* Thinking About Buying Stock In Palantir, FuboTV, Apple, Shopify Or Snowflake? July 15, 2020. With 159 million Economic Impact Payments processed, the Internal Revenue Service reminds many low-income Americans who don't usually file tax returns to register for a payment by October 15. Kay Ivey said, "I strongly encourage everyone to wear face masks when out in public. How much will you get — and when? They should do a checkup even if they did one last year. The regulations issued today finalize two previously issued proposed regulations. The July deadline for filing a 2019 tax return is near, but IRS tax help is available 24 hours a day on IRS.gov. There's no one number. Taxpayers can get quick access to popular IRS tools by using IRS2Go on their mobile device. New Form 1040 Series Business Rules and Schemas are available. For these people, now is the time to switch and file electronically. AICPA urges firms to schedule peer reviews as off-site deadline is extended, IRS temporarily stops mailing notices to taxpayers with balances due, Important things all extension filers should remember, IRS urges employers to choose carefully when selecting a payroll service provider, 13.9 million Americans to receive IRS tax refund interest; taxable payments to average $18, Payroll Tax Deferral Presidential Action: AICPA Addresses Questions, Need for Guidance, All taxpayers have the right to confidentiality, IRS: Unemployment compensation is taxable; have tax withheld now and avoid a tax-time surprise, Working Virtually: make a plan for protecting data and reporting theft; Part 5 of Security Summit tips for tax professionals, Tax credits can help offset the cost of higher education, Identity theft affidavit now available for businesses, other entities, Rev. The benefit may allow taxpayers working from home to deduct certain expenses on their tax return. The Internal Revenue Service continues to look for ways to help people who were unable to provide their information in time to receive Economic Impact Payments for their children. The AICPA Peer Review Board (PRB) has granted CPA firms with original due dates between Jan. 1 and Sept. 30 a six-month peer review deadline delay option to provide them with relief during the coronavirus pandemic. The Department of the Treasury and the Internal Revenue Service issued proposed regulations and temporary regulations that provide guidance for consolidated groups regarding net operating losses (NOLs). 3101(a) — better known as the employee portion of Social Security tax, currently 6.2% of covered wages and compensation — and a comparable rate of tax under Sec. Revenue Ruling 2020-15 provides various prescribed rates for federal income tax purposes including the applicable federal interest rates, the adjusted applicable federal interest rates, the adjusted federal long-term rate, the adjusted federal long-term tax-exempt rate. Finally, unless you live in a state with no income tax, you probably owe estimated tax payments to your state, too. These individuals can take credit only for the estimated tax payments that he or she made. With millions of Americans now receiving taxable unemployment compensation, many of them for the first time, the Internal Revenue Service today reminded people receiving unemployment compensation that they can have tax withheld from their benefits now to help avoid owing taxes on this income when they file their federal income tax return next year. The study reflects results from over 200 adults.Photo courtesy: Cory Doctorow via FlickrSee more from Benzinga * Click here for options trades from Benzinga * Thinking About Buying Stock In Palantir, FuboTV, Apple, Shopify Or Snowflake? The Internal Revenue Service today encouraged taxpayers to take necessary actions in the final weeks of the year to help file federal tax returns timely and accurately in 2021. The final regulations (PDF) for the business interest expense deduction limitation published in the Federal Register today. Since the third quarter ended, RCL has added over $1 billion to its cash position, through an issue of $500 million senior notes and a sale of stock, putting an additional 8.33 million shares on the market at $60 each.In his note on Royal Caribbean, Montour writes, “[We] are most constructive on OW-rated RCL, which we believe has the most compelling set of demand drivers... its extensive investments in premium priced new hardware, as well as consumer data, all set RCL up well to outgrow the industry in revenue metrics, margins, and ROIC over the longer term.”Montour backs his Overweight (i.e. Currently going for $0.42 apiece, Canaccord