Tax & Accounting News

The Weekly (Tax)Buzz - October 2, 2019

The Weekly (Tax)Buzz - October 2, 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: Gucci’s tax-avoidance scandal, self-employment tax tips, a federal judge’s decision on the SALT cap, and more.

AccountingToday: The IRS has released drafts of two critical partnership forms for 2019, Form 1065 and Schedule K-1 “in hopes of improving the quality of information that partnerships report to both the IRS and their partners.”

The New York Times: A judge has upheld the cap on federal deductions for state and local taxes, a 2017 tax law signed by President Trump after a party-line vote in Congress.

Tax Foundation: Under an individual Alternative Minimum Tax (AMT), “many taxpayers are required to calculate their income tax liability under two different systems and pay the higher amount.” Does this apply to your state?

Bloomberg: Municipal bonds — the next big thing? “2019 has been marked by an unusually large stampede into the $3.8 trillion state and local government debt market because of a motive that’s nearly as old as civilization itself: avoiding taxes.”

USA Today: The Free Application for Federal Student Aid (FAFSA) rolled out on October 1st for any students planning on attending college in fall 2020. To file, you’ll need your Social Security number, driver’s license, 2018 tax returns, and your bank statements. 

CNBC: The 20% qualified business income deduction for pass-through entities went into effect last year, and more than 15 million taxpayers took the tax break.

Kiplinger: How much are you paying in taxes on every brew? “41% of the retail price of beer comes from taxes — the most expensive ingredient, according to the Beer Institute.”

Bloomberg: Gucci’s major turnaround has hit a snag, as Italian authorities investigate more than a dozen current and former brand executives over an alleged tax-avoidance scheme.

Best Company: Are you self-employed? Get tips on how you should approach your unique tax situation from tax experts including our very own Chief Content Officer, Lee Reams Sr.

Don’t miss our latest TaxBuzz posts: 

  • Life Events and Taxes: A Complicated Combination
  • Child Daycare and Taxes: Complex for Clients and Providers
  • Crowdfunding: Watch out for These Unexpected Consequences

Who said accountants don’t have a sense of humor? Not us! Our team just launched 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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