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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 – November 10, 2023
In The Headlines - What do Selena Gomez, Kim Kardashian, Rihanna, and Reese Witherspoon have in common?
What's New In The Tax World? - House Republicans propose a $14 billion reduction in the IRS’ budget to fund aid to Israel
State-By-State Updates -Alabama residents will see a little income boost through a round of tax rebates.
Tax Planning Tips - The IRS’ latest mission: hunting down $1 trillion lost to overseas tax havens.
READ MOREAround The Tax World- June 27, 2023
In The Headlines - Ryan Reynolds banks $1.35 billion after the sale of his latest business venture…
What's New In The Tax World? - The Tax Wars Rage on: Higher Standard Deduction vs. Expanded Child Credit, Small Business Tax Breaks vs. Clean Energy Tax Cuts… Who Will Win?
State-By-State Updates - California’s “mansion tax” is resulting in a surplus of vacant luxury homes worth over $5 million each…
Tax Planning Tips - How “stealth” taxes can impact retirees—and how to avoid them.
Around The Tax World- June 9, 2023
World NEWS - Alaska is making plans to tax online car sharing platform Turo…
U.S. NEWS - Cities in Tennessee, Texas, and Oklahoma rank as the most tax-friendly for high-income earners
STATE NEWS - New Jersey debates expanding property tax relief for seniors…
TAX PLANNING - Taxpayers who withdrew IRA funds during COVID-19 are running out of time to claim a tax refund.
Around The Tax World- May 25, 2023
World NEWS - The Supreme Court rules that the IRS does not need to give notice to third parties when requesting bank records…
U.S. NEWS - The IRS is developing a free electronic tax filing system that could replace commercial options
STATE NEWS - Texas legislators advance a bill that would change property tax limits…
TAX PLANNING - In 2023, the IRS flagged over 1 million tax returns as potentially fraudulent.
Around The Tax World- May 9, 2023
World NEWS - A group of U.S. Senators push the IRS to take action against AI-generated tax scams…
U.S. NEWS - New York and California tax revenue took a hit during COVID-19 as high-income earners moved to low-tax states
STATE NEWS - The Minnesota Senate passed a $4 billion tax bill…
TAX PLANNING - The deadline is approaching for the 1.5 million taxpayers with an unclaimed 2019 tax refund to file their return.
Around The Tax World- April 20, 2023
World NEWS - President Joe Biden proposes increased taxes on the wealthy to fund Medicare…
U.S. NEWS - The Biden administration released new rules limiting which electric vehicles are eligible for tax credits
STATE NEWS -Massachusetts advances a $1.1 billion tax package…
TAX PLANNING - Early filers may need to file an amended tax return if they reported certain 2022 state refunds as taxable income.
Around The Tax World- April 10, 2023
World NEWS - The IRS has extended this year’s tax deadline for state disaster areas…
U.S. NEWS - The IRS releases its list of 2023 “Dirty Dozen” tax scams
STATE NEWS - Chicago’s recently-elected mayor proposed $800 million in new taxes…
TAX PLANNING - Social Security benefits may be taxed due to the 2022 cost-of-living adjustment.
Around The Tax World- March 28, 2023
World NEWS - Tesla’s lowest-price vehicle may soon lose eligibility for the EV tax credit…
U.S. NEWS - The U.S. Treasury is set to publish updated guidance for the EV tax credit before the end of March
STATE NEWS - Texas advances a new $16.5 billion proposal that includes property tax cuts…
TAX PLANNING - Student loan borrowers may see fewer deductions in the 2023 tax season.
Around The Tax World- March 7, 2023
World NEWS - Tax experts step up to refute social media claims that income taxes are not legally required…
U.S. NEWS - The federal government is opting not to tax one-time state-level payments to residents
STATE NEWS -The Michigan Senate eliminates a plan to remit $180 checks to residents…
TAX PLANNING - Taxpayers looking to boost this year’s tax refund could benefit from claiming a dependent—if they are eligible.
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CURRENT EDITION
Staying Afloat in Tax Seas: Understanding the IRS’s Moratorium on ERC
Question: Should I even bother assisting my clients with filing new ERC claims?
Answer: In light of the IRS’s recent moratorium on processing new Employee Retention Credit (ERC) claims and the introduction of a withdrawal option for certain employers, it’s understandable that you might be wondering whether to assist your clients with filing new claims. The answer, like a well-prepared tax return, is nuanced and deserves a detailed examination.
Time for Year-End Tax Planning
This year is far from over for tax planning – for some moves, you have even longer – but now’s the time to start looking and acting on your tax tactics given your circumstances and the 2023 you’ve had so far. What you do or don’t do now could save or cost you next April.
An Alphabet Soup of Confusion: LLCs, BOI, and UPL
By now I hope that all tax professionals have heard of the FinCEN requirement for certain entities to report beneficial ownership information starting in 2024. The requirement is causing confusion because tax and accounting professionals feel that this could be an opportunity to either add value to an existing engagement, could be a new revenue stream, or could be a huge potential for liability. What follows is a brief review of the law and the requirements, an analysis of the main issues, and some recommendations for practitioners wondering how to help their clients while limiting their professional liability.