analyst John Newman thinks that the share price presents an attractive entry point. L. 115-97 (131 Stat 2054), enacted on December 22, 2017. (See RIDE stock analysis on TipRanks)Liberty Global (LBTYA)Next up is Liberty Global, a holding company in the telecom sector. The Internal Revenue Service today announced the tax year 2021 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. All current PTINs will expire December 31, 2020. Penalties and interest will begin to accrue on any remaining unpaid balances as of July 16, 2020. That’s all gone now. The Treasury Department and the Internal Revenue Service released the last set of final regulations PDF implementing the 100% additional first year depreciation deduction that allows businesses to write off the cost of most depreciable business assets in the year they are placed in service by the business. The application period runs Sept. 1 to Nov. 13, 2020. New Ala. Code § 40-16-5.1 provides that financial institutions would generally “pay estimated financial institutions excise tax in accordance with 26 U.S.C. Beginning December 13, the IRS will conceal some information on business tax transcripts to better protect people from possible identity theft. The IRS is in the process of updating the MeF system to allow for the recent extender legislation. Businesses providing goods and services that are subject to excise tax must file a Form 720 quarterly to report the tax to the IRS. Due Dates for 2020 Estimated Tax Payments. As part of that effort, the IRS reminds taxpayers and tax practitioners of the procedures for requesting expedited handling of requests for letter rulings under Rev. Safety and social distancing, along with virtual options, will be the emphasis now and for the upcoming tax season as the Internal Revenue Service seeks volunteers to provide free tax return preparation through its Volunteer Income Tax Assistance and Tax Counseling for the Elderly programs. Notice 2020-51 provides guidance relating to the waiver in 2020 of required minimum distributions (RMDs) from certain retirement plans and IRAs due to the amendment of § 401(a)(9) of the Internal Revenue Code by section 2203 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. Taxpayers need to know their correct filing status and be familiar with each option. The deadline to remit estimated tax payments for tax year 2020 that were originally due on April 15, 2020, and June 15, 2020, is extended through July 15, 2020. (Bloomberg) -- Shares of Moderna Inc. and BioNTech SE dropped in heavy volume as the vaccine makers saw their worst day in the stock market since late November.The leading U.S. Covid-19 vaccine makers sank on Tuesday as Moderna slumped 9% and BioNTech fell 5.5%. Tax year 2019 returns due on April 15, 2020, and related payments of tax or installments of tax, including installments of estimated taxes for the 2020 tax year, will not be subject to any failure to file, failure to pay, late payment, or underpayment penalties, or interest if filed and paid by July 15, 2020. Announcement 2020-14 provides that user fees relating to certain requests for letter rulings and determination letters submitted to Employee Plans Rulings and Agreements will increase in four categories, effective January 4, 2021. tool on the IRS website and the IRS2Go app. Closing a business is always a difficult decision regardless of the circumstances. Taxpayers should file their tax returns on or before the October 15 deadline. For those who can’t file by the April 15, 2020 deadline, the IRS reminds individual taxpayers that everyone is eligible to request a six-month extension to file their return. Revenues fell to just $31 million in the fiscal third quarter, reported in September. 17-5204 (D.C. Cir. As provided under the legislation, the U.S. Department of Labor will be issuing implementing regulations. If a taxpayer is entitled to a refund, there's no penalty for filing late. At 9AM this morning, U.S. Treasury Secretary Mnuchin announced that the Trump administration with extend the IRS tax filing deadline three months from April 15, 2020 to July 15, 2020. Corporations: For C Corporations, income tax payment deadlines are being automatically extended until July 15, 2020, for up to $10 million of their 2019 tax due. This will help avoid unnecessary delays related to their tax refund next year. (See LU stock analysis on TipRanks)To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.Disclaimer: The opinions expressed in this article are solely those of the featured analysts. The Alabama state income tax filing due date has been extended, and state income tax