capitalism July 10 Yahoo! Finance: He spent 24 years building his business. A ransomware attack blew it to smithereens July 9 AccountingWEB: Business Meals May Serve Up Big Deductions CNBC: Number of workers unemployed for more than a year jumps by 248,000 Business Insider: A third of former hospitality workers won't return to the industry during the labor shortage because they want higher pay, better benefits, and a new work environment July 8 CNBC: Biden readies order to rein in worker non-compete clauses and make switching jobs easier Forbes: Two Of The Most Family Friendly Provisions Of The American Rescue Plan The Wall Street Journal: Unemployment Claims Have Continued Easing as Hiring Heats Up July 7 Business Insider: Laid-off workers are scoring early wins in lawsuits against GOP governors attempting to cut off federal jobless aid ESPN: NCAA name, image and likeness FAQ: What the rule changes mean for the athletes, schools and more CNN: A massive ransomware attack hit hundreds of businesses. Here's what we know July 6 Forbes: Can You Resist These “Dirty Dozen” Tax Scams? CNBC: How businesses are getting billions in cash back from government to offset hiring costs TechRadar: Watch out for this devious PayPal phishing campaign July 5 CBS News: Jeff Bezos steps down as Amazon CEO as retailer starts new chapter July 4 CNBC: Here’s where the jobs are — in one chart July 3 The New York Times: The I.R.S. had a backlog of 35 million returns by the end of the tax season. July 2 Forbes: How States Are Letting Small Businesses Avoid The SALT Cap On Their Tax Returns Bloomberg: Global Tax Overhaul Endorsed by 130 Nations as Deal Gets Closer The Wall Street Journal: U.S. Jobless Claims Fell to 364,000 Last Week, a New Pandemic Low July 1 CBS News: Financial regulator hits Robinhood for $70 million for "widespread and significant harm" to customers Reuters: U.S. private payrolls increase solidly; pending home sales rebound CNN Business: American consumer confidence jumps to highest level since the pandemic started June 30 NPR: The Supreme Court Leaves The CDC's Moratorium On Evictions In Place Yahoo! Finance: U.S. consumer confidence at 16-month high; house price inflation heating up Fast Company: A lot of laid-off and furloughed workers launched startups last year, according to Salesforce June 29 CNBC: Part-time workers would have easier access to 401(k) plans if this bill passes Fast Company: IRS stimulus checks are still delayed for many and an unknown glitch may be to blame Business Insider: Prices are rising so much that minimum wage workers are poorer than they've been in decades June 28 Axios: Economists unworried infrastructure will boost inflation Forbes: Keeping The Monthly Child Tax Credit Coming, Limiting Risk Of Overpayments CNN: Indiana must continue pandemic unemployment benefits for now, judge rules June 27 CNBC: The ultra-wealthy have made full use of Roth individual retirement accounts. Here’s how you can do the same June 26 The Hill: Biden announces bipartisan deal on infrastructure June 25 CBS News: 10 states to end enhanced unemployment benefits June 26 The Wall Street Journal: Downward U.S. Jobless Claims Trend Stalls Out NBC News: Billionaire investor Peter Thiel has $5B in his tax-free retirement account, report finds June 24 Axios: Why small businesses may end up the pandemic’s biggest winners NPR: The Great Resignation: Why Millions of Workers are Quitting Their Jobs Yahoo! Finance: Jobless claims preview: Another 380,000 Americans likely filed new unemployment claims last week June 23 CNBC: Required IRA, 401(k) withdrawals would start at age 75 under congressional proposal. Here’s who would benefit Fast Company: IRS unemployment refund update: Frustration builds as mid-June comes and goes CBS News: Planning to take out a federal student loan this fall? Prepare for a higher interest rate June 22 CNN Business: Teens have their pick of jobs thanks to a worker shortage CNBC: The value-added tax brings in billions for other countries, but the U.S. doesn’t have one Forbes: Recent IRS Memorandum Reaffirms Bitcoin, Ether & Litecoin Exchanges Are Not Like-Kind June 21 CNBC: As offices shut down for Covid, workers bought vans and hit the road — and some don’t want to return Yahoo! Finance: Dollar holds gains after Fed boost; bitcoin tumbles CBS News: Child Tax Credit: Here's who will get up to $1,800 per child in cash — and who will need to opt out June 20 The Wall Street Journal: Tight Labor Market Returns the Upper Hand to American Workers June 19 CNBC: Business travel likely to resume in the fall, Hyatt Hotels CEO says June 18 Politico: Child tax credit checks could come as a surprise to some NBC News: Jobless claims show surprise increase to highest level in a month Fast Company: IRS refund update: When will the next batch of unemployment tax payments arrive? June 17 CNBC: The child tax credit will only be delivered via direct deposit and paper check at first. What you need to know The Wall Street Journal: U.S. Housing Market Needs 5.5 Million More Units, Says New Report Forbes: With PPP Ended, Small Business Must Look For Other Sources Of Funding June 16 Bloomberg: U.S. May Retail Sales Fall More Than Expected NPR: How 'Chaos' In The Shipping Industry Is Choking The Economy CNN: Jobless Indiana residents sue governor for ending pandemic unemployment benefits early June 15 CBS News: IRS tool offers low-income families a tool to get Child Tax Credit and stimulus checks The Hill: Mall owner with more than 100 US properties files for bankruptcy CNBC: Lost 401(k) accounts and pensions: How lawmakers want to fix the problem June 14 CNBC: Tax refunds and stimulus checks delayed by identity fraud crossfire Politico: Fed explores ‘once in a century’ bid to remake the U.S. dollar CNN: Have suitcase, will travel! Americans take to the skies in almost pre-pandemic numbers as Covid-19 restrictions ease June 13 The Hill: First four states cut off federal unemployment benefits June 12 CNBC: Treasury says tax gap to balloon to $7 trillion over next decade, calls for beefed-up IRS June 11 CNBC: Many wealthy Americans escape big income tax bills. Here’s how they do it AP: US unemployment claims fall to 376,000, sixth straight drop Forbes: Democrats Reintroduce 'Millionaires Surtax' Bill June 10 CBS News: IRS now sending millions more additional stimulus checks Fast Company: NFL player Dan Vitale just announced his job hunt via LinkedIn. Should you? Reuters: U.S. weekly jobless claims seen falling; consumer prices expected to rise further June 9 The New York Times: Wealthiest Executives Paid Little to Nothing in Federal Income Taxes, Report Says CNC: Student loan forgiveness remains on the table, experts say CNN Business: Job openings in the US soar to record 9.3 million June 8 Forbes: IRS Releases Child Tax Credit Payment Dates—Here’s When Families Can Expect Relief CNBC: States will start cutting off federal unemployment benefits this week. Here’s a map of where (and how soon) aid is ending CNN Business: Americans are still sitting on loads of stimulus cash June 7 CNBC: G-7 nations reach historic deal on global tax reform The New York Times: Yellen Won a Global Tax Deal. Now Comes the Hard Part. CNN: Global food prices surge to their highest level in a decade June 6 CBS News: Tax refunds for unemployed Americans are hitting bank accounts June 5 Fast Company: Why did I get money from the IRS today? What to know about the second tax refunds going out June 4 CNBC: Jobless claims fall below 400,000 for the first time since the early days of the pandemic ABC News: Millions set to lose jobless benefits as 25 states end federal programs early Reuters: U.S. sets and suspends tariffs on six countries over digital taxes June 3 CNN Business: Global inflation hasn't been this high since 2008 Yahoo! Finance: Jobless claims preview: Initial filings likely broke below 400,000 for the first time since March 2020 Forbes: Biden Proposes More Stringent Regulations To Catch Crypto Tax Evaders June 2 Bloomberg: Employees Are Quitting Instead of Giving Up Working From Home CNBC: Biden’s proposed 39.6% top tax rate would apply at these income levels USA Today: Home prices rose by more than 50% in