Tax & Accounting News

The Weekly (Tax)Buzz - February 12, 2020

The Weekly (Tax)Buzz - February 12, 2020

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 IRS and their big win at the Oscars, how people spend their tax refunds, Facebook's $9 billion tax court battle, and more.

Forbes: And the Oscar goes to… the IRS? Not exactly, but they do win big at the award show, as every $225,000 gift bag accepted by guests then counts toward their taxable income at the end of the year.

USA Today: How much do gas taxes affect your specific state? This list ranks all 50 states based on total taxes and fees each charges for a gallon of gas.

MarketWatch: Facebook is getting ready to face off against the IRS in a U.S. tax court case that could cost the company more than $9 billion and set a precedent for other companies in the practice of routing overseas profits to low-tax countries.

The Motley Fool: Remember the tax refund scare of last year? After the early part of the tax season seemed to indicate “the size of the typical refund would be significantly lower than it had been the previous year,” many are wondering if this year will bring the same result.

CNBC: For those nearing retirement, it's important to know everything you can about health savings accounts (HSAs). Remember – “you can make pretax or tax-deductible contributions to your HSA” and “your funds will grow tax free.” 

Accounting Today: The 2017 Tax Cuts and Jobs Act and the Supreme Court decision in South Dakota v. Wayfair Inc. in June 2018 dominated the conversation surrounding state and local tax (SALT) in 2019. Here's what to expect going forward.

MarketWatch: The average federal tax refund last year was $2,869 – but how are taxpayers spending (or saving) that money?

USA Today: Getting a divorce? Be advised – “alimony payments are no longer tax-deductible for the payer, and they aren't considered taxable income for the person receiving them, ending a decades-long practice.”

Forbes: If you end up with a tax refund this year, make sure you put it to good use. Here are 12 ways to put that money to work for you.

Bonus content: 

  • Last-minute tax extenders create a dilemma for many tax pros on when to amend a tax return. We created a free worksheet to help you communicate the options with your clients and avoid costly mistakes. Download it here.
  • It is the law that tax professionals have a security policy in place, and neither the IRS or the Federal Trade Commission (FTC) provides one. The TaxBuzz & CountingWorks team prepared a FREE Security Policy Template which should enable everyone to come up with a policy for their firm. Download it here.

Don't miss our latest TaxBuzz posts: 

  • Why You Should Put Your Business Clients on Extension
  • Important New Tax Information for Retirees
  • Experts Voice Their Thoughts on Key Tax Season Topics
  • California Legislation Would Discriminate Against California Registered Tax Return Preparers (CRTPs)

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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