payments can now be deferred. This guidance provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. Following tax law changes, cash donations of up to $300 made this year by December 31, 2020 are now deductible without having to itemize when people file their taxes in 2021. Benzinga does not provide investment advice. Are Revive Alabama grants subject to Alabama income tax? Camping World will train its mechanics on the new truck, and provide garage floor space for Lordstown’s customers. The vehicle is based on a unique design, using individual electric motors at each wheel hub. The Internal Revenue Service today released Notice 2020-50 (PDF) to help retirement plan participants affected by the COVID-19 coronavirus take advantage of the CARES Act provisions providing enhanced access to plan distributions and plan loans. To reach as many people as possible, the IRS translates tax information into multiple languages. January 1 to March 31. The shares are priced at $24.32, and the average price target of $30.12 indicates room for ~24% growth from that level. Taxpayers should be on the lookout for new variations of tax-related scams. October 15 is almost here. And for those who are truly ready to shoulder the extra risk, penny stocks can be the right choice for a major rally. Proc. However, for this year, payments … The Internal Revenue Service reminds taxpayers with expiring Individual Taxpayer Identification Numbers (ITINs) to submit their renewal applications as soon as possible. In brief sessions Monday afternoon, both the Alabama Senate and House overwhelmingly approved Gov. PPP recipients can apply early for loan forgiveness, SBA says, IRS issues guidance on the elimination of the deduction of qualified transportation fringe benefit expenses, Relief for taxpayers affected by COVID-19 who take distributions or loans from retirement plans, N-2020-50: Guidance for Coronavirus-Related Distributions and Loans from Retirement Plans Under the CARES Act, Taxpayers should be aware of myths about tax refunds, IRS outlines changes to health care spending available under CARES Act, New PPP loan forgiveness applications released, An extension to file is not an extension to pay taxes, IRS alert: Economic Impact Payments belong to recipient, not nursing homes or care facilities, Technical New Form 1040 Series Business Rules and Schemas are Available, Technical New MeF Business Returns Schemas and Business Rules are Available, Attn: Tax Practitioners - Update on Reporting Agent Authorizations, Important CPE Reporting Information from the ASBPA, N-2020-46: Treatment of Amounts Paid to Section 170(c) Organizations under Employer Leave-Based Donation Programs to Aid Victims of the Coronavirus Disease (COVID-19) Pandemic, PPP provides a lifeline, but more may be needed, Treasury, IRS provide tax relief to investors and businesses affected by COVID-19 in new markets tax credit transactions, Notice 2020-49 tax relief, deadlines, new markets tax credit, Proposed changes to group exemption letter program, UBTI ‘silo’ rules and more, Taxpayers will soon be able to file amended tax returns electronically, IRS reminder: File now, choose direct deposit or schedule tax payments electronically before the July 15 deadline, IRS provides guidance on employer leave-based donation programs that aid victims of the COVID-19 pandemic, Here’s who qualifies a taxpayer for the child and dependent care credit. (See NCLH stock analysis on TipRanks)Carnival Corporation (CCL)Last up, Carnival, is the world’s largest cruise line, with a market cap of $23.25 billion, more than 100 ships across its brands, and over 700 destination ports. Looking out further, operators will face plenty of headwinds when restarting/ramping operations in 2Q3Q21, but significant sequential improvement of revenues/cash flows over that period will likely dominate the narrative, and we believe investors will continue to look through short-term setbacks to a 2022 characterized by fully ramped capacity, near-full occupancies, and so far manageable pricing pressure," Montour opined.Against this backdrop, Montour has picked out two stocks that are worth the risk, and one that investors should avoid for now. Tax scams tend to rise during tax season or during times of crisis. The US equity strategy team at Goldman Sachs, led by David Kostin, sees those better time ahead, and in the near-term. All of that is to the positive and I think the market is recognizing that and will continue to do that.”Goldman Sachs analysts are following Kostin’s lead, and pointing out three stocks that they think will gain from the general market