Commentary: IRS Guidance Would Punish Small Business Owners with Families

Outside of IRS building

Most IRS guidance documents make for poor pleasure reading. Then again, most IRS guidance doesn’t effectively impose a retroactive tax on small business owners merely for having a family. IRS Notice 2021-49, issued on August 4, includes a bizarre interpretation of the law that will effectively raise taxes for business owners with close relatives, even if their family members have no involvement in the company.

A core goal of the Coronavirus Aid, Relief, and Economic Security (CARES) Act passed early on in the pandemic was to assist businesses in keeping employees on their payroll even as they dealt with the economic effects of lockdowns. Part of the plan was the Employee Retention Tax Credit (ERTC), which provides a tax credit against employer payroll tax liabilities.

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Georgia Defendants Indicted on Federal Charges for Massive Alleged Healthcare Fraud Scheme

Federal officials have indicted certain South Georgia medical professionals for the alleged illegal distribution of opioids and conspiracy to commit health care fraud. This, according to a press release that officials with the U.S. Attorney’s Office for the Southern District of Georgia published Friday.

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Atlanta, Dallas, Tampa, and St. Louis Among the Cities Experiencing the Highest Consumer Price Spikes

Throughout the COVID-19 pandemic, the Federal Reserve Bank and Congress have taken unprecedented steps to stabilize the economy after entire industries and sectors ground to a halt last year amidst the public health crisis. The Fed has kept interest rates near zero, created lending programs to pump trillions of dollars into the economy, and bought securities to support financial markets. Congress passed three major COVID-19 stimulus packages in response to the crisis: the $2.2 trillion CARES Act in March 2020, the $900 billion Coronavirus Response and Relief Supplemental Appropriations Act in December 2020, and the $1.9 trillion American Rescue Plan in March 2021.

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Southwest Georgia Resident Criminally Charged with CARES Act Fraud

A federal grand jury has returned a 12-count indictment charging a Sycamore, Georgia, resident with bank fraud, money laundering and making false statements related to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Officials indicted Anthony C. Boncimino, 46, this month with four counts of bank fraud, four counts of money laundering and four counts of making false statements.

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Feds in Georgia Reveal Massive CARES Act Fraud

Two Georgia residents in two separate cases allegedly committed massive Coronavirus Aid, Relief, and Economic Security (CARES) Act fraud while another Georgia resident admitted in federal court to committing such fraud. In the first case, federal officials took two Columbus residents into custody after a federal grand jury returned an indictment charging them both with wire fraud and theft of government property related to the CARES Act. This, according to a press release that officials with the U.S. Attorney’s Office for the Middle District of Georgia published this week.

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Billions of Coronavirus Stimulus Money Still Hasn’t Been Spent, Republican Senators Say in Letter to Biden

US Capitol

A group of ten Republican senators outlined a less expensive coronavirus relief compromise bill and said much of the past stimulus passed during the pandemic hasn’t been spent yet.

The proposed stimulus framework builds on prior legislation that passed with bipartisan support, the 10 senators wrote in the letter Sunday. The group, which included Sens. Mitt Romney, Thom Tillis, Susan Collins and Lisa Murkowski, also requested a meeting with President Joe Biden to discuss the bill.

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Senator Kelly Loeffler Compares Her Record, Including Passage of New PPP Funding, to Raphael Warnock’s Record

U.S. Senator Kelly Loeffler on Friday highlighted the stark contrasts between her record in the successful PPP program and other COVID-19 assistance in the Senate versus her opponent Rev. Raphael Warnock’s PPP record.

Loeffler pointed out the differences in a tweet.

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VA Democrats Want To Issue Mandatory ‘Vaccination Cards’ Costing $121 Million

Virginia plans on spending nearly $121 million on CARES funding for COVID-19 vaccine equipment and advertisement. This according to a proposal draft, reportedly submitted to the Centers for Disease Control and Prevention (CDC) last week.

Nearly $6 million will be spent on equipment: over $111 million on administration and staffing and $3 million in a “public education campaign.”

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Northam Announces More Money for Closed Schools

Governor Ralph Northam is sending an additional $220 million of Coronavirus Aid, Recovery, and Economic Security (CARES) Act funds to Virginia’s schools, according to a Thursday press release. The money is intended to help purchase testing supplies, personal protective equipment, sanitation, and virtual learning technology.

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Commentary: Pelosi Holds Millions of Small Businesses Hostage While Working Families Struggle

At the height of the COVID-19 pandemic, when a lot less was known about the virus and how to counter it, and while the nation was still ramping up production of testing and hospital resources including ventilators needed, 25 million jobs were lost across the country, according to Bureau of Labor Statistics data.

Since labor markets bottomed in April, 13.8 million jobs have been recovered, as states have begun steadily reopening in the months since.

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