Tax & Accounting News

The Weekly (Tax)Buzz - December 18, 2019

The Weekly (Tax)Buzz - December 18, 2019

If you feel like the news is tough to keep up with these days, you aren’t alone. Every week, we publish a curated list of some of the top articles in tax and finance. Tune in every Wednesday to read the latest thought leadership pieces from our favorite bloggers, US tax proposals, tax crime stories, and much more.

The (Tax)Buzz this week: The long-awaited revival of tax extenders, Fortune 500 companies paying no federal taxes, HSBC’s tax evasion settlement with DoJ, and more.

Politico: Looks like the chatter was real – the House has passed a $426 billion tax cut plan that would revive a group of benefits known as extenders as part of the larger $1.4 trillion spending plan.

AccountingToday: A new study from Canopy indicates that taxpayers “are more than twice as likely to use DIY tax preparation software as an accountant to do their taxes, but they’re 38 percent less satisfied with the results.”

CNBC: “Nearly 100 Fortune 500 companies effectively paid no federal taxes in 2018,” according to a new report by the Institute on Taxation and Economic Policy.

Reuters: One industry breathing a sigh of relief after the extenders were passed Tuesday – beer, wine, and spirits. As long as the bill passes the Senate, US producers will save hundreds of millions of dollars compared to the taxes they would have owed.

USA Today: Here’s your financial homework for the end of the year – make sure to check these tasks off before moving into 2020.

Quartz: HSBC’s Swiss branch has settled with the US Department of Justice for $192 million after admitting to tax evasion, fraud, and filing false tax returns to help their American clients conceal undeclared assets.

CNBC: Vox Media will cut hundreds of freelance jobs in 2020 as they prepare for the new California law requiring companies to reclassify contractors in the state as employees – in this case, if they submit more than 35 articles per year.

Tax Foundation: Here’s an in-depth analysis of the Restoring Tax Fairness for States and Localities Act, a recently introduced piece of legislation that would remove the state and local tax (SALT) deduction limit of $10,000 for two years.

MarketWatch: Harvey Weinstein’s accusers will likely have a significant tax bill on any settlement money unless their payout covered compensatory damages for physical injuries, reigniting the debate over whether sexual harassment victims are disadvantaged under the current tax code.

AccountingToday: A new online tool from the IRS aims to help employers determine the proper amount of federal income tax to withhold from their employees’ paychecks.

Bonus content: Our best-in-class tax organizers are now available! Designed to help you and your clients get the most out of properly preparing their tax return, these form fill PDFs are easy to use and suitable for just about every combination of client activity.

Don’t miss our latest TaxBuzz posts: 

  • Is Your Child Required to File A Tax Return?
  • 3 Things That Can Happen If You Owe the IRS
  • Understanding the Earned Income Tax Credit and Your 2019 Taxes

Looking for a holiday gift for the accountant, tax pro, or small business owner in your life? Our team has a t-shirt store with 11 awesome designs to choose from. Check it out here.

We'll be taking next week off from our news updates for the holidays and will be back with our first post of 2020 on Thursday, January 2nd. See you then.

Did we miss a great article this week? Let us know in the comments below!

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Lauren Detweiler

Lauren Detweiler

I am equal parts marketer, traveler, and writer, and I've been doing all three for as long as I can remember. I have spent most of my time since graduating university traveling and working remotely in Africa and Europe. My passion lies in conveying the right messaging to the right people, and being a part of the CountingWorks and TaxBuzz team means I get to do that not only for our company, but for clients across the country as well.

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