Tax & Accounting News

The Weekly (Tax)Buzz - March 11, 2020

The Weekly (Tax)Buzz - March 11, 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: How coronavirus could affect tax season, the “pink tax” on women's products and services, a fall in charitable giving, and more.

Yahoo! Finance: “The difference between your effective tax rate and your marginal tax rate -- and how they are both calculated -- are questions that many people have come tax time.” Here's what you need to know.

Accounting Today: What are the biggest tax filing fears for taxpayers this year? Making a mathematical mistake and not having enough money are the top of the list.

The Hill: President Trump announced Monday “he will ask Congress to approve a payroll tax cut and relief for hourly workers” to address the economic fallout of the coronavirus.

The Wall Street Journal: The White House “is likely to extend the April 15 tax deadline as part of an effort to mitigate the effects of the novel coronavirus on U.S. households and businesses,” according to administration sources. 

Tax Foundation: This map compares corporate income tax collections per capita among the 50 states. How much does your state collect?

The Mercury News: What's the best advice in this situation? “The IRS has been breathing down our necks for some time now because my husband has neglected doing his taxes for years… How can I get him to take this seriously?”

USA Today: How long should you hold onto your tax returns and other important documents? Well, it depends.

Nasdaq: The “Pink Tax” essentially means that women pay more than men for many products and services. Here's a breakdown.

Tax Policy Center: The Treasury Department has claimed that 2018's charitable giving “appeared largely unchanged from previous years,” but the underlying data confirms that overall charitable giving declined since the passage of the Tax Cuts and Jobs Act.

Last week was our monthly #TaxBuzzChat on Twitter (@TaxBuzzOnline). We gathered knowledgeable tax experts from around the country to discuss everyone's favorite tax minimization strategies. Check out the recap here, and join us for the next chat Wednesday, May 6th at 10am PT (Note that we are skipping April to accommodate for tax season).

Bonus content: 

  • The SECURE Act has been proving to be confusing for taxpayers and tax pros alike. We've created a free informative SECURE Act Handout you can use to help your retired clients understand these new tax laws. Download it here.
  • 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: 

  • Top Tax Planning Tips for Those Entering the Short-Term Rental Market
  • Excess Contributions to Dependent Care Benefit Plan
  • 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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