Your Guide to State, Local, Federal, Estate + International Taxation

Supreme Court sports betting ruling, you can bet on taxes

Recently, the Supreme Court struck down a 1992 federal law aimed at prohibiting sports betting. The Court’s reason for ruling the law unconstitutional was that rather than making sports betting illegal, the law prohibited states from allowing it. In essence, the law only served to dictate what states could and could not do. This violates …

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Texas tax amnesty program, relief for taxpayers

The general definition of amnesty is “a general pardon for offenses against a government.” It’s a reprieve. Recently, Texas announced a tax amnesty program that runs through June 29, 2018. What does this mean? It means the program will provide delinquent taxpayers with relief from penalties and interest on tax due. In today’s environment, States …

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Tax humor on television, art imitates life

After practically living at work during tax season, you’d think that I would be sick of hearing anything tax related outside of work. However, I love it when something tax related pops up in the TV shows I watch. Here is a list of a few comical examples I have seen recently. Bonus points to …

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Royal wedding = royal tax pain, international tax issues

My morning routine typically includes tuning into the Dan Patrick show because it’s a sports talk show and I’m a huge sports fan. I was especially excited to tune in this morning as the Phoenix Suns won the NBA Lottery and will select first in the June draft. In addition to sports, Dan Patrick will …

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Tax reform basis impact, business tax fun

If you’re new to our blog series, first off, welcome! We typically post various news and tidbits related to tax laws and how they may impact you and/or your business. Maybe you’ve heard, but recently there was a sweeping change to the U.S. Tax Code – the largest change in over 30 years actually. We …

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Are you withholding the right amount for income taxes?

Many taxpayers will see a decrease in their 2018 tax bill thanks to the Tax Cuts and Jobs Act of 2017 that was passed in December. In anticipation of the tax decreases from the new law, the IRS updated the income tax withholding tables for 2018. As a result, most W-2 employees have likely already …

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Casualty and theft losses – Rock You Like a Hurricane

Ok, I might be dating myself a bit on the word play on the title of this article from one of my favorite songs from the 80s, but unfortunately, this reality hit home for many taxpayers late last summer as we watched the devastating effects of the hurricanes unfold on our televisions. With the busy …

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Section 454: reporting U.S. savings bonds owned at death

Many individuals own U.S. Series EE or I savings bonds. These bonds are purchased at a discount from their face value and interest accrues on the bonds until they mature at their face value. While the individual is alive, he or she can make an election under Internal Revenue Code Section 454 to recognize interest …

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New EU general data protection regulation

You may be thinking that there is no point in reading further as your business in located in the United States, not the EU – not true. United States businesses with clients or customers in Europe will be required to comply with these new data regulations, seek guidance on how to implement them and will …

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Taxable gains coming to a sports arena near you?

If you’ve read any of my previous blogs, you know that I’m a bit of a sports fan (see here, here and here). You may also have gathered that I tend to apply tax rules I know to things we read about in the news every day. For example, how does baseball All-Star Giancarlo Stanton feel now …

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