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 – September 10, 2024
In The Headlines -Want Judy Garland or James Dean to read you the news?
What's New In The Tax World? -Should unrealized stock gains be taxed? Presidential candidates continue to stir up conversation with their proposed tax policies
State-By-State Updates -Alabama taxpayers may be asked to boost school funding—by paying a higher online sales tax.
Tax Planning Tips - Which Tax Cuts and Jobs Acts provisions are scheduled to expire in 2025?
READ MOREAround 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...
Around the Tax World- May 27, 2022
World NEWS - The global minimum tax deal struggles to move toward implementation...
U.S. NEWS - US technology and innovation sectors may see tax breaks in new bill aimed at reducing reliance on China...
STATE NEWS - Minnesota legislators plan to eliminate state taxes on Social Security income...
TAX PLANNING - The IRS is expected to pay interest to taxpayers with delayed tax refunds...
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CURRENT EDITION
Popular Tax Shelter for the Ultra-Wealthy Comes onto the Radar
In a recent turn of events that has caught the attention of financial experts and policymakers alike, Senate Finance Committee Chairman Ron Wyden, D-Ore., has unveiled the results of an 18-month investigation into the use of Private Placement Life Insurance (PPLI) by the ultra-wealthy. The investigation, the first of its kind focusing on PPLI, highlights the use of these policies as a significant tax shelter mechanism, revealing the ways in which a small number of wealthy individuals are leveraging them to avoid substantial tax liabilities.
Don’t Let the IRS Put Your Client in The Penalty Box
There’s only one thing worse than your client overpaying their taxes when you could have helped them – them not paying enough in taxes and having to deal with penalties as well. It’s like adding insult to injury. There is only so much that we can do to help our clients avoid penalties. Educating ourselves, so we can educate our clients, is a big part of that. Penalties are inevitable, but that doesn’t mean that the client must max out their penalties. But it also doesn’t mean that we should not do our due diligence to avoid penalties where possible.
Remind Your Clients About Higher-Education Tax Credits
A new school year is here and, for many families, so are the worries over the cost of tuition and other college expenses. The cost keeps skyrocketing every academic year, and these days that diploma comes with an average of almost $29,000 in debt for most graduates. Many of them also carry that debt well into middle age. Families paying for these educations need every break they can get. The federal government offers education tax credits (and other tax breaks on college costs), but don’t assume your client has the brain space at this stage of life to learn about them. Even your clients who can afford college would appreciate learning about ways to save on higher education. Here’s what to tell them.
