Tax Reform

Post Tax Reform: Year End Tax Planning Edition Recap

10/23/2018

Welcome to the October edition of #TaxBuzzChat. With tax reform, tax planning has become more complicated than ever. With this Twitter chat, we tackled planning issues brought on by new tax law. Our expert contributors include some of the most respected, Enrolled Agents, CPAs, Attorney and tax professionals from across the US.

Issues we are tackling today:

Tax reform and how it affects diverse and taxability of alimony.
What is reasonable compensation and why taxpayers should tread lightly?
How are tax professionals working with clients with pass-through entities and Sections199A?
Are SALT workarounds worth it and are they working?
Are crypto traders disclosing their holdings to the IRS?
How you use retirement savings to affect your tax liability.
And much more.

Thank you to all of our participants, check out some of the highlights below. We would love some feedback of topics or questions you want us to cover next. Feel free to email your ideas. Just add TaxBuzzChat in the subject line of your email.

A1. This is a huge problem, as evidenced by the thousands of emails from the IRS warning everyone to do a paycheck checkup. I would say many will be underwithheld. #TaxBuzzChat

A1. No horror stories - they will come on April 15th. #TaxBuzzChat

A1: So far have mainly been limited to the IRS withholding calculator. No adventures yet, but tax planning next month and December should be interesting. #TaxBuzzChat

A1, Contd: My Lacerte software gives a comparison of 2017 income using 2018 rates and deductions - 90% of my clients reviewed and discussed during 2017 tax preparation. #TaxBuzzChat

Crazy how many still have not gotten the message. Great that #tax pros are on this issue proactively. #TaxBuzzChat

That has been a common report. #TaxBuzzChat

Married couples decent earnings, 3 kids, and right about at the $24,000 itemized / standard deduction anyway. Brake even or ouch, but no more large refund. #TaxBuzzChat

Love seeing the proper use of social media. Just another communication funnel. Nice work! #TaxBuzzChat

A1: It's like the bad news bears over here. Yep, you are not withholding enough, and you now only have 10 weeks to catch up. #TaxBuzzChat

Yes, the IRS really created a mess with the withholding tables and should have done a better job. They just wanted to increase take-home pay to make the tax cuts look better.

A2. Any chance that employer begins an expense reimbursement program to reimburse employees on tax-free basis? Helps employees in a tight labor market. #TaxBuzzChat

A2)My firm gave an analysis of tax options for my current clients when they picked up their 17' returns. Clients w/ employee expenses were presented w/ what if scenarios if they stayed

employees or changed their employment classifications w/ the pros and cons of each #TaxBuzzChat

Establishing an accountable plan is the best strategy to mitigate the discontinuance of employee business deductions under the new tax rules #TaxBuzzChat

Most of my clients who tried this got a small percentage or an outright no to reimbursements. Without a passthough they are going to lose most of those deductions.

A2) Have a talk with the employer to get reimbursed for their expenses or to find a way to have the employer pay the expenses out right. At the least, plan on not deducting these expenses going forward.#TaxBuzzChat

A2. Can we fit you into the statutory employee definition (deduct expenses on Schedule C)? Or become an independent contractor under common law rules? #TaxBuzzChat

A2. Act Now and:

1st: Quantify previous deductible expense, by year, and then estimate the impact of the lost expense

2nd Discuss with the person who hired you and if they are open, explore opportunities to create a Win/Win - pay you less & pay your expenses?#TaxBuzzChat

A2. I've suggested that they talk to employers about reimbursing these expenses. Let employers know that these expenses can be deducted by them as business expenses. A lot of clients are shocked that they no longer get to deduct these expenses. #TaxbuzzChat

#taxbuzzchat A2. I warned those folks last April to adjust their withholding. I don't know if any of them listened. I also told them to still keep records in case things changed.