these 10 markets since 2017 June 1 Forbes: IRS Crypto Tax Risks Expand With New Reporting CNBC: Millions of Americans could face eviction as housing protection expires in June CBS News: What's behind the push for a fourth stimulus check May 31 The Wall Street Journal: How to Know When Inflation Is Here to Stay May 30 Fast Company: Unemployment update: As states end $300 weekly benefit, a tax credit could step in for some May 29 Yahoo! Finance: IRS Announces it Will Automatically Correct Tax Returns for Unemployment Tax Breaks May 28 MarketWatch: Another key U.S. inflation gauge surges in April and hits 13-year high NPR: Employers Can (Mostly) Require Vaccines For Workers Returning To The Office CBS News: Vaccinated consumers will fuel the economy's boom eventually — just not quite yet May 27 Fast Company: Unemployment update: List of states ending the $300 weekly benefit 3 months early gets even longer CNN: $6 trillion stimulus: Here's who got relief money so far Business Insider: 4 reasons it will take more than a year for the US to get back to full employment, according to Fitch May 26 Yahoo! News: U.S. consumer confidence holds steady, soaring prices slowing housing momentum Forbes: IRS Set To Deliver Advance Monthly Payments: Needs Ability To Update Bank Information CNBC: Fed’s Daly says the economy is strong, but it’s ‘way too early’ to tighten policy May 25 Forbes: 83% Of Americans Are Belt Tightening Due To Inflation Pressures Business Insider: Biden's global tax reform with the G-7 is close to the biggest tax breakthrough in 100 years, report says Reuters: U.S. hiring takes big step back as businesses scramble for workers, raw materials May 24 Bloomberg: Biden Tax Hikes Hitting Resistance, With ‘No Room for Error’ CNN Business: The US economy is closer than ever to 'back to normal.' But we've still got a long way to go Fast Company: IRS unemployment tax refund: Taxpayers frustrated by tracking issues, slow pace of payments May 23 CNN: Florida becomes the 23rd state to end $300-a-week pandemic unemployment benefits May 22 Reuters: U.S. home prices to keep racing ahead with risks to upside May 21 CNBC: U.S. proposes global minimum corporate tax rate of 15%, with an eye on something even higher Yahoo! Finance: Treasury calls for doubling IRS staff to target tax evasion, crypto transfers Reuters: U.S. weekly jobless claims decline further; mid-Atlantic factory activity cools May 20 The Hill: IRS chief says agency is close to clearing backlog of 2019 tax returns CNBC: Taxes would likely rise for the wealthy regardless of Biden’s plans CBS News: Almost half of 2020 college grads still looking for work: "I should be out of the house by now" May 19 CNBC: Home construction sees biggest drop since pandemic hit. Here’s why Kiplinger: What Happens if You Missed the Tax Deadline? USA Today: 'The DNA of work has changed': Many Americans want to keep working from home after the COVID-19 crisis passes May 18 NPR: Biden, Harris Release Tax Returns In Return To Tradition The New York Times: Inflation Fears Abound as Gas and Lumber Shortages Bite. Should the Fed Worry? Forbes: Supreme Court Hands Victory To Tax Advisors—And Loss To IRS—In CIC Services Case May 17 Bloomberg: U.S. Tax Day Arrives Late With IRS Behind on Millions of Returns CNBC: Small business owners missed out on thousands of dollars in loans when PPP funding ran out early MarketWatch: Jammed and distorted’: investors are wrestling with inflation that may test the Fed’s framework May 16 CBS News: IRS starts sending refunds to those who overpaid taxes on unemployment benefits May 15 Yahoo! News: States Revive Rule Requiring Jobless to Seek Work or Lose Their Benefit May 14 CNN: Nearly 2 million Americans will lose pandemic unemployment benefits early as more Republican states drop relief Forbes: Cities Can Use Their Federal Stimulus To Cover Up To $25,000 In Hazard Pay For Grocery Store And Other Essential Workers Politico: U.S. unemployment claims drop to 473,000, a new pandemic low May 13 Yahoo! Finance: Jobless claims preview: Initial filings likely dipped to a new pandemic era low