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Tax Update (November 9)

Nov 9, 2020 | SHARE  

Jobs Report

On Friday (Nov. 6), the U.S. Bureau of Labor Statistics reported that in the month of October 638,000 jobs were added and the unemployment rate fell to 6.9 percent. The analysis found job gains occurred in leisure and hospitality, professional and business services, retail trade, and construction. Notably, there was a loss in government employment, however, some of the decline can be attributed to the loss of temporary Census workers.

To view the Bureau of Labor Statistics report, click here.

 

 

COVID-19 Stimulus

On Wednesday (Nov. 4), Senate Majority Leader Mitch McConnell (R-KY) said Congress should pass a COVID-19 relief package by the end of the year. He emphasized that keeping the government funded and getting a COVID-19 stimulus bill passed will be a priority for the Senate.

“Hopefully the partisan passions that prevented us from doing another rescue package will subside with the election and I think we need to do it and I think we need to do it before the end of the year,” McConnell said.[3] 

On Friday (Nov. 6), McConnell indicated his support for a targeted (smaller) relief bill due to the recent jobs report that showed a decline in the unemployment rate. House Speaker Pelosi said a smaller bill “doesn’t appeal to me at all.”[4] 

 

 

IRS

On Monday (Nov. 2), the IRS announced it would provide numerous taxpayer relief options to assist individuals who have experienced financial difficulties due to the COVID-19 pandemic. The efforts include: providing relief from unpaid liabilities resulting from COVID-19 impacts, removing bureaucratic barriers for taxpayers whose financial condition has been impacted including those facing longstanding tax issues, and ensuring adequate resources are available for complex tax cases. Additionally, some taxpayers will have two more months to resolve tax liabilities.[5] 

 

 

References

[1] Lorenzo, Aaron ”GOP election wins could cost Democrats a Ways and Means seat.” Politico Pro, 4 Nov. 2020. https://link.edgepilot.com/s/18a615b3/dcCi_7LTC0iudh0RYcl1nA?u=https://subscriber.politicopro.com/article/2020/11/gop-election-wins-could-cost-democrats-a-ways-and-means-seat-3985079

[2] Levine, Marianne. & Everett, Burgess. “The looming shake-up of Senate Republican chairman.” Politico Pro, 5 Nov. 2020. https://link.edgepilot.com/s/bc1dc43e/hTIi65uNI02wSAxron8YUg?u=https://subscriber.politicopro.com/article/2020/11/the-looming-shake-up-of-senate-republican-chairmen-2016608

[3] Levine, Marianne. “McConnell calls for coronavirus package before end of the year.” Politico Pro, 4 Nov. 2020.  https://link.edgepilot.com/s/17897c9e/sCco-bL-602300E1OLOWiA?u=https://subscriber.politicopro.com/article/2020/11/mcconnell-calls-for-coronavirus-package-before-end-of-the-year-2016462

[4] Wasson, Erik. & Litvan, Laura. “White House, Pelosi Bicker Again Over Size of Any Stimulus Plan.” Bloomberg, 6 Nov. 2020. https://link.edgepilot.com/s/1214e31e/W179NfYECkuIOmeNcDyK6Q?u=https://news.bloomberglaw.com/daily-tax-report/republicans-renew-drive-for-smaller-stimulus-bill-after-election

[5] Lorenzo, Aaron. “IRS offering to cut more slack to certain taxpayers in debt.” Politico Pro, 2 Nov. 2020. https://link.edgepilot.com/s/c69da10f/-Zl6UpTRMES65dKQGTaVGg?u=https://subscriber.politicopro.com/article/2020/11/irs-offering-to-cut-more-slack-to-certain-taxpayers-in-debt-3985021

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