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Around the Tax World- November 18
In The HeadlinesStarbucks on strike: The “Red Cup Rebellion” impacts 65 coffee shops across the U.S.
What's New In The Tax World?The government shutdown has ended, but the future of health care tax credits remains uncertain
State-By-State-UpdatesDelaware’s Supreme Court rules in favor of property tax relief for New Castle County.
Tax Planning TipsRoth IRAs get a boost with higher income limits for 2026
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
This Is The Only Other Year-End Tax Tip Guide You Need
So as I did last year, I have reviewed a multitude of year-end tax tips articles. One of them is a real standout that you should be sure to check out. If you missed it, you should definitely roll back to the November 15 edition and go over Dominique Molina’s piece, which focuses on what you need to do sooner rather than later in response to OBBBA. It provides more detailed, relevant, actionable advice that you won’t see anywhere else than any of the multitude of pieces I have reviewed. As for the rest, I will give you a basic rundown of what I call the SOSO (same old, same old) and a few suggestions that stand out as different that I will get into a little more along with some thoughts of my own.
The Corporate Vault: How to Use a C Corporation to Stockpile Cash for the Future
When most people think about saving for the future, their minds jump to retirement accounts—401(k)s, IRAs, maybe even defined benefit plans. But business owners have another option that often goes overlooked: using a C corporation as a strategic savings vehicle. By leveraging the flat 21% corporate tax rate, smart income shifting, and careful timing of distributions, business owners can “stockpile” cash inside a corporation, building wealth for future use without the red tape of traditional retirement plans. Want to see how top tax strategists legally use C corporations as private retirement vaults while avoiding double taxation and IRS scrutiny? Continue reading to learn the blueprint.
When TikTok Tax Hacks Backfire: Helping Clients Misled by Social Media Scams
Jessica, a self-employed consultant, was thrilled when she found a viral TikTok video promising a “little-known” tax trick. The video claimed she could get a huge refund by claiming a special Fuel Tax Credit and even writing off her family’s beach vacation as a business expense. Following the advice, Jessica filed an amended tax return and waited eagerly for a windfall. A few months later, instead of a refund check, Jessica received a stern IRS notice. Her so-called credits were disallowed, her refund was denied, and she now faced penalties. Jessica isn’t alone. Every tax season, well-intentioned taxpayers get lured by false tax advice on social media, only to end up in trouble. As tax professionals, we often meet panicked clients like Jessica who need our help to untangle the mess.
