COVID-19 Relief Law - NY/NJ Tax Revenues Plummet
A new study out of Arizona State predicts that tax collections will fall by more than 30% in at least 10 American states due to COVID-19.
The study further estimates that US States will suffer a 20% decline in tax revenue based on the study's models. Presently, New Jersey and New York have already reported sharp declines, while California is implementing higher taxes on corporations to help deal with the revenue shortfall.
As the Internal Revenue Service ("IRS") begins to resume operations as well as the NYS Dep't of Taxation and NJ Div. of Taxation, collection actions will likely resume with a renewed vigor to recoup the COVID-19 losses to tax revenue.
It is imperative to get your financial "house" in order during this brief respite from tax collections, rather than awaiting the tax authorities to come knocking.
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