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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 – September 26, 2023
In The Headlines - Want to chat with your favorite celebrity? A new startup is introducing celebrity “AI clones” that allow users to engage in simulated dialogue with well-known online personalities.
What's New In The Tax World? - Could the end of the expanded Child Tax Credit be the reason for the recent rise in child poverty?
State-By-State Updates -Maryland ends its fiscal year with leftover cash, the result of a 5% increase in tax revenue.
Tax Planning Tips - Roth IRA conversions can reduce taxes in retirement—but taxpayers need to consider these factors before making the leap.
Around the Tax World – September 7, 2023
In The Headlines -Chef Gordon Ramsay heads to southern Florida to open his two newest
restaurants.
What's New In The Tax World? - The Biden administration puts forth a proposal for...
State-By-State Updates - ● The verdict is still out on whether Colorado’s state tax refunds may be...
Tax Planning Tips - President Biden is racing to implement a 15% corporate tax as opponents rise up to
challenge it.
Around the Tax World – August 29, 2023
In The Headlines -Beyoncé is in the business of helping her fans smell great...
What's New In The Tax World? - Tax code revamps are a key talking point for 2024 presidential candidates
State-By-State Updates - ● A new tax in Jacksonville, Florida would raise funds for homeless and domestic violence victims.
Tax Planning Tips - The new 1% stock buyback tax adds up to $3.5 billion for the largest U.S. companies.
Around the Tax World – August 7 2023
In The Headlines -Joe Biden and Elon Musk exchanged tax policy quips on Twitter.
What's New In The Tax World? - As presidential hopefuls look ahead to 2024, DeSantis focuses on taxes, regulations, and policy toward Chinas
State-By-State Updates - A bill that is set to repeal rental tax in Arizona has yet to see the governor’s desk.
Tax Planning Tips - The rules for inherited IRAs have shifted—and could mean a higher tax bill for you or your beneficiaries.
Around the Tax World – July 25, 2023
In The Headlines -Barbie’s box office debut is expected to rake in as much as $500 million...
What's New In The Tax World? - As universities see an end to affirmative action, they may also see the beginning of higher taxes
State-By-State Updates - As Californians cut back on smoking, early childhood programs may see their funding plummet.
Tax Planning Tips - Over 800,000 student loan borrowers will be eligible for loan forgiveness
Around the Tax World – July 11, 2023
In The Headlines -Love him or hate him, Elon Musk is seeing record sales at Tesla…
What's New In The Tax World? - ATTN: Next Tax Scam Victim — See Details About the Latest Tax Refund Scam Inside
State-By-State Updates - Pennsylvania seniors may see property tax rebates in their mailboxes soon…
Tax Planning Tips - Lawmakers are looking to boost the Child Tax Credit with both an increase and a new “baby bonus.”
Around 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.
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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.”