A2: This was certainly a benefit to some, but many of the returns I've seen from DIYers or even other accountants, is many were double dipping anyway. Plus, just makes "simple" 1040 returns more complicated. #TaxBuzzChat

A2: Many of my clients are in entertainment and I will have about 6 new S Corporations next year - using reasonable compensation and deducting expenses though the entity will offset the cost of the corp and give some payroll flexability. Passthrough entities work. #TaxBuzzChat

A2. Negotiate an accountable plan with the employer so they can get tax-free reimbursement even it means adjusting wages to compensate. #TaxBuzzChat

A2 - S-corp s/h/only employee uses personal car for work (insurance salesman) - now reimbursing himself from s-corp for business mileage - 2106 still available to employees who are reimbursed for expenses #taxbuzzchat

A3. Proactively consult with them on 199A opportunities. Be honest upfront and explain that fees could go up due to complexities surrounding QBI. #TaxBuzzChat

A3. Feel sorry for practitioners that deleted items from depreciation schedules once fully depreciated. May have to back a few years and add them back for the 199A qualified property computation. (2/2) #TaxBuzzChat

A3. It depends upon their taxable incomes (TI). If they are under the TI thresholds they should not require much additional time especially if from K-1s. The draft 2018 K-1s provide all that is needed. Anything else is a different story. (1/2) #TaxBuzzChat

A3. All of the above - the TCJA created 199A and everyone believes they will get it. Combined with changes to depreciation and other factors - this one is perhaps the most complex of all tax provisions. Complexity translates to one thing - larger fees. #TaxBuzzChat

Are they receptive to fees going up part? Pitching it as the value in total tax saving would seem to communicate it. Talking big dollars for many clients. #TaxBuzzChat

Very true. Clients below the taxable income threshold will require much less. #TaxBuzzChat

A3. Tax Planning, post tax reform. will vary by client entity type and income level. Yesterday, I helped a new client learn about Estimated Taxes and identified changes between 2017/2018 so he can plan for year-end financial needs/activity. Seize the Moment. #TaxBuzzChat

A3) We've been trying to keep in touch throughout the year. I am trying to get as many scheduled before year-end as I can.#TaxBuzzChat

A4) We really haven't had client with #crypto yet. I'm actually surprised and making sure the staff know how to handle it because it will show up sooner rather than later.#TaxBuzzChat

A4) Many just supplied a bank statement of the debit cards they used and misunderstood gains. After a discussion all were able to produce spreadsheets from their accounts reporting gains/losses. (2/2) #TaxBuzzChat

A4: Had one person who sold their purchased cryptos in 2017, many others sold in 2018. Lots of capital loss carryovers🙄. Spidell says put line in your engagement letter regarding crypto information. #TaxBuzzChat

#taxbuzzchat A4. I have a few cryptocurrency clients and they seem to be all over the map. One is very organized, great records. The others, not so much.

Me, too. There's a lot more going into my engagement letters this year!#TaxBuzzChat

A5: Three strikes are you out. For those not willing to play by the rules, we don't want to prepare your return. For the rest, let's have some fun with this... there is so much room for tax planing with compensation and S corps. #TaxBuzzChat

A5) I actively discuss with all my client's reasonable compensation well before tax reform. I explain the importance and ramifications of aggressively low wages. As a preparer that offers personal service my clients trust and use estimate I suggest. #TaxBuzzChat

You've got a great point here. Tax preparers have to be able to let go of clients who aren't willing to follow the rules. There's too much exposure for our own careers to get involved with questionable clients.#TaxBuzzChat

I tell them its the insurance. We can't afford high insurance premiums, so we don't take on the extra risk. #TaxBuzzChat

A5) I haven't had any pushback with my S Corps. I think they set them up knowing about reasonable comp so there really haven't been any need to make changes in 2018.#TaxBuzzChat

A5: I try to calculate using RCR Reports for many S Corp clients during year end planning in December - calc bonus to get in the window - others push, so tell them you don't want to be audited for reasonable comp going forward - 199A deducts will increase them. #TaxBuzzChat

My clients seem okay with it because I've pushed it forever. Meeting with new clients - they think I'm crazy. "What do you mean I need to pay a salary with my S corp?" (I'm doing new client interviews this month - I didn't realize how many S corps have no wages!)