last week CNBC: Memorial Day travel to soar 60% even as gas hits $3 a gallon MarketWatch: U.S. inflation soars in April to 13-year high, CPI shows, and reveals fresh stress on the economy May 12 CNBC: Unemployed Americans thought they’d receive benefits until September. Now that aid is in jeopardy Reuters: Amazon wins court fight against $303 million EU tax order, Engie loses Associated Press: EXPLAINER: Why are fears of high inflation getting worse? May 11 Fast Company: In the race to attract service workers, Chipotle says it will pay a higher minimum wage CNBC: Biden urges employers to boost wages but warns workers they’ll lose unemployment pay if they reject jobs Forbes: Could Another $1,400 Stimulus Check Arrive—This One, From Your State? May 10 Yahoo! Finance: Social Security Cost-of-Living Adjustments Aren’t Enough to Pay Higher Costs for Seniors Politico: Lockdown mentality still holding the economy back, banking official says Associated Press: After years, court hands tax win to Michael Jackson heirs May 9 The Wall Street Journal: Higher Prices Leave Consumers Feeling the Pinch May 8 CNBC: At least 7 million people are likely to get unemployment tax refunds May 7 CNBC: Jobless claims tumble below 500,000 in another sign the labor market is getting closer to pre-pandemic levels Forbes: The King Of Pop Beats The IRS In Tax Court Estate Case CNN: South Carolina and Montana to end all pandemic unemployment benefits for jobless residents May 6 Fast Company: The CDC’s eviction moratorium was overturned: Here’s what that means for renters CNBC: More than 1 million new $1,400 stimulus checks have been sent. Here’s who got a payment Yahoo! Finance: ADP National Employment Report: Private Sector Employment Increased by 742,000 Jobs in April May 5 The New York Times: The Paycheck Protection Program is out of money and closed to most new applications. USA Today: Here's how you can apply to the FCC for the $50 discount on your broadband bill The Hill: IMF warns global tax deal 'urgently needed' to avoid potential trade war May 4 Forbes: How The Gates’ Split Could Stack Up Against The Biggest Billionaire Divorces CNBC: Tax refunds on $10,200 of unemployment benefits start in May. Here’s who’ll get them first Fast Company: IRS tax refund delay: Still calling the phone number? Here’s why you can’t get through May 3 The Hill: Five things to know about the coronavirus relief laws ahead of Tax Day Yahoo! Finance: Rich Americans Fleeing Tax Hikes May Turbocharge Shift to ETFs Forbes: Using Robinhood Could Cost You Thousands In Taxes, Here’s Why May 2 Financial Times: Largest economies forecast to regain pre-Covid levels by end of year May 1 Yahoo! Finance: IRS Extends Tax Deadlines for Alabama and Kentucky Storm Victims April 30 CNBC: Uber, Lyft, DoorDash stocks close down after U.S. Labor secretary says gig workers should be classified as employees NBC News: U.S. economy grew at 6.4 percent annual rate in first quarter as consumer spending drives robust recovery Department of Justice: Tax Collector Embezzled a Million Dollars from Township & School District, Filed a False Tax Return April 29 The Wall Street Journal: U.S. Economy Appears to Be Lifting Off CNN: Women lost $800 billion in income last year. That's more than the combined GDP of 98 countries Yahoo! Finance: Jobless claims preview: New filings likely fell to a fresh pandemic-era low April 28 USA Today: Biden to propose $1.8 trillion 'families plan' with paid leave, child care, universal pre-K, free community college Reuters: U.S. consumer confidence soars to 14-month high; house prices accelerate CBS News: Some middle-class families will have a tax rate of zero this year — or less April 27 CNN: Biden to raise minimum wage for federal contractors to $15 an hour AP: Even as economy heats up, Fed to stick with near-zero rates Forbes: 10 Numbers That Sum Up The Dire Backlog At The IRS—And Its Impact On Taxpayers—As The May 17th Deadline Approaches April 26 Forbes: Oscar Celebs Get Free Gifts Worth $205K, Pay 50% Tax CNN Business: Companies that thrived during Covid hope customers stick around