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Here at TOTTB, we produce in-depth, easy to understand, exhaustively cited, essays on the topic of tax reduction for our subscribers! And, every two weeks, we add more articles and more features like our live webinar events, private Facebook group, downloadable “Client Alerts” and Infographics, features like our blog, Around the Tax World, an aggregator of all the news happening in the tax world!
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Around the Tax World- May 7, 2026
In The HeadlinesThe S&P 500 stalls as the war in Iran continues and the Federal Reserve meets on interest rates.
What's New In The Tax World?Republican lawmakers look to woo voters with lower capital gains taxes
State-By-State-UpdatesCalifornia’s “billionaire tax” makes it a step closer to the November ballot.
Tax Planning TipsWho can benefit most from the IRS’ free tax withholding tool?
READ MOREAround the Tax World- September 27, 2022
World NEWS - Tesla aims for U.S. tax breaks by looking into battery cell production stateside…
U.S. NEWS - The Inflation Reduction Act’s biggest tax changes impact homeowners and business owners...
STATE NEWS - The Illinois Family Relief Plan features income and property tax rebates...
TAX PLANNING - Which home upgrades could qualify for the new Inflation Reduction Act tax rebates...
Around the Tax World- September 7, 2022
World NEWS - The IRS accidentally made private data publicly accessible for about 120,000 taxpayers...
U.S. NEWS - President Biden’s student loan relief could be taxed in certain states...
STATE NEWS - Idaho approves one-time tax rebates and introduces a new flat tax rate...
TAX PLANNING - Eco-conscious consumers could qualify for over $10,000 in tax credits and rebates under the Inflation Reduction Act...
Around the Tax World- August 25, 2022
World NEWS - The CFO of the Trump Organization confesses to unlawfully taking over $1.7 million in untaxed benefits...
U.S. NEWS - President Biden signs the $430 billion Inflation Reduction Act along with its provision for a corporate minimum tax...
STATE NEWS - Indiana residents are anticipating Automatic Taxpayer Refund checks...
TAX PLANNING - Taxpayers who earn more than $10 in interest from a savings account are required to pay income tax—with a few exceptions...
Around the Tax World- August 8, 2022
World NEWS - Pop singer Shakira could face up to eight years in prison for tax fraud...
U.S. NEWS - Democrats’ new economic package receives pushback from Senator Kyrsten Sinema, blocking the latest set of federal tax proposals...
STATE NEWS - Colorado taxpayers will start seeing rebate checks this month…
TAX PLANNING - State taxes on digital goods are becoming increasingly common, requiring advance planning for companies...
Around the Tax World- July 27, 2022
World NEWS - A proposed levy on Disneyland tickets fails to move ahead...
U.S. NEWS - Debate brews over Democratic lawmakers’ proposal for the IRS to launch a free tax filing service...
STATE NEWS - A watchdog group in Utah is speaking out about the use of the state’s surplus revenue...
TAX PLANNING - For higher-income taxpayers, Social Security taxes could increase due to the rising wage ceiling...
Around the Tax World- June 29, 2022
World NEWS - New IRS voice bots can assist callers with setting up or changing payment plans...
U.S. NEWS - President Biden calls on Congress to establish a national gas tax holiday...
STATE NEWS - Virginia finalizes a two-year budget with $4 billion in tax cuts...
TAX PLANNING - The IRS announces that the end is in sight for backlogged 2021 tax returns...
Around the Tax World- June 8, 2022
World NEWS - The tax fraud investigation surrounding the Trump Organization continues...
U.S. NEWS - States’ attempt to provide relief to taxpayers may be contributing to rising inflation...
STATE NEWS - Virginia votes to adjust its budget plan to include $4 billion in tax relief...
TAX PLANNING - Using cryptocurrency as compensation raises tax issues for employees and employers alike...
Around the Tax World- May 27, 2022
World NEWS - The global minimum tax deal struggles to move toward implementation...
U.S. NEWS - US technology and innovation sectors may see tax breaks in new bill aimed at reducing reliance on China...
STATE NEWS - Minnesota legislators plan to eliminate state taxes on Social Security income...
TAX PLANNING - The IRS is expected to pay interest to taxpayers with delayed tax refunds...
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Small Mistakes With Huge Costs for Your Client’s Tax Returns
We’ve all been there. A client walks into your office and, somewhere in the conversation, you realize that a seemingly minor oversight, a missed deadline, a form nobody filed, an election nobody mentioned, has spiraled into a five- or six-figure tax problem. In my years of practice, some of the most expensive mistakes I’ve seen weren’t the result of aggressive planning gone wrong. They were small, quiet errors. The kind that happens when a deadline slips, an election isn’t made, or a form gets overlooked entirely. The tax code is unforgiving in these situations, and the IRS has little sympathy for “I didn’t know.” This article walks through some of the most common, and most costly, small mistakes that can devastate your client’s tax situation, along with practical guidance for avoiding them.
When Debts Go Bad: The Challenges of Deducting Delinquent Debts
It is painful when you finally realize that the money you expected to be repaid is never coming back. The tiny silver lining in that cloud might be the tax benefit of “writing off” the debt. Unfortunately, that silver lining may well be eclipsed by an even bigger cloud. Writing bad debt off is not that easy, and there’s probably no silver lining to that cloud. Ironically, you might find that the mistakes that caused you to be holding a bad debt might be what prevents you from getting a usable deduction.
Building a Partnership the Right Way: Tax Strategies From Day One
Setting up a partnership is a lot like getting married. It’s exciting, full of promise, and if you do it right, it can be incredibly rewarding. Do it wrong, and you’re setting yourself up for years of headaches and potentially significant financial loss. The decisions you make at the formation stage of your partnership will impact your tax situation for years to come, and in some cases, these decisions can be difficult or costly to undo later. In this article, we’ll explore the critical steps in setting up a partnership and the tax implications of various contribution strategies. You’ll learn how to establish a foundation that maximizes tax advantages from day one.
