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Around the Tax World- November 18
In The HeadlinesStarbucks on strike: The “Red Cup Rebellion” impacts 65 coffee shops across the U.S.
What's New In The Tax World?The government shutdown has ended, but the future of health care tax credits remains uncertain
State-By-State-UpdatesDelaware’s Supreme Court rules in favor of property tax relief for New Castle County.
Tax Planning TipsRoth IRAs get a boost with higher income limits for 2026
READ MOREAround the Tax World- November 10, 2025
In The HeadlinesWhat do TikTok influencers and soybean farmers have in common? They may be impacted by the recent U.S.-China trade deal.
What's New In The Tax World?What to expect if the enhanced premium tax credits expire
State-By-State-UpdatesFlorida lawmakers consider rewriting their property tax system, especially for homesteads.
Tax Planning TipsThe IRS punts on a new tax law on reporting auto loan interest
Around the Tax World- OCTOBER 27, 2025
In The HeadlinesWhat is the U.S. “gold card” visa program, and will it actually be implemented?
What's New In The Tax World?The “One Big Beautiful Bill” Act could result in major tax cuts next year depending on the state you live in
State-By-State-UpdatesIowa is anticipating a significant dip in tax revenue in 2026.
Tax Planning TipsTop U.S. universities are facing a steep tax increase via the “One Big Beautiful Bill.”
Around the Tax World- OCTOBER 8, 2025
In The HeadlinesNew A.I. safety laws will impact the majority of top A.I. companies.
What's New In The Tax World?A failed deal over ACA premium tax credits gives way to a government shutdown.
State-By-State-UpdatesMichigan debates a 24% increase to its marijuana wholesale tax.
Tax Planning TipsTrump throws his weight behind Hollywood with a new 100% tariff on foreign-made films
Around the Tax World- September 23, 2025
In The HeadlinesTikTok and trade talks: What’s the latest in the U.S. relationship with China?
What's New In The Tax World?Could a wealth tax be the next step for New York City—or the U.S.?
State-By-State-UpdatesIndiana considers a pause on utility bill taxes.
Tax Planning TipsHow have the new Trump tax policies affected companies?
Around the Tax World- September 9, 2025
In The HeadlinesMeta’s flirtatious Taylor Swift and Scarlett Johansson chatbots were created without permission.
What's New In The Tax World?Could a second federal tax and spending bill be in the works?
State-By-State-UpdatesAlabama shoppers can enjoy two new tax breaks starting this September.
Tax Planning TipsWhich jobs are covered by the new “no tax on tips” rule?
Around the Tax World- August 26, 2025
In The HeadlinesCould the U.S. government become a shareholder in Intel?
What's New In The Tax World?The clock is ticking on expiring clean energy credits—and it’s causing a major spike in sales
State-By-State-UpdatesWill Florida finally pull the trigger on property tax cuts?
Tax Planning TipsThe “One Big Beautiful Bill” includes a largely-overlooked remittance tax that will affect those who support family members overseas
Around the Tax World- August 7, 2025
In The HeadlinesTech stocks may be making a comeback as design tool Figma sees a 250% gain on its IPO day.
What's New In The Tax World?The end of Direct File, leadership investigations, and staffing shake-ups: What is the future of the IRS?
State-By-State-UpdatesFlorida’s hurricane season is also a tax-free season this year.
Tax Planning TipsSummer means tax-free holiday season! Which states can save consumers the most money?
Around the Tax World- July 24, 2025
In The HeadlinesCould your caffeine consumption take a hit with the increased tariffs on Brazil?
What's New In The Tax World?Will the newly-passed tax and spending plan help or hinder Republicans in 2026?
State-By-State-UpdatesGeorgia makes moves toward eliminating the state income tax.
Tax Planning TipsHow could the new tax exemption for tips and overtime pay affect employers?
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CURRENT EDITION
Lessons Learned from the Tax Court: The Root of the Issue
When is a business really a business? As Supreme Court Justice Potter Stewart said in 1964, “I know it when I see it.” The US Tax Court, however, maintains a slightly less subjective standard. The Roots were pretty sure they were running a bona fide business; the IRS, however, didn’t share the sentiment. And since we’re reading about them in a segment called “Lessons Learned,” one should assume it did not go the way the Roots would have liked.
The Lessons From The Supreme Court Zuch Opinion
There is a great scene in the movie On The Basis Of Sex. The actors portraying Ruth Bader Ginsburg and her husband, Martin Ginsberg, a very high-level tax attorney, early in their careers are reading in separate rooms. He comes in with something he wants her to read and she snaps that she doesn’t read Tax Court cases. In that moment she showed her future as a Supreme Court Justice. Not many Tax Court cases reach the Supreme Court. So when one does it’s exciting. And, as it happens, Commissioner of Internal Revenue v Zuch contains some practical lessons worth considering.
Fractional Art Investing Is Real — How To Advise Your Clients On The Tax Consequences
In mid-November a portrait of a young Vietnamese woman by the artist Gustav Klimt, which was part of the estate of the late Leonard Lauder (the cosmetics billionaire), was sold at a Sotheby’s auction for $236.4 million. It set the record for the most expensive work of modern art ever sold at auction according to Bloomberg. That’s probably out of reach for most of our clients. But what if they could join together to buy an interest in the painting with an entity holding the asset? That’s the idea behind the burgeoning fractional art market. While, in general, the art market has been struggling for a few years, the fractional art market has been expanding. According to the website Digital Original, “Fractional art ownership is no longer a niche concept – it’s a growing investment trend that’s accessible, flexible, and supported by cutting-edge technology.” What, you may be asking, does this have to do with taxes? It may be more than you think for your high-net-worth clients. As a trusted advisor it’s important that you are aware of both the types of investment opportunities your clients may be buying into and the tax consequences.