rise. The Internal Revenue Service today announced its annual "Dirty Dozen" list of tax scams with a special emphasis on aggressive and evolving schemes related to coronavirus tax relief, including Economic Impact Payments. In our view, the ease and reliability of maintenance and charging is particularly important to Lordstown’s fleet/commercial customer base, which is focused on vehicle up-time.”In line with these comments, Delaney rates RIDE shares a Buy along with a $31 price target for the next 12 months. Governor Kay Ivey on Friday issued a Stay at Home order to be applied statewide. Palatin has drugs in development for dry eye disease, obesity, and congestive heart failure. Reconstructing records after a disaster is important for several reasons including insurance reimbursement and taxes. For calendar year filers with returns or payments due in March or April, the COVID-19 due date to file and pay is July 15, 2020. The Alabama Society of Certified Public Accountants (ASCPA) today announced that Jeannine Birmingham, President and CEO, along with 27 other state society CEOS, sent a letter to Congressional leadership urging them to pass legislation that would close a projected collective budget gap of $555 billion that states and local governments face in this fiscal year and the following two years. Associated interest, additions to tax, and penalties for late payment will also be suspended until July 15, 2020. Having a written data security plan isn't just a good idea, it's federal law. During Small Business Week, September 22-24, the Internal Revenue Service wants individuals to consider taking the home office deduction if they qualify. Notice 2020-55 provides expanded disaster relief, in the form of a postponement until October 31, 2020, of certain Federal excise tax filing and payment deadlines, and associated interest, penalties, and additions to tax, for taxpayers who owe a federal excise tax for sales of sport fishing or archery equipment for the first quarter of 2020. The $57,700 lunch turned out to be an excellent investment that led to a friendship and, ultimately, a business partnership. No matter how devastating a disaster is, before the IRS can authorize any tax relief, FEMA must issue a major disaster declaration and identify areas qualifying for their Individual Assistance program. Palatin’s pipeline has more immediate applications, as well – PL8177, originally developed to target ulcerative colitis, has recently entered Phase 1 trials as a treatment for COVID-19.For the competitive advantage, Palatin has Vyleesi. The Internal Revenue Service has released its newly-revised tax guide, designed to help members of the military understand the many special tax benefits available to them under the law. Carnival has also cancelled operations in February from the ports of Miami, Galveston, and Port Canaveral, and pushed back the inaugural voyage of the new ship Mardi Gras to the end of April 2021. The Internal Revenue Service today provided guidance for Qualified Opportunity Funds (QOFs) and their investors in response to the ongoing Coronavirus Disease 2019 (COVID-19) pandemic. More information is available at, https://www.taxadmin.org/state-tax-agencies, COVID-19 relief bill addresses key PPP issues, ALDOR Issues Guidance for Emergency Tax Relief Measures, AICPA discusses PPP2 in the latest town hall meeting, Initial Observations to CARES Act Provisions layered with Governor Ivey’s Proclamation, HILL TAX BRIEFING: Bipartisan Group Floats Route to Aid Deal, Most taxpayers can deduct up to $300 in charitable contributions without itemizing deductions, Governor Ivey Signs Emergency Proclamation to Address Tax and Economic Development Issues Delayed Due to COVID-19 Pandemic, ALDOR Updating Instructions and Guidance for Certain Returns, Surprise Proclamation Exempting CARES Act Benefits and Extending Sunset Dates on Two Major Tax Incentives, IRS: Volunteers needed for free tax prep help, Governor Ivey Extends Safer at Home Order, IRS provides guidance on legislation that increases automatic enrollment cap percentage and eases burdens for certain safe harbor plans, IRS has begun sending letters to taxpayers that may need to take action related to Qualified Opportunity Funds, Treasury and IRS issue final regulations on the deduction for qualified transportation fringe and commuting expenses, Identity Protection PIN Program will soon be available to taxpayers nationwide, Get Ready for Taxes: What’s new and what to consider when filing in 2021, Internal control focus critical as a result of pandemic changes, IRS warns people about a COVID-related text