AROUND THE TAX WORLD

In The Headlines – Ryan Reynolds banks $1.35 billion after the sale of his latest business venture…

What’s New In The Tax World? – The Tax Wars Rage on: Higher Standard Deduction vs. Expanded Child Credit, Small Business Tax Breaks vs. Clean Energy Tax Cuts… Who Will Win?

State-By-State Updates – California’s “mansion tax” is resulting in a surplus of vacant luxury homes worth over $5 million each…

Tax Planning Tips – How “stealth” taxes can impact retirees—and how to avoid them.

World NEWS – Alaska is making plans to tax online car sharing platform Turo…

U.S. NEWS – Cities in Tennessee, Texas, and Oklahoma rank as the most tax-friendly for high-income earners

STATE NEWS – New Jersey debates expanding property tax relief for seniors…

TAX PLANNING – Taxpayers who withdrew IRA funds during COVID-19 are running out of time to claim a tax refund.

World NEWS – The Supreme Court rules that the IRS does not need to give notice to third parties when requesting bank records…

U.S. NEWS – The IRS is developing a free electronic tax filing system that could replace commercial options

STATE NEWS – Texas legislators advance a bill that would change property tax limits…

TAX PLANNING – In 2023, the IRS flagged over 1 million tax returns as potentially fraudulent.

World NEWS – A group of U.S. Senators push the IRS to take action against AI-generated tax scams…

U.S. NEWS – New York and California tax revenue took a hit during COVID-19 as high-income earners moved to low-tax states

STATE NEWS – The Minnesota Senate passed a $4 billion tax bill…

TAX PLANNING – The deadline is approaching for the 1.5 million taxpayers with an unclaimed 2019 tax refund to file their return.

World NEWS – President Joe Biden proposes increased taxes on the wealthy to fund Medicare…

U.S. NEWS – The Biden administration released new rules limiting which electric vehicles are eligible for tax credits

STATE NEWS -Massachusetts advances a $1.1 billion tax package…

TAX PLANNING – Early filers may need to file an amended tax return if they reported certain 2022 state refunds as taxable income.

World NEWS – The IRS has extended this year’s tax deadline for state disaster areas…

U.S. NEWS – The IRS releases its list of 2023 “Dirty Dozen” tax scams

STATE NEWS – Chicago’s recently-elected mayor proposed $800 million in new taxes…

TAX PLANNING – Social Security benefits may be taxed due to the 2022 cost-of-living adjustment.

World NEWS – Tesla’s lowest-price vehicle may soon lose eligibility for the EV tax credit…

U.S. NEWS – The U.S. Treasury is set to publish updated guidance for the EV tax credit before the end of March

STATE NEWS – Texas advances a new $16.5 billion proposal that includes property tax cuts…

TAX PLANNING – Student loan borrowers may see fewer deductions in the 2023 tax season.