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Around the Tax World- March 25, 2025
In The HeadlinesThe stock market leaves investors reeling after a rollercoaster week.
What's New In The Tax World?In the push to renew the Tax Cuts and Jobs Act, SALT could cause the stalemate
State-By-State-UpdatesConnecticut lawmakers are weighing a new retail delivery tax.
Tax Planning TipsSenior citizens could still reduce this year’s tax bill with these best practices.
READ MOREAround 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.
Around The Tax World- February 21, 2023
World NEWS - Oakland-area small business owners rally in support of the suspended police chief…
U.S. NEWS - Amazon’s average cut of small business sales surpasses 50%
STATE NEWS - Iowa small business owners join the Small Business Voices to petition Congress…
TAX PLANNING - Intuit purchases $1 million in goods from local small businesses to be donated to nonprofits
Around the Tax World- January 23, 2023
World NEWS - Walmart paid almost $1 billion in taxes after moving
PhonePe headquarters to India…
U.S. NEWS - 38 U.S. states will see tax changes in 2023—including significant tax reductions...
STATE NEWS - Kentucky legislators seek to pass an income tax reduction bill…
TAX PLANNING - New year, new tax brackets—taxpayers anticipate higher take-home pay in 2023...
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Breaking Down Tax Benefits for Higher Education
With the rising cost of higher education and greater reliance on student loans, taxpayers are looking for every opportunity to ease the financial burden of earning a degree. Fortunately, several higher education tax benefits are available to help offset the high cost of tuition, student loans and other education-related expenses. However, certain eligibility requirements — such as income limits and tax filing status — often trip up taxpayers along the way. Understanding the nuances of these tax benefits for higher education can ensure your clients take full advantage of available tax savings.
Don’t Forget About the Refund Statute Expiration Date
Have you ever found an amazing strategy for a new tax prospect that they missed in previous years? Even worse, have you realized that you overlooked a client’s eligibility for a credit when you prepared their tax return? Not only that, but you had them make an unnecessary estimated tax payment. Well, it may not be too late for your client and prospect to take advantage of those credits for the year in question. The fate of your client isn’t sealed after filing their tax return. The IRS gives taxpayers a set amount of time to make a claim for a credit on their return. The IRS calls the date that this time sunsets the Refund Statute Expiration Date.
Syndicated Conservation Easement Promoters Continue to Lose In Tax Court
The Tax Court docket has been inundated with syndicated easement cases. In 2024, the IRS was mostly winning. That trend has continued in 2025. So far there have been three IRS wins. Here they are.