A5 - sensitive subject. Have informed clients with large, extremely 'reasonable' salaries ytd to stop, or decrease salary through year-end. IRS has not issued guidance identifying relationship between s-corp s/h salary and pass-through (or portion of w-2 wages) to my knowledge

A5. Reasonable compensation is tough issue now that we have Sec 199A. Some think they can adjust it maximize the 199A deduction and minimize FICA taxes. Not so, it is determinable number although complicated. #TaxBuzzChat

A6: Well, you lost your personal exemption, and you can't deduct the dog any more. But, the good news is that your standard deduction has almost doubled. #TaxBuzzChat

#TaxBuzzChat A6. What? We can't deduct our dogs anymore? 😀

A6. All those that itemized in 2017, should compare that total to the 2018 Standard Deduction. It is instantly apparent which may produce the best result for 2018. Bunch were possible. Also Schedule C should really plan ahead. Buy equipment now or next year? #TaxBuzzChat

A6. There can't be any surprises in this area! Some of the deductions they love and cherish may not make a difference! #TaxBuzzChat

A6. Well, I am California and of course CA has not conformed to TCJA, so clients will still be itemizing for CA even if they are not for federal. #TaxBuzzChat

A6: Still give me everything you gave me before. Because many states (CA especially) haven't conformed to TCJA, standard deduction fed and itemized state is going to be a lot more common, so it is not going to be easier! #TaxBuzzChat

A6) Some clients benefit but a lot are disappointed. The $10K limit on prop tax deductions has really irked some of my clients.#TaxBuzzChat

A7: Can you really say "Work-around schemes" without raising your eyebrows? #TaxBuzzChat

A7. IRS said that they wont allow states to dictate to them federal tax law. Texas has high property tax and sales tax deductions will put most over the limit. Important to note business taxes, Office in Home, E, C and F schedules are unaffected by the SALT limit. #TaxBuzzChat

That just sounds so much better. #TaxBuzzChat

In Arizona, clients really unhappy about IRS proposed regulations - no charitable deduction for Arizona $1 for $1 tax credit programs. #TaxBuzzChat

A7) Since TX didn't have time to implement these schemes, luckily I haven't had to disappoint any clients who fell for the schemes.#TaxBuzzChat

A8) Maybe I'm just lucky but I haven't had any clients who needed advice with divorces, yet. #TaxBuzzChat

Maybe once they find out that one has been hiding their cryptocurrency from the other. #TaxBuzzChat

#taxbuzzchat A8. I messed up on my previous answer. I've had to back away from a couple of clients about the divorce issue. And for a couple of others I did a "conflict of interest" statement. It sort of depends on the situation, but it's a dicey subject.

A8: Millennials are solving this problem by staying married longer now. Also how can you advise, my guess is you usually don't get to talk to both parties. #TaxBuzzChat

A8: Just warning alimony on new divorces not deductible or taxable & all need to take into account when settling. If both of them still want to work with me, I always get signed statement that both accept there is no conflict of interest or will only work with one. #TaxBuzzChat

A8. I teach taxes, and get blank stares from students when I suggest this new alimony law presents with a potential conflict of interest. If you advise one then you must contact the other with information about the change. #TaxBuzzChat

A8. Circular 230, Federal Code of Regulations is specific about a potential for conflict of interest and the rules regarding such continuance of engagement when the "potential" exists. The greater issue may be "unauthorized disclosure" when taxpayers divorce. (3/3) #TaxBuzzChat

A8. Is 2018 the year of the divorce? #TaxBuzzChat

A* - sign the order before 12/31/18! #taxbuzzchat

#taxbuzzchat A9. I generally don't give "investment" advice, just tax advice. So I run the numbers a few ways for my client based on taxes. I'm a big fan of the solo 401K for the people that it works for, but it's not for everyone.

