Tax & Accounting News

The Weekly (Tax)Buzz - February 26, 2020

The Weekly (Tax)Buzz - February 26, 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: IRS house visits to high income earners, tax breaks for gig workers, authorities coordinating to combat transnational tax criminals, and more.

US News & World Report: Even if you’re supporting an adult child at home, think twice before claiming them as a dependent. Here are some of the tax implications of doing so.

CNBC: Subscribers of internet streaming services like Netflix, Spotify, Hulu, and others may see an increase in their monthly bills as states move to start taxing these “intangible” goods and services.

Accounting Today: Tax authorities from five countries – the US, Australia, the United Kingdom, Canada and the Netherlands – have been “coordinating their information, intelligence and operations to combat transnational tax criminals.”

The Motley Fool: Are you part of the freelance economy? “Gig workers face some tax challenges, but they also can benefit from some tax breaks that regular employees don't get.”

The Washington Post: If you earn more than $100K annually and haven’t filed a tax return for 2018 or a previous year, the IRS may soon be (literally) knocking at your door.

MarketWatch: Even if you’re behind on your tax returns, there’s a good chance you’ll still be able to get a tax refund if the IRS owes you for one or more years.

CNBC: The US and Europe are divided on the topic of “digital taxes” for tech giants like Amazon, Facebook, and Google – and it may be center stage at the G-20 summit.

US News & World Report: Tax season is still waging on – here are more tips to reduce your 2019 tax bill.

Yahoo! Finance: Sneaky taxpayers beware – the IRS probably knows if you cheat on your taxes and don’t send them all the forms you receive.

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: 

  • How to File Taxes: 6 Tips for First-Time Filers
  • 4 Ways to Reduce Your Tax Refund (And What to Do Instead)
  • How Many People Are Expecting a Tax Refund in 2020?
  • 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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