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- December 10, 2024
In The Headlines Using A.I. to fight A.I.—Meta plans to use facial recognition to protect users from celebrity-bait scams.
What's New In The Tax World?Inauguration Day may also be new tariffs day as Trump returns to the White House.
State-By-State Updates.California’s governor queues up a tax credit for zero-emission vehicles.
Tax Planning Tips
READ MOREAround 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...
Around the Tax World- January 10, 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...
Around the Tax World- December 9, 2022
World NEWS - Prosecutors in the Trump Organization trial claim that the former president sanctioned tax fraud...
U.S. NEWS - Taxpayers may see a much smaller tax refund from their 2022 returns...
STATE NEWS - Texas’ tax relief plans may negatively impact public schools…
TAX PLANNING - E-Commerce platforms petition to increase the business transaction threshold under the new tax reporting rules...
Around the Tax World- November 29, 2022
World NEWS - The Supreme Court approved the disclosure of Trump’s tax records to Congress...
U.S. NEWS - Congress receives renewed pressure to revive the expanded child tax credit...
STATE NEWS - The governor of Virginia announces plans to pursue tax cuts in the 2023 budget…
TAX PLANNING - Special tax rules will apply in 2023 for income received through third-party payment platforms...
Around the Tax World- November 10, 2022
World NEWS - Donald Trump files an emergency request to stop his personal tax returns from being disclosed...
U.S. NEWS - President Biden threatens to introduce a windfall tax on oil companies as profits surge...
STATE NEWS - Arkansas brings in unexpectedly high tax revenue…
TAX PLANNING - Tax experts estimate that 40% of American households will not pay federal income tax for 2022...
Around the Tax World- October 26, 2022
World NEWS - Jury selection begins for the Trump Organization’s tax fraud trial in New York...
U.S. NEWS - IRS inflation adjustments for 2023 may result in less taxation and more income for taxpayers...
STATE NEWS - A Chicago tax loophole has caused suburban communities to lose $280 million…
TAX PLANNING - President Biden’s elimination of tax credits for electric vehicles assembled overseas sees increased pushback...
Around the Tax World- October 10, 2022
World NEWS - The UK abandons a plan to cut taxes for the nation’s highest income earners…
U.S. NEWS - Two-thirds of US states have implemented tax cuts this year as a result of booming state revenue...
STATE NEWS - Seeking to compensate for declining gas taxes, Virginia launched a pay-by-mile program…
TAX PLANNING - Taxpayers rushing to make the 2022 tax extension deadline on October 17th should watch out for three common mistakes...
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CURRENT EDITION
A Compendium Of Year End Tax Tips
As summer turns to fall, the leaves turn and houses start being decorated, the air becomes crisper and the internet fills with year-end tax tip pieces. I call them tip sheets. I just love reading tip sheets, but I’m retired from active practice. Somebody who doesn’t have time on their hands might look at two or three and figure they have seen it all and didn’t learn anything they didn’t know already. I’m here to tell you that if you keep hunting, you might find some gems. But better than that, I will share what I have found in the event you don’t have the time or inclination to look at another twenty or thirty tip sheets.
CTA on Pause! What Tax Pros Need to Know About the Nationwide Injunction and BOI Reporting
On December 3, 2024, a U.S. District Court judge issued a nationwide preliminary injunction prohibiting FinCEN from enforcing the Corporate Transparency Act (CTA) and its associated Reporting Rule. This injunction halts the January 1, 2025, deadline for Beneficial Ownership Information (BOI) reporting, leaving many tax professionals and business entities questioning their compliance obligations. However, this pause is temporary. The government has already filed an appeal, and the injunction could be modified or overturned at any time. FinCEN has acknowledged that reporting companies are not currently required to file BOI reports but may do so voluntarily.
How to Help Your Clients Lower Their Student Loan Payments
There are roughly 42.7 million federal student loan borrowers as of Q4 2024, creating an opportunity to provide additional insight to your clients beyond tax preparation. By leveraging certain tax and repayment strategies, you can help your clients reduce their tax liability and lower their student loan payments in one strategic swoop. Here’s how.