That is pretty much what we do. Any investment questions get sent to their investment adviser. We'll work with them but we won't give investment advice.#TaxBuzzChat

A9: Safe Harbor 401k, just seems like such a beautiful vehicle. But, with so many options it has to be based on the needs of the business owner. #TaxBuzzChat

A9 - we also do not give 'investment advice' - indiv 401K potentially offers larger contribution (employee deferral+match), roth and loan components, with higher admin fees #taxbuzzchat

A9: I will briefly discuss the plans and go over why most times roth components of 401Ks and roth IRAs can generate significant long term tax savings in exchange for short term pain of nondeductible contributions. (1/2) #TaxBuzzChat

A10) None of my clients have thought it was a good idea to tap the funds before college. They definitely don't see it as a way to send their kids to private primary schools.#TaxBuzzChat

A10: Arizona gives you a small tax deduction for contributions to 529 plans but real savings comes from years of tax-free accumulation. If you withdraw for grammar school, the time horizon for tax-free growth is short. #TaxBuzzChat

A10: Recent client forewent Sec. 529, and used educational assistance $5,250 exclusion through corporation for employee. #TaxBuzzChat

A10. Unfortunately, any benefit to be derived from Sec 529 plans requires front-loading the contributions, something that benefits the wealthier. Tapping it for grammar school and even high school defeats that purpose. (1/2) #TaxBuzzChat

A10. Don't overlook the gift tax exemption when tuition is paid directly to school. Well-to-do grand parents and rich uncles can pay the tuition directly, regardless of the amount, without any gift tax issues. (2/2) #TaxBuzzChat

#taxbuzzchat A10. Here in Missouri, you can deposit up to $8,000 in a 529 plan tax free and take it out almost immediately so some people are using it as a quickie tax break for non-college tuition.

A10. Most of my clients with 529 plans want to leave the money for college. They see that as a bigger benefit/payoff then using the money to pay for grammar school. #TaxbuzzChat

A10: For me the question has not really come up. You are talking about more short term funding strategies - I really feel use a savings account or CDs to fund these items - the savings on these are hardly worth it. 529s I like better for college #TaxBuzzChat

A11: It is, but you're altering the natural tendencies of human habits, and that is going to be tough. I recommend @expensify or @1_tap_apps to capture those expenses in one spot. #TaxBuzzChat

A11. I would certainly think so especially for those that make substantial charitable contributions every year. Do a little planning and make the contributions in Jan and Dec one year and skip the next. #TaxBuzzChat

A11) I reach out to my clients every year and remind them if they had a particularly profitable year to consider accelerating asset purchases if they were considering waiting to the new year. #TaxBuzzChat

A11. Absolutely, bunching deductions is important in determining year end tax planning - if you want to save tax dollars.

Perhaps, alternate when possible: Standard Deduction 1 year; itemize the next.

Determine strategy now, when there is time to make a difference.#TaxBuzzChat

#taxbuzzchat A11. Definitely bunching deductions. Especially charities and medical expenses.

A11) Bunching only helps if you can bunch medical or charitable expenses. Most of my clients were bunching property taxes but now that's gone. It will be beneficial to continue bunching but they won't see as much bang for their bunch!#TaxBuzzChat

A11. Basically bunching is now just for medical and charitable deductions as bunching for taxes would be limited by SALT. Taxpayers hate to loose but hate even worse the uncertainty of owning taxes at the end of the year. #TaxBuzzChat

A12: What do you mean, I thought it was all meals now? Wink Wink!

They don't like it... especially for those in the entertainment industry. #TaxBuzzChat

#taxbuzzchat Some of my entertainers are calling it research and development - which, for these particular clients - it really should be labeled that way.

