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Millions of small businesses are fighting off permanent closures, looking for every possible penny to help them stay afloat amid the pandemic. However, there is a little-known CARES Act rule that could net small businesses tens of thousands of dollars in just a few weeks, and it helps keep more people employed.Back in March, when Congress passed the CARES Act, most of the focus for businesses was on the billions of dollars allotted for Paycheck Protection Program (PPP) forgivable loans. Congress also included a temporary tax rule, at the same time, for businesses.“If you had a loss in 2018, 2019, or 2020, any of those years, you could carry it back up to five years to generate refunds,” said Chris Catarino, a CPA with the firm Drucker & Scaccetti in Philadelphia.Catarino explained that under the new rule, businesses can generate a tax refund by applying 2020 losses to taxes paid over the past five years, essentially making the tax burden in past years less, netting them the refund.Losses for 2020, though, can only be filed after Dec 31, 2020. However, the temporary rule also applies to 2019 and 2018. So, if a business had losses over those two years, they could carry back those losses to their respective five-year period and possibly generate a refund.Businesses can start filing for a refund on 2018 and 2019 losses now. Catarino explained they would have to file an amended return or 1045 form.“The 1045 is generally quicker,” said Catarino “The IRS is required to respond and process those within 90 days.”The tax refund, under the temporary net operating loss rule, could mean tens of thousands of much-needed dollars for some businesses. However, Catarino pointed out that the biggest refunds would be for businesses with the largest “swing” from the prior years.For example, take a business that did extremely well in 2019. It likely paid a high tax bill that year. Then, this year, it had a significant loss of business. That business could get most of the money it paid in taxes the year prior, possibly even all the money it paid but nothing more than was paid in taxes. The same principle applies to 2018 and 2019.“The idea that they could recoup some taxes that they already paid in the past, today, could really be significant,” said Todd McCracken with the National Small Business Association. “It could mean the difference between keeping your doors open or not.”Although the temporary tax benefit could save some businesses, there is concern that the businesses that may need it the most may not be aware of it.“It is the smallest companies that don’t know, that tend to deal with their taxes once a year,” said McCracken. "They don’t have an ongoing relationship with a CPA. They go have their taxes prepared in the spring and find out, ‘Wow, I could’ve had this benefit all along.’ Next spring, of course, could be too late.”It could be too late for many businesses, especially if another round of coronavirus-related closures occurs and a second stimulus package isn’t passed soon. 3031
MOUNT CLEMENS, Mich. — Tempers flared at a Michigan gym, and the confrontation was caught on camera.It started when Rachel Dixson says she went to get a new membership. After asking for a manager and resolving the situation, her information was violated, and her business attacked.According Dixson, who signed up to work out and at the Planet Fitness on Groesbeck in Mount Clemens, Michigan, while she was tanning the employee that signed her up looked her up on the web, found out she owns a car dealership and started writing negative and vulgar reviews.Video taken inside the Mount Clemens Planet Fitness Thursday shows Dixson confronting an employee.She says it all started much earlier that morning when she went to sign up.“It was my first time in the gym in a couple years, so I was pretty pumped and excited to work out,” says Dixson.But there was a problem. Dixson says the employee helping her wouldn’t let her pay with a debit card or include tanning in the package.She says her husband had paid before with the same card, so she asked for a manager.“(The manager) said no problem,” Dixson says. “They took my payment. He helped me with the tanning. I went in the tanning bed, and I worked out.”While she was doing that though, she says the employee was working on trying to ruin her business's reputation with negative reviews.This is one example:“She says this is absolute worst company in existence,” says Dixson. “You sell **** cars. Everything you do is backwards, and the owner Rachel is a ****ing ***** and I hope you die in one of your **** cars you ****ing c***.”She was able to track down through Google reviews the name of who posted.“I plugged her name on the search bar on Facebook, and I recognized her as the employee who helped me that morning at Planet Fitness,” Dixson says.So she confronted her— cameras rolling.“When I walked in, she was just looking at me, all of those emotions of feeling violated came out,” Dixson says.The employee has a very different story of how this played out.She says Rachel was incredibly rude, so she did post one Google review that was not vulgar, but she knew she was in the wrong and deleted it an hour later.She says she apologized and quit as well but was terrified during that confrontation.Planet Fitness issued the following statement to WXYZ: 2349
