Tax & Accounting News

The Weekly (Tax)Buzz - December 4, 2019

The Weekly (Tax)Buzz - December 4, 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 “tax gap” of the “Silicon Six,” Trump’s potential tariffs of 100% on French imports, when to expect your 2020 tax refund, and more.

The New York Times: An investigation by the Office of the United States Trade Representative into the French digital tax stated that it “discriminates against U.S. companies” and recommended retaliatory tariffs as high as 100% on French imports like cheese, wine, and handbags.

Forbes: Leaving California to escape the high taxes? Be careful — the state may “say you really didn’t and keep taxing you.”

CPA Practice Advisor: This chart can help you see when you can expect your 2020 tax refund from the IRS, based on when they accept your return. Note that claiming certain credits may delay the processing of  your refund.

Kiplinger: Here’s a year-end tax tip that’s especially relevant to wealthier Americans: Give some cash gifts this holiday season. “Giving away cash now can help you reduce or even avoid estate taxes when you die.”

The Wall Street Journal: A new global minimum tax proposed by the Organization for Economic Cooperation and Development is part of an effort to “revamp the international tax system by expanding and reallocating the global tax pie.”

CNBC: According to new analyses, the “Silicon Six” — Facebook, Apple, Amazon, Netflix, Google and Microsoft — had a combined “tax gap” of over $100 billion between 2010 and 2019.

The Washington Post: Under what conditions can you defer taxes on the sale of your rental property? This Q&A explains the process. 

Forbes: Even though tax season won’t arrive until after the holidays, this last part of the year “should draw your attention to tax realities surrounding itemizing, retirement and charitable giving.”

NBC News: How can states stop teens from vaping? Maybe taxes are the answer. Taxation has historically “been an effective tool in reducing the number of people who smoke.” 

Redfin: Navigating the experience of homeownership can be overwhelming for millennials, and the tax implications are no exception. Here are some tax tips for millennial homebuyers from various experts including Lee Reams Sr., BSME, EA – Chief Technical Officer at TaxBuzz.

BestCompany: What’s the best way to get going on your tax planning for 2020? Start now! This guest post on BestCompany.com from our Chief Technical Officer Lee Reams Sr., BSME, EA has everything you need to know.

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: 

  • Give Your Business Taxes Attention 365 Days a Year
  • How Holiday Gift Giving (Or Receiving) Can Affect Your Taxes
  • The Importance of Keeping Your Will and Trust Up-To-Date

Who said accountants don’t have a sense of humor? Not us! Our team has a t-shirt store with 11 awesome designs to choose from. Check it out here.

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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