message scam, Highlights from the 2020 National Tax Security Awareness Week, AICPA and trade associations ask Congress to fix PPP loan deductibility, National Tax Security Awareness Week, Day 5: Security Summit alerts tax professionals to potential telework scams during COVID-19, urges all practitioners to use multi-factor authentication. School may look a little different this year, but eligible teachers and other educators can still deduct certain unreimbursed expenses on their tax return next year. Could the state tax virus relief money? The various payment methods are described in the instructions for Form 1040-ES. Palantir released its Gotham software platform in 2008, which is the platform that primarily focuses on providing data analytics solutions to the U.S. government's intelligence and defense sectors.The company also provides non-government organizations with solutions to manage large disparate data sets in an attempt to gain insight and drive operational outcomes.Palantir's stock debuted Sept. 30 at $10 a share and trades around $28 at time of publishing; 78% of Benzinga investors said Palantir would reach $50 per share by the end of 2022.Traders and investors who participated in our study said Palantir's stock will increase off new and continuing partnerships with the U.S. government and defense-related projects. The company has six clinical trials ongoing, for conditions ranging from glioblastomas to multiple myeloma to prostate cancer. The Families First Coronavirus Response Act provides tax credits to reimburse employers for the costs of providing paid sick leave and paid family and medical leave to employees unable to work because of the coronavirus (COVID-19). In the latest twist on a scam related to Social Security numbers, scammers claim to be able to suspend or cancel the victim’s SSN. The agreement includes potentials for expansion, such as sharing sales, space and providing electric drive systems for RVs.Covering this stock for Goldman Sachs, analyst Mark Delaney writes, “We believe this collaboration is a first step to address Lordstown’s service footprint and charging infrastructure, and we view Lordstown’s decision to leverage an existing service footprint as a cost effective strategy… we believe that the broader customer experience, including service and charging, plays a significant role in product differentiation and can help EV start-ups to be successful. Taxpayers should remember they can file whenever they're ready and don't have to wait until Thursday, Oct 15. Using a reputable firm or group can protect employers from fraud; options include PSPs, RAs and CPEOs. The Internal Revenue Service today reminded owners of most heavy highway vehicles of their responsibility to timely file Form 2290, Heavy Highway Vehicle Use Tax Return. 3/1/19)). Additionally, as warranted, the Department will continue to provide compliance assistance to employers and employees on their responsibilities and rights under the FFCRA. This tool will show if a payment has been issued and whether the payment was direct deposited or sent by mail. These questions and answers will be updated periodically and are designed to be a flexible tool to communicate information to taxpayers and tax professionals in this changing environment. Anyone concerned about the spread of COVID-19 while voting is encouraged to apply for and cast an absentee ballot. The Internal Revenue Service announced today that the deadline to register for an Economic Impact Payment (EIP) is now November 21, 2020. The U.S. Chamber of Commerce wants to help you and your clients understand the Coronavirus Small Business Loans. Later this summer, for the first time taxpayers will be able to file their Form 1040-X, Amended U.S Individual Income Tax Return electronically. Rul. The stock is selling for $20.28 and its $18.86 average price target implies a downside potential of ~7%. Those four walls are food, utilities, shelter and transportation. SEE MORE The 10 Most Tax-Friendly States in the U.S. Dow Jones futures were little changed late Tuesday. The series is designed to help identify and leverage critical resources for weathering the ongoing public health crisis. Using the IRS Tax Withholding Estimator can help taxpayers have the right amount of tax withheld and avoid surprises when filing next year. You don't have to make estimated tax payments until you have income on which you will owe tax. The Internal Revenue Service today encouraged members of the military and their families to learn more about the special tax benefits available to them as the July 15 tax filing season deadline approaches. On