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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 – April 9, 2024
In The Headlines - Will Trump be out $450 million?
What's New In The Tax World? - Scams abound during this tax season: here’s how to avoid falling prey
State-By-State Updates - Illinois is recruiting volunteer firefighters by offering a special tax credit.
Tax Planning Tips - Planning for retirement? Don’t overlook the saver’s tax credit.
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.
Around 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?
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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.