A12. Altered accounting systems to account for disallowed entertainment and allowed business meals. #TaxBuzzChat

A12. Only a few who buy season tickets to the Dallas Cowboys were affected. Mostly concerned with the loss of meal deductions, taxpayers were "shocked" the rules had not changed and they needed to have a meaningful business conversation to expense 50% of the meal. #TaxBuzzChat

A12) Luckily the regs came out to support what we expected so there haven't been any real surprises. Mostly just relief because I had warned them it could be much more limited once we got the IRS guidance,#TaxBuzzChat

A12-less club box seats purchased in 2018-will be interesting to see if charitable conts decrease due to increase standard deduction #taxbuzzchat

A12. I believe not calling business meals entertainment is politically motivated. A close CPA friend of mine and professor emeritus of taxation had a personal conversation with the author of Notice 2018-76 and that is the impression he came away with. (2/3) #TaxBuzzChat

A12) Some have considered "sponsoring" entertainment events, rather than purchasing tickets to an event and giving them to clients. (2/2) #TaxBuzzChat

A12. I haven't seen much change in behavior with business owners regarding business meals #TaxBuzzChat

Another exceptional hour with @taxbuzzonline and the great professionals that joined in. Amazing how quick it goes by.

Thanks, see you next month. #TaxBuzzChat

That was fun and fast as usual. Thank you for hosting and for providing a series of great questions.

I love this community and you started it. It helps us learn about tax and each other.

Kudos!#TaxBuzzChat

— Deborah Fox, CPA (@DebFoxFinancial) October 24, 2018

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- F. You understand that when using the Website, you will be exposed to User Submissions from a variety of sources, and that neither Taxbuzz nor CountingWorks, Inc. are responsible for the accuracy, usefulness, safety, or intellectual property rights of or relating to such User Submissions. You further understand and acknowledge that you may be exposed to User Submissions that are inaccurate, offensive, indecent, or objectionable, and you agree to waive, and hereby do waive, any legal or equitable rights or remedies you have or may have against Taxbuzz and CountingWorks, Inc. with respect thereto, and agree to indemnify, defend and hold Taxbuzz, CountingWorks, Inc., their affiliates, and/or licensors, harmless to the fullest extent allowed by law regarding all matters related to your use of the Website.
- G. Taxbuzz permits you to link to materials on the Website for personal, non-commercial purposes only. User Submissions (including any that may have been created by users employed or contracted by Taxbuzz) does not necessarily reflect the opinion of Taxbuzz or CountingWorks, Inc. Taxbuzz reserves the right to remove, screen, edit, or reinstate User Submissions at our sole discretion for any reason or no reason and without notice or liability. Taxbuzz has no obligation to retain or provide anyone with copies of User Submissions, nor do we guarantee any confidentiality with respect to User Submissions.
- H. You agree not to, and not to assist, encourage, or enable others to use the Website to:
  - Violate our Content Guidelines (below), for example, by writing a fake or defamatory review, trading reviews with other businesses, or compensating someone or being compensated to write or remove a review;
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  - Threaten, stalk, harm, or harass others, or promote bigotry or discrimination;
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  - Violate any applicable law;
  - Modify, adapt, appropriate, reproduce, distribute, translate, create derivative works or adaptations of, publicly display, sell, trade, or in any way exploit the Website or Website Content (other than your User Submissions), except as expressly authorized by Taxbuzz;
  - Reverse engineer any portion of the Website;
  - Remove or modify any copyright, trademark or other proprietary rights notice that appears on the Website or on any materials printed or copied from the Website;
  - Record, process, or mine information about other users;
  - Access, retrieve or index any portion of the Website for purposes of constructing or populating a searchable database of business reviews;
  - Reformat or frame any portion of the Website;
  - Take any action that imposes, or may impose, in our sole discretion, an unreasonable or disproportionately large load on Taxbuzz's technology infrastructure or otherwise make excessive traffic demands of the Website;
  - Attempt to gain unauthorized access to the Website, user accounts, computer systems or networks connected to the Website through hacking, password mining or other means;
  - Use the Website or any Website Content to transmit any computer viruses, worms, defects, Trojan horses or other items of a destructive nature;
  - Use any device, software or routine that interferes with the proper working of the Website, or otherwise attempt to interfere with the proper working of the Website;
  - Use the Website to violate the security of any computer network, crack passwords or security encryption codes; disrupt or interfere with the security of, or otherwise cause harm to, the Website or Website Content; or
  - Remove, circumvent, disable, damage or otherwise interfere with any security-related features of the Website, features that prevent or restrict the use or copying of Content, or features that enforce limitations on the use of the Website. The restrictions above only apply to the extent permissible under applicable law. Nevertheless, you agree not to act contrary to them (even if permissible under applicable law) without providing 30 days' prior written notice to Taxbuzz, together with any information that we may reasonably require to give us an opportunity to provide alternative remedies or otherwise accommodate you at our sole discretion.
    - I. Content Guidelines. TaxBuzz allows Users to contribute different kinds of User Content including reviews, private messages, biographies, photos and more. What follows is a non-exhaustive list of general guidelines for the posting of User Content: Colorful language is acceptable, but defamatory language, threats, harassment, lewdness, hate speech and other forms of bigotry is not tolerated and will be removed. Please make sure that your reviews are a snapshot of your experience with the directory participant. TaxBuzz is not a forum for political views or employment practices that do not address your relationship with the directory participant. Do not post directory participant’s private information. Do not post your confidential information or the confidential information of third parties. Do not post reviews for your own business or solicit reviews from family or friends who are not clients. Do not post content from other sites. Make your reviews unique to TaxBuzz.
Warranty Disclaimer
PLEASE READ THIS SECTION CAREFULLY AS IT LIMITS THE LIABILITY OF TAXBUZZ, CountingWorks, Inc. AND THEIR AFFILIATES TO YOU. EACH SUBSECTION BELOW ONLY APPLIES UP TO THE MAXIMUM EXTENT PERMITTED UNDER APPLICABLE LAW. NOTHING HEREIN IS INTENDED TO LIMIT ANY RIGHTS YOU HAVE WHICH MAY NOT BE LAWFULLY LIMITED. IF YOU ARE UNSURE ABOUT THIS OR ANY OTHER SECTION OF THESE TERMS AND CONDITIONS, PLEASE CONSULT A LEGAL PROFESSIONAL PRIOR TO ACCESSING OR USING THE WEBSITE. BY ACCESSING OR USING THE WEBSITE YOU REPRESENT THAT YOU HAVE READ, UNDERSTOOD AND AGREE TO THESE TERMS AND CONDITIONS. YOU ARE GIVING UP SUBSTANTIAL LEGAL RIGHTS BY AGREEING TO THESE TERMS.

