Samuel Corum/Bloomberg via Getty Images The IRS issued guidance Tuesday on a new unemployment tax break that makes more people eligible for the benefit. The American Rescue Plan waives federal tax on up to $10,200 of unemployment benefits collected last year, per person. But the $1.9 trillion Covid relief measure, which President Joe Biden signed
During the pandemic, implementation issues in some states resulted in underwithholding income tax due on enhanced unemployment benefits, and surprise tax bills, for many jobless workers. For instance, in California, when workers opted to withhold 10 percent of their unemployment compensation for taxes, that only applied to state benefits and not enhanced federal benefits. The
A contractor frames a house under construction in Lehi, Utah, U.S., on Wednesday, Dec. 16, 2020. Private residential construction in the U.S. rose 2.7% in November. George Frey | Bloomberg | Getty Images Sales of newly built homes fell more than expected in February, as builders faced higher costs and persistent delays, and, consequently, raised
Could the reopening trade’s success come at a cost? Bank of America analysts brought that question into focus on Monday in a note upgrading Booking Holdings and downgrading Pinterest and Snap, citing changing tides on the interest rate front that could put a crimp on stay-at-home stocks’ valuations. “This is not a call that Snap
Take a look at some of the biggest movers in the premarket: AstraZeneca (AZN) – The drugmaker’s stock fell 2.9% in premarket trading after an independent monitoring board told U.S. health officials that the company may have given incomplete efficacy data from its Covid-19 vaccine trial. The Data Safety Monitoring Board said it wanted AstraZeneca
Traders work on the floor of the New York Stock Exchange. NYSE It’s the anniversary of the big drop: What’s changed? Federal Reserve Chair Jerome Powell and Treasury Secretary Janet Yellen are testifying before the House Financial Services Committee on the state of the economic recovery from the COVID-19 pandemic on Tuesday. It’s the one-year anniversary
Economic stimulus checks are prepared for printing at the Philadelphia Financial Center May in Philadelphia, Pennsylvania. Jeff Fusco | Getty Images A second batch of $1,400 stimulus checks is scheduled to land in people’s bank accounts on Wednesday, March 24. Those checks began processing on Friday and may be available in some accounts even earlier,
After Congress passed the American Rescue Plan Act last week, infrastructure spending—and its funding—is taking center stage. For example, the federal excise tax rate on motor fuels has not been changed since 1993, and the tax has not raised sufficient revenue to cover expenditures since 2008. Several states also are in this position and are
A British electric vehicle company is putting down roots in the U.S. and plans to take its new production concept global as demand for new mobility systems grows. Arrival, which is developing electric vans and buses, announced last week that it is building a second microfactory in Charlotte, North Carolina. The company plans to assemble
In this article .IXIC US10Y When rising Treasury yields put pressure on tech stocks, Invesco’s Kristina Hooper is looking to put money to work. Hooper, who oversees $1.3 trillion in assets, predicts the group’s growth potential will ultimately prevail over inflation fears. “Any time we see a tech sell-off, it’s an opportunity to buy some
Billionaire Ray Dalio, founder of the world’s largest hedge fund Bridgewater Associates, is impressed by one key skill: failing “well.” “The people I respect most are those who fail well,” Dalio tweeted on Friday. “I respect them even more than those who succeed.” By failing “well,” Dalio said, one learns from their mistake and changes
An H&R Block office in San Francisco, Calif. David Paul Morris/Bloomberg via Getty Images TurboTax and H&R Block updated their online software to account for a new tax break on unemployment benefits received last year, according to company officials. However, state tax returns may still be a source of trouble for some taxpayers filing electronically.
Phil Murphy, New Jersey’s governor, speaks at a news conference after touring the New Jersey Convention and Exposition Center Covid-19 vaccination site in Edison, New Jersey, on Friday, Jan. 15, 2021. Mark Kauzlarich | Bloomberg | Getty Images New Jersey will likely pause its reopening plans as Covid-19 cases begin to rise again in the
LaylaBird The U.S. Labor Department launched a website Monday to help Americans report identity fraud linked to unemployment benefits. Unemployment fraud has surged during the Covid pandemic. Much of it is linked to organized crime rings that bought identity information stolen in past data breaches, according to the labor bureau. Criminals use this data to
Jack Dorsey, CEO of Twitter and Square, sold his first tweet as an NFT, or nonfungible token, for over $2.9 million on Monday when bidding ended on the “Valuables” platform, which is run by Cent, a blockchain-powered social media network. The tweet, which says, “just setting up my twttr,” was first posted by Dorsey on March
A Starlink user terminal being set up. SpaceX Elon Musk’s SpaceX is in talks with the United Kingdom for the company’s Starlink satellite unit to potentially to earn funding as a part of the government’s new $6.9 billion internet infrastructure program, CNBC confirmed. U.K. Minister for Digital Infrastructure Matt Warman recently met with Starlink leadership,
Getty Images New $1,400 stimulus checks could be landing in your mailbox soon. Government agencies including the Treasury Department, IRS and Bureau of the Fiscal Service on Monday announced a second batch of payments will be sent this week. While that includes more direct deposit payments, it also includes a large number of mailed paper
Single-family homes are seen in this aerial photograph taken over a Lennar Corp. development in San Diego, California. Bing Guan | Bloomberg | Getty Images Closed sales of existing homes in February dropped a larger-than-expected 6.6% compared with January, according to the National Association of Realtors. That put them at a seasonally adjusted, annualized rate
A healthcare professional draws up a dose of the Oxford/AstraZeneca Covid-19 vaccine at the vaccination centre set up inside Brighton Centre in Brighton, southern England, on January 26, 2021. Ben Stensall | AFP | Getty Images LONDON — The findings of a large U.S. trial have shown that the coronavirus vaccine developed by AstraZeneca and
Take a look at some of the biggest movers in the premarket: AstraZeneca (AZN) – The drugmaker said a U.S. study showed its Covid-19 vaccine had 79% efficacy in preventing symptomatic illness, 100% effectiveness against critical disease and hospitalization, and did not pose a higher risk of blood clots. AstraZeneca shares gained 2.2% in premarket