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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- 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
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.
