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Around the Tax World – March 21, 2024
In The Headlines - Will the U.S. become a TikTok-free zone?.
What's New In The Tax World? - A $78 billion tax bill passes the House but hits walls in the Senate
State-By-State Updates - Colorado residents may be eligible for an $800 refund this tax season.
Tax Planning Tips - Is your property tax bill astronomical? Consider whether you can appeal your property tax assessment.
READ MOREAround the Tax World – March 7, 2024
In The Headlines - H&R Block and TurboTax have been accused of “deceptive advertising” by the FTC.
What's New In The Tax World? - The IRS levels up on cryptocurrency tax compliance with the help of two former crypto executives.
State-By-State Updates - Kansas shuts down a $1.6 billion tax cut package including a flat income tax rate of 5.25%
Tax Planning Tips - Planning your retirement? Consider these states with the lowest tax rates.
Around the Tax World – February 22, 2024
In The Headlines - Who will win in the battle between The New York Times and OpenAI?
What's New In The Tax World? - The popular EV tax credit has yielded $135 million in reimbursements for automotive dealers this year.
State-By-State Updates -California considers a ballot initiative that would limit local and state governments’ ability to raise taxes.
Tax Planning Tips - If you have long-term care insurance, keep in mind these tax deduction limitations.
Around the Tax World – February 8, 2024
In The Headlines - Super Bowl LVIII means record-breaking ticket prices for football fans and revenue spikes for Las Vegas small businesses.
What's New In The Tax World? - To file or not to file? With new proposed tax breaks coming up fast, the IRS urges taxpayers to move ahead with their tax returns
State-By-State Updates -A Connecticut task force tries to bid farewell to the state’s car tax.
Tax Planning Tips - With TJCA tax provisions soon to expire, 2024 will be a crucial year for tax planning.
Around the Tax World – January 25, 2024
In The Headlines - Spirit Airlines and JetBlue may be star-crossed business partners.
What's New In The Tax World? - 2024 may be the Year of the Tax Break—from the expanded child tax credit to business benefits
State-By-State Updates -The Kansas Legislature is stepping on the gas when it comes to income and sales tax reform.
Tax Planning Tips - The latest industry boom is in selling energy tax credits—a market worth up to $9 billion.
Around the Tax World – January 10, 2024
In The Headlines - Universal Pictures ousts Disney from its throne in 2023, coming in as the highest-grossing studio at the box office.
What's New In The Tax World? - Cutting state tax rates: What was hot in 2023 may not be in 2024
State-By-State Updates -Georgians may have more money in their pockets in 2024 from reduced state income taxes.
Tax Planning Tips - Another day, another EV tax credit update—and it’s a big one.
Around the Tax World – December 28, 2023
In The Headlines - One of the most successful businesses of 2023 is… Taylor Swift.
What's New In The Tax World? - Popular electric vehicles may fall out of favor in 2024 without the help of the EV tax credit
State-By-State Updates -California’s climate programs may have one adverse side-effect—$6 billion in lost gas tax revenue.
Tax Planning Tips - New guidance on the Clean Hydrogen Production Tax Credit is finally being released… but is this good news or bad news?
Around the Tax World – December 11, 2023
In The Headlines - AI-generated fake reviews are taking a toll on the tourism industry—and Exceptional Alien is fighting back with the help of celebrity investors.
What's New In The Tax World? - The fate of a potential “wealth tax” rests on a current Supreme Court case
State-By-State Updates -Georgia’s Republican lawmakers want to speed up state tax cuts.
Tax Planning Tips - Looking to save on taxes next year? Lose the money market funds and consider municipal money market funds and Treasury bills instead.
Around the Tax World – November 23, 2023
In The Headlines - Ryan Gosling is the most popular celebrity—among internet scammers, according to cybersecurity software company McAfee.
What's New In The Tax World? - U.S. lawmakers continue to push for changes to the tax rules on EV credits and cryptocurrency taxation
State-By-State Updates -Overtime just got more exciting in Alabama, which has officially eliminated state taxes on overtime pay.
Tax Planning Tips - Service members can opt into a new tax benefit—the Dependent Care Flexible Spending Account (DCFSA).
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CURRENT EDITION
An Overview of Health Reimbursement Arrangements
Life is the best teacher, especially in the tax industry. You can take all the continuing education that your heart desires, but sometimes the information doesn’t seem to really click until you have hands-on experience. That’s how it was for me when it came to Health Reimbursement Arrangements (HRAs). I learned about them in school. I even remember learning about them at the first accounting firm I worked at. But it wasn’t until I was working with a small business owner with his own “insurance” that I got it.
Revolutionizing Client Engagement: The Shift from EPTI to PAVER in Tax Reporting with Generative AI
Are you seeking innovative strategies to elevate your client reporting processes? Wondering how to transition from traditional methods to more engaging and personalized interactions? The emergence of generative AI has instigated a profound transformation in the domain of client communication for tax planners, shifting from the conventional Email, PDF, Telephone, In-person (EPTI) reporting techniques to a more advanced PAVER framework. Read on to find out more!
Hobby Loss Developments in 2023
The laws of tax planning that I developed over my writing career that will be expounded in the upcoming Reilly’s Laws of Tax Planning, published by Think Outside the Tax Box, lean a little on the conservative side, as tax planners use the term – conservative versus aggressive, not conservative versus liberal. This results, in large part, from their primary source being court decisions.
The 18th law stands out from the others in this regard. “Honest objective trumps realistic expectation” encourages practitioners to be somewhat more aggressive in claiming losses from activities that seem a little dubious . I still hold that view, even though there have been no encouraging developments in 2023. Here is a roundup on the action last year through December 2, 2023.