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Around the Tax World- November 7, 2024
In The Headlines -Starbucks wants to win you back—with simpler menu offerings and lower prices
What's New In The Tax World?Is the elimination of federal income tax a real possibility?
State-By-State UpdatesCalifornia may up its tax credit offerings to the film and television industry.
Tax Planning TipsWhat happens if the Tax Cuts and Jobs Act provisions expire? You can prepare today for the future of your estate.
READ MOREAround 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).
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.
Around the Tax World – October 26, 2023
In The Headlines - Not liking Louis Vuitton’s men’s line this year? Blame Pharrell.
What's New In The Tax World? - A new Supreme Court case questions whether a couple’s $15,000 tax bill is unconstitutional
State-By-State Updates -Californians are getting an extended deadline for federal and state taxes.
Tax Planning Tips - The IRS is piloting its free tax-filing platform in 13 U.S. states.
Around the Tax World – October 9, 2023
In The Headlines - The Hollywood writers strike has ended, but the actors aren't back just yet
What's New In The Tax World? - An IRS contractor has been charged with leaking tax information belonging to Donald Trump and thousands of other wealthy taxpayers.
State-By-State Updates -Arizona cities are encouraging new housing developments by offering major tax breaks.
Tax Planning Tips - Can TikTok be your tax advisor? Tax professionals are warning about the dangers of misinformation on social media.
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CURRENT EDITION
The Wild West of Employee Retention Credits (ERC): Outlaws, Deputies, and Cowboys
Gather ’round, pardners! The Employee Retention Credit (ERC) has been the latest gold rush in the tax frontier, drawing business owners, tax deputies, and even a few sly outlaws. But as the dust settles, the IRS—our law keeping sheriff—is on the hunt for any who might’ve bent the rules. In this frontier of finance, knowing who’s who can keep you out of trouble as the IRS rounds up dubious claims.
Selected Techniques to Monetize Tax Attributes
In the prior article “Tax Trends in M&A and What It Means for Your Clients,” we had discussed certain techniques to, e.g., maximize net operating loss (“NOL”) and interest expense deduction utilization in the context of M&A transactions. This article examines certain additional strategies to monetize expiring, latent, or otherwise disallowed tax attributes.
Do Those Tricks Really Work?
On the website for Axium Wealth, Charles Dombek tells us that: “Most CPAs are historians that tell their clients how much they make, how much they owe, when and where to file their taxes, and oftentimes how to write large checks at the last minute when you least expect.” When it comes to Axium, though: “We help clients recover dollars they unnecessarily pay in State and Federal income taxes.” Axium also helps clients diversify capital into off-market passive real estate and alternative investments. Before Axium, there was The Optimal-Financial Group LLC. Of course many of the readers of Think Outside The Tax Box are CPAs, or EAs or others who both help their clients be compliant and advise on ways to minimize their liability. When I was practicing I would call the things I might suggest my “bag of tricks.”
