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Around the Tax World- January 09, 2025
In The Headlines The S&P 500 has its worst performance in over 70 years in the stretch between Christmas Eve and New Year’s Eve.
What's New In The Tax World?The newly-minted Department of Government Efficiency may take an axe to the IRS.
State-By-State UpdatesKansas legislators will battle it out over new property tax cuts.
Tax Planning TipsTaxpayers in these nine states will see an income tax reduction starting this year.
READ MOREAround 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...
Around the Tax World- September 27, 2022
World NEWS - Tesla aims for U.S. tax breaks by looking into battery cell production stateside…
U.S. NEWS - The Inflation Reduction Act’s biggest tax changes impact homeowners and business owners...
STATE NEWS - The Illinois Family Relief Plan features income and property tax rebates...
TAX PLANNING - Which home upgrades could qualify for the new Inflation Reduction Act tax rebates...
Around the Tax World- September 7, 2022
World NEWS - The IRS accidentally made private data publicly accessible for about 120,000 taxpayers...
U.S. NEWS - President Biden’s student loan relief could be taxed in certain states...
STATE NEWS - Idaho approves one-time tax rebates and introduces a new flat tax rate...
TAX PLANNING - Eco-conscious consumers could qualify for over $10,000 in tax credits and rebates under the Inflation Reduction Act...
Around the Tax World- August 25, 2022
World NEWS - The CFO of the Trump Organization confesses to unlawfully taking over $1.7 million in untaxed benefits...
U.S. NEWS - President Biden signs the $430 billion Inflation Reduction Act along with its provision for a corporate minimum tax...
STATE NEWS - Indiana residents are anticipating Automatic Taxpayer Refund checks...
TAX PLANNING - Taxpayers who earn more than $10 in interest from a savings account are required to pay income tax—with a few exceptions...
Around the Tax World- August 8, 2022
World NEWS - Pop singer Shakira could face up to eight years in prison for tax fraud...
U.S. NEWS - Democrats’ new economic package receives pushback from Senator Kyrsten Sinema, blocking the latest set of federal tax proposals...
STATE NEWS - Colorado taxpayers will start seeing rebate checks this month…
TAX PLANNING - State taxes on digital goods are becoming increasingly common, requiring advance planning for companies...
Around the Tax World- July 27, 2022
World NEWS - A proposed levy on Disneyland tickets fails to move ahead...
U.S. NEWS - Debate brews over Democratic lawmakers’ proposal for the IRS to launch a free tax filing service...
STATE NEWS - A watchdog group in Utah is speaking out about the use of the state’s surplus revenue...
TAX PLANNING - For higher-income taxpayers, Social Security taxes could increase due to the rising wage ceiling...
Around the Tax World- June 29, 2022
World NEWS - New IRS voice bots can assist callers with setting up or changing payment plans...
U.S. NEWS - President Biden calls on Congress to establish a national gas tax holiday...
STATE NEWS - Virginia finalizes a two-year budget with $4 billion in tax cuts...
TAX PLANNING - The IRS announces that the end is in sight for backlogged 2021 tax returns...
Around the Tax World- June 8, 2022
World NEWS - The tax fraud investigation surrounding the Trump Organization continues...
U.S. NEWS - States’ attempt to provide relief to taxpayers may be contributing to rising inflation...
STATE NEWS - Virginia votes to adjust its budget plan to include $4 billion in tax relief...
TAX PLANNING - Using cryptocurrency as compensation raises tax issues for employees and employers alike...
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CURRENT EDITION
2025 Tax Surprises You Shouldn’t Overlook
There are a few tax rules new for 2025 that may catch some individuals and their tax advisers by surprise. These changes have not received lots of attention either because they are overshadowed by related changes that are more significant, or they were enacted a few years back with a future effective date that arrives in 2025. This article covers changes for 2025 that you will want to be sure to share with clients to avoid surprises at a later date.
Leaving the United States, Part I: Expats
When Americans speak of leaving America, they generally are expressing a desire to live elsewhere in the world for cultural reasons or due to cost of living. These people are called expatriates, aka expats. For clarity, a mere visit to another country does not make you an expat. To be an expat, the move needs to be long-term and often includes working or retiring in the new country. Expats live somewhere outside the U.S., but still have a tax obligation to the U.S. and possibly the country they move to. That will be the focus of this article.
Tax Preparer Hit with Stiff Sentence
John Anthony Castro is a colorful character. He entered several Republican primaries seeking the Presidential slot after failing to win the primary for a Senate seat representing Texas. He sued to have our once and future President Donald Trump be removed from the ballot on Fourteenth Amendment Section 3 grounds. As we can easily infer, those suits went nowhere. But more than anything, John Anthony Castro was a tax guy with a virtual practice with locations in four cities. Not anymore. Now he is resident in a Bureau of Prisons facility – the Federal Medical Center Fort Worth. On October 30, 2024, Judge Terry Means sentenced Castro to 188 months in prison, followed by one year of supervised release and restitution of $277,243, following his conviction on 33 counts of “Aiding and Assisting in the Preparation and Presentation of a False and Fraudulent Return.” Does the sad story of John Anthony Castro hold any lessons for us? Perhaps.