YOU AGREE THAT YOUR USE OF THE WEBSITE SHALL BE AT YOUR SOLE RISK. TO THE FULLEST EXTENT PERMITTED BY LAW, TAXBUZZ, CountingWorks, Inc. THEIR OFFICERS, DIRECTORS, EMPLOYEES, AND AGENTS DISCLAIM ALL WARRANTIES, EXPRESS OR IMPLIED, IN CONNECTION WITH THE WEBSITE AND YOUR USE THEREOF. NEITHER TAXBUZZ NOR CountingWorks, Inc. MAKE ANY WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE WEBSITE'S CONTENT, THE DIRECTORY PARTICIPANTS OR BUSINESSES ADVERTISING ON THE WEBSITE OR THEIR SERVICES, THE USER SUBMISSIONS OR THE CONTENT OF ANY SITES LINKED TO THIS WEBSITE AND ASSUMES NO LIABILITY OR RESPONSIBILITY FOR ANY (I) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT, (II) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM YOUR ACCESS TO AND USE OF OUR WEBSITE, (III) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SECURE SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM OUR WEBSITE, (IV) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE WHICH MAY BE TRANSMITTED TO OR THROUGH OUR WEBSITE BY ANY THIRD PARTY, AND/OR (V) ANY ERRORS OR OMISSIONS IN ANY CONTENT OR FOR ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF THE USE OF ANY CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE WEBSITE. TAXBUZZ DOES NOT WARRANT, ENDORSE, GUARANTEE OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE ADVERTISED OR OFFERED BY A THIRD PARTY THROUGH THE WEBSITE OR ANY HYPERLINKED WEBSITE OR FEATURED IN ANY BANNER OR OTHER ADVERTISING, AND TAXBUZZ WILL NOT BE A PARTY TO OR IN ANY WAY BE RESPONSIBLE FOR MONITORING ANY TRANSACTION BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES. AS WITH THE PURCHASE OF A PRODUCT OR SERVICE THROUGH ANY MEDIUM OR IN ANY ENVIRONMENT, YOU SHOULD USE YOUR BEST JUDGMENT AND EXERCISE CAUTION WHERE APPROPRIATE.
Limitation of Liability
IN NO EVENT SHALL TAXBUZZ, CountingWorks, Inc., OF THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, AGENTS, OR LICENSORS BE LIABLE TO YOU FOR ANY INDIRECT, INCIDENTAL, SPECIAL, PUNITIVE, OR CONSEQUENTIAL DAMAGES WHATSOEVER INCLUDING AS A RESULT OF ANY (I) ERRORS, MISTAKES OR INACCURACIES IN CONTENT, (II) PERSONAL INJURY OR PROPERTY DAMAGE, (III) ANY UNAUTHORIZED ACCESS TO OR USE OF OUR SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION AND/OR FINANCIAL INFORMATION STORED THEREIN, (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM OUR WEBSITE, (IV) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE, WHICH MAY BE TRANSMITTED TO OR THROUGH OUR WEBSITE, AND/OR (V) ANY LOSS OR DAMAGE OF ANY KIND INCURRED AS A RESULT OF YOUR USE OF ANY CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE VIA THE WEBSITE. THE FOREGOING SHALL APPLY WHETHER THE DAMAGE IS BASED ON WARRANTY, CONTRACT, TORT, OR ANY OTHER LEGAL THEORY AND WHETHER OR NOT TAXBUZZ OR CountingWorks, Inc. IS ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION. YOU SPECIFICALLY ACKNOWLEDGE THAT TAXBUZZ AND CountingWorks, Inc. SHALL BE LIABLE FOR USER SUBMISSIONS OR THE DEFAMATORY, OFFENSIVE, OR ILLEGAL CONDUCT OF ANY THIRD PARTY AND THAT THE RISK OF HARM OR DAMAGE FROM THE FOREGOING RESTS ENTIRELY WITH YOU. TAXBUZZ’S MAXIMUM LIABILITY TO YOU WITH RESPECT TO ANY DIRECT DAMAGE SHALL BE LIMITED TO $100.

