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Around the Tax World- August 7, 2025
In The HeadlinesTech stocks may be making a comeback as design tool Figma sees a 250% gain on its IPO day.
What's New In The Tax World?The end of Direct File, leadership investigations, and staffing shake-ups: What is the future of the IRS?
State-By-State-UpdatesFlorida’s hurricane season is also a tax-free season this year.
Tax Planning TipsSummer means tax-free holiday season! Which states can save consumers the most money?
READ MOREAround 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.
Around 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.
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CURRENT EDITION
Big Beautiful Promises of No Tax On This, That, and The Other Thing
President Trump’s campaign promises oriented toward working stiffs and geezers – No Tax on Tips, No Tax on Overtime, No Tax on Car Loan Interest, No Tax on Social Security – were not precisely fulfilled in the Big Beautiful Bill, but they were not ignored. Rather than the exclusion implied by “No Tax,” we get deductions. Just so we don’t miss the connection, the first three get their own chapter in the Big Beautiful Bill – Delivering on Presidential Priorities to Provide New Middle-Class Tax Relief. The bone thrown to seniors is an exemption.
Some Tips to Help Clients Make the Most of the New Tip Tax Deduction
The One Big Beautiful Bill Act relieves some of the tax burden that comes along with tip income for tax years 2025-2028. But not in some of the ways that it was initially explained. Yes, tip income is still taxable income. No, customers do not have to pay tips in cash for them to be deductible. But the tip does have to be voluntary, qualified, and reported to the IRS.
Turning Extra Hours into Extra Cash: What You Need to Know about Overtime and the OBBBA
Do you love giving your clients great news? I do. Especially when it is about a tax benefit they can receive as the result of the hard work that they have put in throughout the tax year. That is what the overtime deduction is for the taxpayer. A little bit of tax relief for their hard work. But before sharing the good news with them, we need to make sure that we understand that No tax on overtime is not a blanket statement that will apply to all overtime compensation and all taxpayers. It is our responsibility to do our due diligence to understand who it will impact and how.