More than three weeks after the Parkland, Florida, school shooting, the White House is expected to unveil some proposals on guns and school safety."The President and White House are going to be laying out more specifics -- it's going to be a series of proposals," White House principal deputy press secretary Raj Shah said on ABC's "This Week."Shah said the proposals will be legislative and administrative and also will include recommendations for states. The White House will also be forming a task force to study the issue, Shah said.Shah avoided answering whether the White House will call for universal background checks, which President Donald Trump has said he would support, and instead spoke about improving the current background check system. The White House backs the "Fix NICS" bill introduced by Sen. John Cornyn, a Texas Republican, and Sen. Chris Murphy, a Connecticut Democrat, which intends to improve the information?going into the National Instant Criminal Background Check System.The White House will also support raising the age for buying some firearms."The President has been clear that he does support raising the age to 21 for purchasing certain firearms," Shah said.The White House is expected to ask states to consider raising the age to buy certain firearms and to recommend that states allow school staff to carry concealed weapons, The Wall Street Journal reported Saturday, citing White House officials who have been briefed on the proposal.The White House also is expected to voice support for legislation that would authorize million a year on school safety provisions, including training for teachers and students on ways to prevent violence.Shah, who would not confirm the Journal's reporting ahead of Sunday night's announcement, did tell ABC that there will be a proposal to harden schools.The administration is already moving ahead with a proposal to ban bump fire stocks, devices that allow semiautomatic weapons to fire at a more rapid rate, as Attorney General Jeff Sessions has vowed to do. The Justice Department has submitted a proposed regulation to the Office of Management and Budget for review to prohibit their sale by classifying them as machine guns under federal law. 2257
NASHVILLE, Tenn. — AT&T said crews have made significant progress restoring service to the region on Sunday morning following an explosion on Friday morning outside an AT&T data center.The explosion impacted widespread service interruption reaching outside of just Middle Tennessee. On Sunday morning, the company said power has been restored to four floors of the building and more than 65% of mobile sites affected by the explosion have been restored. More than three feet of water was pumped out of the building's basement on Saturday, however, access to some of the lowers is still limited. AT&T said on Sunday crews will be adding additional cabling and more generators to provide more power into the building to help with restoration efforts."Teams are working to safely bring additional equipment online and reroute services through other facilities in the region. While mobility services have been restored in many areas, we still have more than 17 portable cell sites on the air to aid in communication, including for restoration teams and first responders," AT&T said in an update. "We are bringing in additional resources to support the recovery of wireline voice and data services and expect to have a fleet of 24 additional trailers of disaster recovery equipment on-site by the end of the day."The company did not provide an exact time when it expects service to fully be restored. Metro officials said there will be times customers will lose service as restoration efforts continue but officials are confident to be running at full capacity by the end of Sunday.Damage to the building is still being assessed.This story was first published by Caroline Sutton at WTVF in Nashville, Tennessee. 1730
Musician T.I. was named in an investigation by the Securities and Exchange Commission on Friday in a fraudulent initial coin offering scheme.The SEC said T.I. will not be criminally charged, but settled on a ,000 fine and he has agreed to not participate in offerings or sales of digital-asset securities for at least five years.Film producer Ryan Felton is facing criminal charges, allegedly promised to build a digital streaming platform for FLiK, and a digital-asset trading platform for CoinSpark. Instead, Felton allegedly misappropriated the funds raised in the initial coin offerings, the SEC said.Felton is facing charges of violating registration, anti-fraud, and anti-manipulation provisions of the federal securities laws.T.I. was allegedly involved in promoting Felton’s scheme. The SEC said that T.I., and his social media manager William Sparks, Jr., offered FLiK tokens on T.I.’s social media accounts.“The federal securities laws provide the same protections to investors in digital asset securities as they do to investors in more traditional forms of securities,” said Carolyn M. Welshhans, Associate Director in the Division of Enforcement. “As alleged in the SEC’s complaint, Felton victimized investors through material misrepresentations, misappropriation of their funds, and manipulative trading.”Felton was also accused of manipulative trading to inflate the price of SPARK tokens.The SEC said that Felton made an addition .2 million in profits, and used money he allegedly misappropriated to buy a Ferrari, a million-dollar home, diamond jewelry, and other luxury goods. 1608