Tax & Accounting News

The Weekly (Tax)Buzz - October 9, 2019

The Weekly (Tax)Buzz - October 9, 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: “Accidental Americans” vs. the IRS, key financial deadlines for fall, the income group facing the most audits, and more.

Bloomberg: The US Supreme Court held up New York’s taxation rules for people who work in the state but only live there part time. Critics say the state is “improperly collecting millions, if not billions, of dollars, much of it from people who primarily live in Connecticut. 

CNBC: There are thousands of “Accidental Americans” residing in Europe that are now discovering they are “subject to tax reporting requirements from the IRS, as well as foreign account filings with the Treasury Department.”

Tax Foundation: There are currently 13 states that have legalized and launched sports betting at some level, with another five states close to launching. Will Colorado be next?

ProPublica: Apparently, the IRS audits the working poor at about the same rate as the wealthiest 1%. The reason? Not enough budget to pay for audits of high-income families.

USA Today: Fall brings more than just pumpkin-flavored everything. Here are some key financial deadlines coming up that you should mark on your calendar.

AccountingToday: Do we need new rules on taxing the cloud? “A better path forward would be for states to address issues related to the taxability of digital goods through legislative actions, instead of simply fitting new products and services into outdated rules.”

The New York Times Op-Ed: According to newly released data, 2018 was the first time on record when the 400 wealthiest Americans “paid a lower total tax rate — spanning federal, state and local taxes — than any other income group.”

Chicago Sun Times: Resort fees, or “mandatory charges that include a bundle of services guests have come to expect during a hotel stay,” are facing a new opponent: the House of Representatives. “Why would any member of Congress want to let their constituents be scammed?”

USA Today: Heads up for next tax season — these popular tax breaks could be gone for good, due to Congress failing “to get any forward momentum on tax extenders.” 

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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