Tax & Accounting News

The Weekly (Tax)Buzz - July 3, 2019

The Weekly (Tax)Buzz - July 3, 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 holiday week: Taxes on fireworks for the 4th of July, Nike's sneaker snafu, paying more in taxes after getting married, and more.

Tax Foundation: Americans spent over $1.3 billion on fireworks in 2018—does your state tax fireworks?

Curbed New York: NYC's progressive mansion tax went into effect on July 1st, meaning that buyers of properties priced at over $1 million will now have to pay a one-time fee that increases in correlation with the price of the home.

Bloomberg: Opinion piece — The US is heading toward a future of 0% interest rates, and it's “the obvious way to avert national bankruptcy as the country keeps piling on debt.”

CNBC: Arizona governor Doug Ducey announced he'd be ordering the state's commerce authority to pull all financial incentives for Nike to locate in the state after the company canceled plans for a “Betsy Ross” American flag sneakers.

JD Supra: Brief summaries of recently passed budget legislation in both Connecticut and Rhode Island which included tax increases on sales of digital goods and services.

Fox Business: One expert asserts that tax hikes in IL (similar to other high-tax states like New York and California) could end up killing small businesses.

Tax Foundation: Visit this page for up-to-date information and analyses on the latest tax proposals from presidential candidates ahead of the 2020 election.

Bloomberg Tax: Keeping whistleblowers in the dark has been creating frustration and hurting the program at the IRS, but new legislation signed into law on July 1st will allow for more open communication with whistleblowers, as well as protecting them from retaliation by employers.

CNBC: Depending on factors like your state of residence and credits you use, you could end up paying more in taxes after getting married than if both of you kept your single filing status.

NBC News: Who got the biggest refunds this year after the 2017 Tax Cuts and Jobs Act? Higher earners, or those with household income between $250,000 and $500,000.

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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