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New tax reduction strategies carefully explained and exhaustively researched every two weeks. Receive breaking news updates on tax law changes. Members only monthly AMA with TOTTB.tax.
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FEATURED CONTENT
A Supreme Court Decision Could Rewrite Penalties for Foreign Accounts
Tax reporting of overseas accounts has always been an extra chore for some American taxpayers. Now they might have to play a guessing game as well after the Supreme Court’s Bittner decision early this year. The case is a prime example of how taxpayers with international holdings might wrest better tax judgments in the future.
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CURRENT EDITION
The Ultimate Business Upgrade: Turning Your Partnership into an S Corp Without the Tax Bite
Looking to cut down on self-employment taxes on your partnership income? Converting your partnership into an S corporation might be the answer. If you currently run your business as a partnership or an LLC taxed as a partnership, you’re probably familiar with the sting of self-employment taxes. Unlike shareholder-employees of an S corporation, who only pay Social Security and Medicare taxes on their salaries, partners typically get hit with self-employment taxes on their entire share of the business’s net income. That can add up fast. By transitioning to an S corporation, you can restructure how you take your income—splitting it between salary and profit distributions. The big advantage? Those profit distributions are not subject to self-employment tax, potentially saving you thousands each year. So, if reducing your tax burden sounds appealing, let’s break down how a tax-free Section 351 incorporation works and what you need to know before making the move.
IRS and DOJ Enforcement Against Tax Professionals: Trends, Cases, and Lessons
In recent years, the IRS Criminal Investigation (CI) division and the Department of Justice (DOJ) have aggressively pursued tax professionals involved in fraud or other tax-related crimes. Certified tax planners, preparers, accountants, and attorneys who engage in misconduct are facing serious legal consequences. This article reviews notable prosecutions from roughly the past five years, highlighting enforcement trends and the types of fraud authorities have targeted. We then distill 10 key lessons from these cases – each supported by real-world examples and case citations – demonstrating how broad enforcement has impacted tax professionals. Finally, we conclude with a comprehensive list of dos and don’ts to help tax practitioners stay on the right side of the law and avoid the pitfalls that landed others in trouble.
How to Overcome the Fear of Delivering Bad News to Clients
We’ve all been there. Breaking bad news is one of the hardest parts of being a tax professional. But avoiding these conversations only makes things worse.
The good news? There are ways to make this process easier. With the right approach, you can turn these tough conversations into opportunities to build trust, strengthen your reputation, and reinforce your expertise.
SIMPLIFIED TAX STRATEGIES &
PRACTICAL IMPLEMENTATION
Think Outside the Tax Box provides tax reduction strategies along with practical
implementation advice in order to reduce your clients’ federal tax bill with ease.
