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Around the Tax World- February 10, 2025
In The HeadlinesIs DeepSeek the wave of the future of A.I.—or a threat to data security?
What's New In The Tax World?Will Trump’s $4 trillion tax cut plan prevail? Not without progress on reducing the national deficit
State-By-State UpdatesIdaho lawmakers aim to tackle rising property taxes.
Tax Planning TipsAvoid an audit by making sure these important forms are submitted.
READ MOREAround the Tax World – August 6, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
Around the Tax World – July 23, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
Around the Tax World – July 9, 2024
In The Headlines - Over 100,000 Americans lost access to their own funds due to the bankruptcy of banking-as-a-service platform Synapse.
What's New In The Tax World? - The IRS releases its final tax reporting rules for cryptocurrency
State-By-State Updates - Could rundown properties be subject to extra taxes in Georgia?
Tax Planning Tips - Will Biden’s corporate tax proposals make the cut?
Around the Tax World – June 25, 2024
In The Headlines - Boeing and Airbus are facing a federal investigation over the possible use of fake titanium.
What's New In The Tax World? - Partnerships must say goodbye to a tax loophole, while the IRS says hello to $50 billion in revenue.
State-By-State Updates - Illinois’ new $53.1 billion state budget is expected to bring in $1.2 billion in new tax revenue.
Tax Planning Tips - Struggling with skyrocketing property taxes? These states have seen a decrease over the past decade.
Around the Tax World – June 11, 2024
In The Headlines - Spotify is upping their subscription costs—and stock investors are responding favorably.
What's New In The Tax World? - Republicans hustle to assemble a new tax package in preparation for the election.
State-By-State Updates - California lawmakers are debating where online sales tax revenue should be funneled.
Tax Planning Tips - Do you qualify for an automatic extended tax filing deadline of June 17th? Make sure you understand which rules apply for you.
Around the Tax World – May 28, 2024
In The Headlines - Ryan Reynolds turns his entrepreneurial energy toward the world of sports.
What's New In The Tax World? - The IRS is cracking down on large partnerships and companies are evaluating how to prepare.
State-By-State Updates - California is poised to become the first state to levy an excise tax on guns and ammunition.
Tax Planning Tips - The list of vehicles that qualify for the EV tax credit is constantly shifting—which ones qualify now?
Around the Tax World – May 8, 2024
In The Headlines - The Biden administration faces another lawsuit battle against the Chamber of Commerce. The topic? Non-compete clauses.
What's New In The Tax World? - New guidelines for clean energy tax credits will impact electric vehicles, aviation fuel, and monetization of tax credit transfers.
State-By-State Updates - Colorado approves a tax reform package that includes changes to income tax, sales tax, and state revenue refunds.
Tax Planning Tips - Biden’s proposal to tax unsold assets is met with pushback.
Around the Tax World – April 25, 2024
In The Headlines - Samsung edges out Apple as the top phonemaker worldwide.
What's New In The Tax World? - Biden publicly releases his tax returns as presidential candidates continue the conversation on tax policy
State-By-State Updates - Californians living in San Diego county get an extended tax deadline
Tax Planning Tips - Could the expanded Child Tax Credit still manifest in 2024?
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CURRENT EDITION
Leaving the United States, Part III: Dual Citizenship
In Part I of this three-part series, we discussed the implications and taxes for American expatriates. In Part II we turned our attention to renouncing citizenship. Here in Part III, we will consider the halfway point of dual citizenship. And as you would expect, taxes are a serious consideration.
Reflecting On Rothing
I have been dissatisfied with most of the articles that I have read about what I call Rothing, i.e. foregoing a deduction for retirement savings with the prospect of tax-free distributions in the future or taking the tax hit on a deferred account to convert it to a tax-free account. The articles generally have a pro-Roth bias. Suze Orman, for example, swears by Roths. They also tend to not have numbers in them. What I am going to do here is to reflect on the idea of Rothing and discuss what I see as some key numbers. I’m not going to dive deep into technical issues.
Considering a Historic Building for Your Business? These Tax Credits are Good News
Historic buildings make a beautiful location for doing business. Unfortunately, many of them may seem out of the price range of small business owners. But, that’s not necessarily the case. The state and federal governments have an interest in preserving these properties, and they are willing to give you tax credits for buying and restoring a historic building. The credits reimburse a large proportion of your restoration costs. This really is a great incentive to go for a building that will give your company a unique and professional feel.