March 23, Governor Kay Ivey announced that the state income tax filing due date is extended from April 15, 2020, to July 15, 2020. That means if the amount of the credit exceeds the amount of tax owed, the remainder is refunded to the business or organization. Ivey awards $9.5 million in broadband expansion grants, Employee Retention Credit for businesses impacted by COVID-19, ADOR Warns of Scams Related to Upcoming Stimulus Checks, Update to Notice 2020-18 from the IRS: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Related to Gift & Generation-Skipping Transfer Tax Filing & Payment Deadlines, AICPA requests accounting be deemed an essential service & IRS information service lines closed, AICPA Requests Accounting Deemed as Essential Business, Report of Foreign Bank and Financial Accounts (FBAR) Due Date, CARES Act tax provisions aim to stabilize pandemic-ravaged economy, IRS unveils new People First Initiative; COVID-19 effort temporarily adjusts, suspends key compliance program, Update on Federal and State Tax Responses to COVID-19 Pandemic, Encourage Others to Complete the U.S. Census, ALEA Modifies Driver License Division Operations in Response to COVID-19, Preparing to Apply for a Small Business Economic Injury Loan, Governor Ivey Issues Order to Authorize Commissioner to Postpone Tax Payments, Tax Relief Offered by States and Localities in Response to COVID-19, AICPA Thanks Congressional Members for Successful Tax Filing Extension, IRS plan to implement Coronavirus-related paid leave for workers and tax credits for small & midsize businesses to swiftly recover, Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, President Signs Families First Coronavirus Response Act, IRS provides guidance for filing extension, Treasury Secretary Mnuchin Announces the IRS will Extend the Tax Filing Deadline, ADOR Extends Relief to Lodgings Businesses, Call to Action for Clarity, Guidance, & to Extend the Filing Deadline, ASBPA Grants Extensions in Response to Prometric Test Center Closures, IRS Guidewire: Relief for Taxpayers Affected by Ongoing Coronavirus Disease 2019 Pandemic, Fine Geddie Special Report #2 Regarding Coronavirus, Governmental Quality Audit Center Alert on single audit related developments regarding COVID-19, It's not too late for these 9 crisis-prep steps, Fine Geddie Special Report Regarding Coronavirus, AICPA Calls for Tax Relief for Individuals and Businesses Amid Coronavirus Pandemic, What the emergency Fed rate cut means for your finances, Here are some reasons taxpayers should e-file their taxes, Newly-revised IRS publication explains tax benefits for members of the millitary, IRS Birmingham Office Relocating & IRS News Releases, IRS outlines new tax law effect on tax exempt organizations, Certain Tax Credits are not available in Modernized e-File (MeF), IRS issues standard mileage rates for 2020, Here’s what tax preparers need to know about a data security plan, IRS Advisory Council issues 2019 Annual Report, IRS updates guidance for deductible business, charitable, medical and moving expenses, 401(k) contribution limit increases to $19,500 for 2020; catch-up limit rises to $6,500, Here's basic info for businesses filing excise taxes, Taxpayers should be on the lookout for new version of SSN scam, Treasury, IRS release final and proposed regulations on new 100% depreciation, Security Summit warns of new IRS impersonation email scam; reminds taxpayers the IRS does not send unsolicited emails, IRS launches new Tax Withholding Estimator; Redesigned online tool makes it easier to do a paycheck checkup, Tax Security 2.0 - A "Taxes-Security-Together" Checklist - Step 1, Taxpayers can still get help tax help this summer, Taxpayers can check online to get updates about their tax refund, All taxpayers should check their withholding ASAP, IRS takes additional steps to protect taxpayer data, IRS extends deadlines for Alabama storm victims, Waiver of Additional Tax for Individual Farmers and Fishermen, Taxpayers Need More Penalty Relief Says AICPA in Letter to IRS, IRS, Security Summit Partners warn tax professionals of high risk of data theft attacks, Security Summit Partners highlight new password guidance, urge taxpayers and practitioners to protect all accounts, Tax Relief for Victims of Hurricane Michael in Alabama, Renew expiring ITINs now to file a return next year, IRS extends Oct. 15 and other upcoming deadlines, provides expanded tax relief for victims of Hurricane Michael, IRS working on a new Form 1040 for 2019 tax season, IRS guidance still needed on key tax reform issues. 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