post-pandemic USA Today: Collecting unemployment for a year? You may need to reapply to keep getting benefits. April 25 Fast Company: Still waiting for a paper stimulus check from the IRS? It could be on the way in this new batch April 24 CNBC: If you filed your taxes early, when will you get refunded for the $10,200 unemployment tax waiver? April 23 Bloomberg: Biden Eyeing Tax Rate as High as 43.4% in Next Economic Package Reuters: U.S. weekly jobless claims hit 13-month low; home sales tumble Accounting Today: IRS offers safe harbor for claiming PPP loan deductions April 22 Reuters: Biden offers tax credits for COVID-19 vaccination paid time off CNN Business: Nearly 10% of American families struggled with unemployment last year USA Today: Unemployment $10,200 tax break: Some may need to amend returns for tax refunds April 21 USA Today: Flush with cash, affluent Americans are chasing million dollar listings Fast Company: ‘We’re suffering in limbo’: Theater owners are getting more desperate as SBA grant portal remains closed CNBC: Unemployment benefits cut short for more than 300,000 during pandemic, study says April 20 CNN Business: Consumers have $5.4 trillion in excess savings. That could unleash a global spending boom Forbes: Self-Employed In 2020? Make Sure You Consider This Valuable Tax Credit Accounting Today: IRS cracks down on prisoner tax fraud and identity theft April 19 CNBC: The post-pandemic spending spree has begun. Here are 6 things Americans are buying Bloomberg Tax: Stacking Paycheck Protection Program and Employee Retention Credit AP News: Half of US adults have received at least one COVID-19 shot April 18 CNN Business: Remote workers can get paid $12,000 to move to West Virginia April 17 Fast Company: Surprise! New stimulus checks are showing up for some taxpayers, but they’re not from the IRS CNBC: Workers are a year into collecting unemployment benefits. It’s causing problems April 16 Forbes: 4 Ways For The Self-Employed To Save For Retirement And Minimize Taxes CNBC: IRS is sending more ‘plus-up’ stimulus payments to taxpayers who already filed their 2020 tax returns NPR: Signs Of Economic Boom Emerge As Retail Sales Surge, Jobless Claims Hit Pandemic Low April 15 CNBC: Retail sales explode in March as consumers use stimulus checks to spend heavily Yahoo! Finance: Initial jobless claims drop to fresh pandemic-era low of 576,000 Fast Company: Still no IRS stimulus check? The latest timeline, recent tax filers, SS, VA, and plus-up payments April 14 Politico: IRS chief says some $1T in taxes going uncollected annually CNBC: New $3,000 child tax credit to start payments in July, IRS says MarketWatch: Small businesses grow more optimistic after states lift restrictions — but hiring is a big problem April 13 CNBC: Some states require amended tax returns for $10,200 unemployment tax break refunds Yahoo! Finance: These states procrastinate the most on taxes Reuters: Dollar edges up before U.S. inflation data April 12 Forbes: Why Tax Refunds Are Taking Longer Than Usual CBS News: Half of S&P 500 report more money for foreign taxes than U.S. taxes CNN Business: Amazon defeated the union vote. What happens next? April 11 CNBC: U.S. small business closures are ticking back toward Covid pandemic highs April 10 USA Today: A year after COVID, personal finances are not so grim for millions of Americans April 9 CNBC: IRS will start sending tax refunds on up to $10,200 in unemployment insurance in May. Here’s who qualifies April 8 The Washington Post: Employee benefits in the post-vaccine world are changing April 7 Fast Company: IRS stimulus check update: What is a ‘plus up’ payment and am I eligible to get one? The Hill: Job op
Tax and Financial Insights
by NR CPAs & Business Advisors


2026 IRS Mileage Rates: Key Updates and Insights
The IRS has rolled out the inflation-adjusted mileage rates for 2026, offering taxpayers an efficient way to claim deductions for vehicle-related expenses incurred for business, charity, medical, or moving purposes. These adjustments reflect the continued economic shifts impacting car operation costs.
