Welcome to THINK OUTSIDE THE TAX BOX, the premier on-line publication for tax reduction information!
Here at TOTTB, we produce in-depth, easy to understand, exhaustively cited, essays on the topic of tax reduction for our subscribers! And, every two weeks, we add more articles and more features like our live webinar events, private Facebook group, downloadable “Client Alerts” and Infographics, features like our blog, Around the Tax World, an aggregator of all the news happening in the tax world!
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Around the Tax World- August 18, 2026
In The HeadlinesTariff refunds hit a whopping $100 billion—but consumers may not see the benefits.
What's New In The Tax World?President Trump eyes a capital gains tax cut as a possible midterm election strategy
State-By-State-UpdatesCan California’s wealth tax overcome a billionaire opponent?
Tax Planning TipsWhat does the “no tax on Social Security” provision actually do?
READ MOREAround the Tax World October 24, 2024
In The Headlines -Amazon will be delivering something new this fall—your 2024 election news
What's New In The Tax World? The Trump campaign touts ten tax cut promises, not including the ongoing conversation about tariffs
State-By-State Updates Coloradans can vote on a number of tax-centric measures, including a tax increase to fund affordable housing.
Tax Planning Tips A proposal to fund Social Security benefits could mean a higher tax for high-income earners
Around the Tax World October 8, 2024
In The Headlines -Has Visa created a monopoly in the debit card market? The U.S. Department of Justice says it has.
What's New In The Tax World? -The presidential tax policy face-off continues: Harris turns her attention to manufacturing tax breaks while Trump continues his emphasis on tariffs
State-By-State Updates -Louisiana may see an automatic income tax cut in 2026.
Tax Planning Tips - Tax-sheltered savings accounts can provide a simple way to build wealth.
Around the Tax World – August 27, 2024
In The Headlines - Could Elon Musk be on the next presidential Cabinet?
What's New In The Tax World? - Harris and Trump disagree on corporate tax rates but agree on eliminating federal taxes on tips
State-By-State Updates - Colorado voters have a big decision to make: lower taxes or more affordable housing?
Tax Planning Tips -A higher child tax credit may be on the horizon for lower income families.
Around the Tax World – August 6, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
Around the Tax World – July 23, 2024
In The Headlines - Shares in gun manufacturers rose by as much as 10% in the aftermath of the Trump assassination attempt.
What's New In The Tax World? - Making up for lost taxes: the IRS collects $1 billion in back taxes from high-income taxpayers.
State-By-State Updates - Nebraska’s governor proposes a plan to bring in $1 billion in sales tax revenue.
Tax Planning Tips - The Supreme Court’s recent decision put an end to a business strategy to avoid estate tax.
Around the Tax World – July 9, 2024
In The Headlines - Over 100,000 Americans lost access to their own funds due to the bankruptcy of banking-as-a-service platform Synapse.
What's New In The Tax World? - The IRS releases its final tax reporting rules for cryptocurrency
State-By-State Updates - Could rundown properties be subject to extra taxes in Georgia?
Tax Planning Tips - Will Biden’s corporate tax proposals make the cut?
Around the Tax World – June 25, 2024
In The Headlines - Boeing and Airbus are facing a federal investigation over the possible use of fake titanium.
What's New In The Tax World? - Partnerships must say goodbye to a tax loophole, while the IRS says hello to $50 billion in revenue.
State-By-State Updates - Illinois’ new $53.1 billion state budget is expected to bring in $1.2 billion in new tax revenue.
Tax Planning Tips - Struggling with skyrocketing property taxes? These states have seen a decrease over the past decade.
Around the Tax World – June 11, 2024
In The Headlines - Spotify is upping their subscription costs—and stock investors are responding favorably.
What's New In The Tax World? - Republicans hustle to assemble a new tax package in preparation for the election.
State-By-State Updates - California lawmakers are debating where online sales tax revenue should be funneled.
Tax Planning Tips - Do you qualify for an automatic extended tax filing deadline of June 17th? Make sure you understand which rules apply for you.
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CURRENT EDITION
When Your Client’s World Is Bigger Than the U.S.
A lot of client meetings still start with the same assumptions: W-2 in a U.S. state, mortgage nearby, a 401(k), maybe some RSUs, and a college-savings plan. Yet many of those “simple” clients now own an apartment in another country, freelance for a foreign company, or have parents wiring money from overseas. The tax code does not see those details as background color; it treats them as organizing facts. This is where citizenship, residency, and domicile quietly step onto center stage. For planners, the challenge is not memorizing every cross-border rule. It is knowing when a client is no longer “just domestic” and shifting your planning framework before you stumble into penalties, double taxation, or blown opportunities.
Are You Committing Filing Status Malpractice?
Consider this article your periodic reminder that, for married taxpayers, filing jointly is an election and not the default (and certainly not the only) filing status option. It is important in a busy practice to remember to offer this option to clients who may benefit from filing separately, even if they don’t ask.
Syndicated Easements: Fresh IRS Offer and the Perils of Post-BBA Gamesmanship
The IRS has issued a statement about a new settlement offer that is going out for conservation and historic preservation easement disputes. It is similar to previous offers, but there is one big difference. The partnership will not have to make a payment at the time that it accepts the offer. Other than that, it is similar to the deal offered in 2020. Taxpayers get to deduct what they are out-of-pocket as an ordinary deduction and are subject to a 10% penalty. In general, the out-of-pocket donation might be around 20% to 25% of the claimed charitable deduction. The Tax Court, on average, has been allowing 6%, although results vary. There is usually a 40% penalty in the decided cases.