The Website is controlled and offered by Taxbuzz from facilities in the United States of America. Taxbuzz makes no representations that the Website is appropriate or available for use in other locations. Those who access or use the Website from other jurisdictions do so at their own volition and are responsible for compliance with local law.
Indemnity
You agree to defend, indemnify and hold harmless Taxbuzz, CountingWorks, Inc. and their respective licensors, officers, directors, employees and agents, from and against any and all claims, damages, obligations, losses, liabilities, costs or debt, and expenses (including but not limited to attorneys’ fees) arising from: (i) your use of and access of the Website; (ii) your violation of any term of these Terms and Conditions; (iii) your violation of any third party right, including without limitation any copyright or any other intellectual property, property right, privacy right; and/or (iv) any claim that your User Submission(s) caused damage to a third party. This defense and indemnification obligation will survive these Terms and Conditions and your use of the Website.
Ability to Accept Terms and Conditions
You affirm that you are either older than 18 years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms and Conditions and to abide by and comply with these Terms and Conditions. In any case, you affirm that you are over the age of 13, as the Website is not intended for children under 13. If you are under the age of 13, then do not use the Website—there are lots of other great websites for you. Talk to your parents about any products you want to purchase, as Taxbuzz sells its products and services to adults only.
Assignment
These Terms and Conditions, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by Taxbuzz or CountingWorks, Inc. without restriction.
General
You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
Liability Limitation and Usage Guidelines for TaxBuzz AI:
Limitation of Liability:

TaxBuzz AI is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz AI should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz AI, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz AI. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the AI-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz AI is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz AI provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz AI, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz AI is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz AI does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz AI, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz AI constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz AI.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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