Effective January 1, 2026, the new standard mileage rates are established as follows:
- Business Travel: Increased to 72.5 cents per mile, inclusive of a 35-cent-per-mile depreciation allocation. This marks a rise from the 70 cents per mile rate set for 2025
- Medical/Moving Purposes: Reduced slightly to 20.5 cents per mile, down from 21 cents in the previous year, reflecting the variable cost considerations.
- Charitable Contributions: Consistent at 14 cents per mile, a fixed rate unchanged for over a quarter-century.
As is typical, the business mileage rate considers the integral fixed and variable costs of automobile operation. Meanwhile, the medical and moving rates remain contingent on variable expenses as determined by the IRS study.

It is critical to note that the One Big Beautiful Bill Act (OBBBA) held firm on disallowing moving expense deductions except for specific cases within the Armed Forces and intelligence community, marking a substantial shift since 2017.
When engaging in charitable work, taxpayers might opt for a direct expense deduction over the per-mile method, covering gas and oil costs. However, comprehensive upkeep and insurance costs are non-deductible expenses.
Business Vehicle Use Considerations: Taxpayers can alternatively compute vehicle expenses using actual costs, which might benefit from shifting depreciation rules, particularly through bonuses and first-year advantages. Keep in mind, however, reverting from actual cost calculations to standard rates in subsequent years is restricted, particularly per vehicle protocol and when exceeding four vehicles in concurrent use.

Additionally, parking, tolls, and property taxes attributable to business can be deducted independently of the general rate, an often-overlooked advantage by many business owners.
Tax Strategies for Employers and Employees: Reimbursements based on the standard mileage framework, providing the right documentation is in place, remain tax-free for employees. Meanwhile, the elimination and continued prohibition of unreimbursed employee deductions continue, with particular exceptions offered to qualified personnel across specific occupations.
Opportunities for Self-employed Individuals: Entrepreneurs remain eligible for deductions on business-related vehicle use via Schedule C, with potential to account for business-use interest on auto loans.

Heavy SUVs and Deduction Advantages: Heavier vehicles exceeding 6,000 pounds but under 14,000 pounds open opportunities for substantial tax deductions through Section 179 and bonus depreciation avenues. The lifecycle of such a vehicle bears implications on recapturing initially claimed deductions, urging cautious tax planning.
For professional guidance on optimizing your vehicle-related tax deductions and understanding their implications on tax strategies, contact our office in Coral Gables, Florida, where expert advice and strategic insights are just a call away.


Educator's Deduction Reform: Key Changes Under OBBBA
The One Big Beautiful Bill Act (OBBBA) introduces significant enhancements for educators' tax deductions starting in 2026, offering both strategic opportunities and planning considerations for educators who qualify. With the reinstated itemized deduction for qualified unreimbursed expenses, educators have a broader spectrum of financial relief. This is complemented by the retention of the $350 above-the-line deduction, allowing educators to maximize their tax benefits by selectively allocating expenses between these avenues.
Understanding the nuances of these changes is crucial for educators and financial advisors alike. The dual-option deduction strategy can potentially enhance tax efficiency, thereby aligning with broader financial planning goals.

At NR CPAs & Business Advisors, based in Coral Gables, Florida, our expertise in tax preparation and planning provides invaluable support to educators navigating these changes. Our comprehensive approach, combined with personalized advice from our experienced team, ensures compliance and optimization in line with the latest tax legislations.
Given these updates, it is imperative to engage with seasoned professionals to fully leverage your deduction strategies. Contact us today to streamline your tax planning under OBBBA's new guidelines and maximize your deductions for upcoming tax years.


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