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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 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.
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.
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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.
