Welcome to THINK OUTSIDE THE TAX BOX, the premier online 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!
Every two weeks, we add more articles and more features, like our live webinar events, private Facebook group, downloadable “Client Alerts” and Infographics, as well as Around the Tax World, an aggregator of all the news fit to print currently happening in the tax world!
If you aren’t a subscriber yet, this is only a small part of the vast toolkit TOTTB can bring your practice. If you really want to dig in, SUBSCRIBE! (We offer a 30-day money back guarantee! You have nothing to lose!)
Around the Tax World- October 8, 2026
In The Headlines That barrel will cost you a Benjamin—oil hits $101 for the first time since May.
What's New In The Tax World? A new IRS rule just dropped for the Education Freedom Tax Credit scholarship program
State-By-State-Updates California gives a boost to local journalism through a new tax credit.
Tax Planning Tips The U.S. Treasury plans a crackdown on exchange-traded funds and their tax loopholes
READ MOREAround 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.
Around the Tax World – May 28, 2024
In The Headlines - Ryan Reynolds turns his entrepreneurial energy toward the world of sports.
What's New In The Tax World? - The IRS is cracking down on large partnerships and companies are evaluating how to prepare.
State-By-State Updates - California is poised to become the first state to levy an excise tax on guns and ammunition.
Tax Planning Tips - The list of vehicles that qualify for the EV tax credit is constantly shifting—which ones qualify now?
Around the Tax World – May 8, 2024
In The Headlines - The Biden administration faces another lawsuit battle against the Chamber of Commerce. The topic? Non-compete clauses.
What's New In The Tax World? - New guidelines for clean energy tax credits will impact electric vehicles, aviation fuel, and monetization of tax credit transfers.
State-By-State Updates - Colorado approves a tax reform package that includes changes to income tax, sales tax, and state revenue refunds.
Tax Planning Tips - Biden’s proposal to tax unsold assets is met with pushback.
Around the Tax World – April 25, 2024
In The Headlines - Samsung edges out Apple as the top phonemaker worldwide.
What's New In The Tax World? - Biden publicly releases his tax returns as presidential candidates continue the conversation on tax policy
State-By-State Updates - Californians living in San Diego county get an extended tax deadline
Tax Planning Tips - Could the expanded Child Tax Credit still manifest in 2024?
Around the Tax World – April 9, 2024
In The Headlines - Will Trump be out $450 million?
What's New In The Tax World? - Scams abound during this tax season: here’s how to avoid falling prey
State-By-State Updates - Illinois is recruiting volunteer firefighters by offering a special tax credit.
Tax Planning Tips - Planning for retirement? Don’t overlook the saver’s tax credit.
Around the Tax World – March 21, 2024
In The Headlines - Will the U.S. become a TikTok-free zone?.
What's New In The Tax World? - A $78 billion tax bill passes the House but hits walls in the Senate
State-By-State Updates - Colorado residents may be eligible for an $800 refund this tax season.
Tax Planning Tips - Is your property tax bill astronomical? Consider whether you can appeal your property tax assessment.
NOT A Subscriber YET?
SUBSCRIBE TO GET ALL OF OUR
GREAT ARTICLES AND RESOURCES!
CURRENT EDITION
Help Your Clients Implement a Fortune 500 CFO Strategy
For decades, some of America’s largest corporations have used a financial strategy that gives their CFOs greater control over insurance costs, helps them finance risks the commercial market handles poorly and creates an opportunity to retain underwriting profit when losses come in below expectations. Approximately 90% of Fortune 500 companies have captive insurance subsidiaries.¹ Historically, the economics favored organizations with substantial capital, large insurance programs and the resources to support their own insurance operations. Small and midsize businesses rarely had the scale to justify the cost and complexity. That equation has changed. A mature network of specialized insurance professionals and structures now allows qualifying privately held businesses to pursue many of the same risk-financing advantages. Federal tax law can further improve the economics for certain smaller insurance companies. For CPAs and tax professionals, this creates an advisory opportunity. The challenge is recognizing which clients could benefit and what conditions must exist before recommending it.
Structured Installment Sales Making Comeback – How Good A Tool Is It?
Structured Installment Sales (SIS) have been making a comeback. Historically low interest rates starting in 2011 made them go out of favor. Starting in 2018, insurers started coming back into offering them. MetLife expanded its SIS solution to 49 states, Puerto Rico and D.C. in 2022. You need to know about SIS and it deserves a place in your toolbox. You might not be using it as often as the toolmakers imply. I took a look at SIS in 2023 and was a little more enthusiastic about it than I am now. Let’s dig in.
Assessment Statutes and Document Retention Best Practices
When it comes to document retention, my guiding policy is “If I don’t keep it, it can’t be stolen or subpoenaed.” That sounds cynical, but there’s truth in it. The smaller your data “surface area,” the less you have to manage in the event of a data breach (or, if you hold paper documents, in the event of a fire or break in). And, if a client or former client gets really sideways in divorce or criminal court, being able to say “I have a policy in place and I don’t keep records longer than three years” can provide you with a measure of peace. But what should your policy be? It depends, but relevant assessment statutes are a good place to start. This article reviews the IRS rules for assessing tax and provides some best practices for developing document retention policies for return preparation documents in your practice.
