To help with your writing efforts, here’s what people are looking for in Tax Law online. Trending topics culled from JD Supra, search analytics, social media conversations, and other sources:
Consider writing about:
Next year’s anticipated expiration of many provisions of the Tax Cuts and Jobs Act; timeline and provisions at issue; how the outcome of the November election could affect TCJA provisions’ status and future; how individuals or businesses should be thinking about their tax strategies right now.
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Tax-related ballot measures, candidate positions, or other tax-related matters occupying voters’ attention this November. Consider doing either a heads up about issues or trends worth noting, or, alternatively, do a post-election wrap-up on how tax measures fared on Election Day.
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A Sept. 19 ruling by the Court of Justice of the European Union regarding a British tax exemption; basis for the CJEU ruling; what the ruling means for companies doing business in the United Kingdom; what to know about the UK’s controlled foreign company rules.
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Tax issues related to recent hurricanes or other natural disasters; deadline extensions announced by taxing authorities regarding filing and payments; applicable deductions pertaining to business or personal losses; how to deal with the loss of records regarding prior-period tax filings or other important financial records.
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The potential fallout for spouses or other relatives if a taxpayer deliberately or inadvertently underpays state or federal taxes; how to prevent or reduce collateral damage from relatives’ tax mishaps before or after the fact; the nature and limitations of innocent spouse relief; other forms of relief or resources for family members.
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Recent guidance from the Internal Revenue Service regarding employer matching contributions involving payments on student loans; types of plans or arrangements to which this interim guidance applies; key eligibility and compliance points that employers or employees should take note of.
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A Sept. 10 ruling by Europe’s top court regarding Apple’s history of tax payments in Ireland; practices and policies at issue in this case; what the ruling means for Apple and for countries’ taxation policies; what else companies should know about the ruling and its potential impact on tax-related obligations and opportunities.
Related information:
https://curia.europa.eu/jcms/upload/docs/application/pdf/2024-09/cp240133en.pdf
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Real estate investment trusts; what they consist of; how they are used; applicable tax regulations; related compliance issues and enforcement trends; why REITs are coming under scrutiny from members of Congress.
Related information:
https://finance.yahoo.com/news/senator-elizabeth-warren-joins-call-130343062.html
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The Revitalizing Downtowns and Main Streets Act; focus and status of this congressional legislation; how participants in the program would qualify for investment tax credits.
Related information:
https://www.congress.gov/bill/118th-congress/senate-bill/4693/titles
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The latest developments involving Employee Retention Credits; what to know about the related Voluntary Disclosure Program and Internal Revenue Service actions potentially affecting businesses that filed Employee Retention Credit claims; important deadlines or other practical information for businesses that have participated in the ERC program or that may still wish to claim tax credits under the program; how businesses should be prepared to defend their ERC claims.
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The guilty plea entered this week by President Joe Biden’s son Hunter in his tax case; the tax charges in this case and the potential penalties that lie ahead; what happened to Hunter Biden’s attempt to enter an Alford plea; how incidents of tax evasion rise to the level of a felony; what other taxpayers may be able to learn from Hunter Biden’s case regarding tax liabilities, any options for mitigating penalties, and their options for moving forward following a charge or determination of wrongdoing; and perhaps a wider-angle look at tax enforcement and prosecution trends.
Related information:
https://abcnews.go.com/US/jury-selection-begins-hunter-bidens-federal-tax-trial/story?id=113404001
https://apnews.com/article/hunter-biden-alford-plea-explanation-b5ade008c4520fc74f3dbcdbfc4aec2b
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Trends associated with identity theft suffered by taxpayers; any recurring or emerging phishing scams or other frauds being perpetrated by criminals impersonating taxation authorities; how to guard against cyberthreats, social engineering scams, or other risks to one’s business or personal information; what the Internal Revenue Service or other entities may be doing to guard against ID theft affecting taxpayers; what someone should do if a fraudulent tax return has been filed in their name or if they discover their tax refund has been claimed by an imposter; how to recover from identity theft; how to mitigate related losses.
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Recent actions by the Internal Revenue Service concerning Employee Retention Tax Credits; issues that have led to the IRS denying businesses’ ERC claims; what businesses should know about the current status of the ERC claims process, applicable deadlines for submitting or withdrawing claims, potential mistakes or dangers to avoid, related liability risks, and any available corrective actions to consider.
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Trends or otherwise noteworthy developments involving digital advertising taxes; where they’re being implemented or proposed; how they work; rationale behind the taxes; how legal challenges to the taxes have performed.
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Tax proposals suggested by Democratic presidential candidate Kamala Harris, including noteworthy statements regarding tax rates, tax credits, or additional matters. Take your pick of proposals involving corporations, parents, and others; how the proposals compare to current tax trends or to the GOP platform’s tax stance.
Related information:
https://www.cbsnews.com/news/kamala-harris-child-tax-credit-6000-dnc-what-to-know
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Former President Donald Trump’s recently floated idea of eliminating taxes on Social Security; mechanism by which this could be done; what would have to happen for such an idea to be implemented; potential impact on Social Security recipients; taxpayers; the Social Security system, its funding, and stability; and the overall economy; who stands to gain or lose under such a proposal.
Related information:
https://www.cbsnews.com/news/trump-social-security-income-tax-cut-here-is-the-impact-on-benefits
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The U.S. Supreme Court’s decision in Connelly v. United States; key facts in the case at hand; practical takeaways for closely held companies; related or wider-angle guidance regarding the nuts and bolts of succession planning.
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Tax issues that first-time homebuyers should be paying attention to, whether prior to a property purchase, or after the acquisition of a property, or, down the road, if they decide to sell that property; guidance on tax obligations, credits, and deductions; common oversights or misunderstandings pertaining to real estate-related tax reporting and filing; tax mitigation strategies.
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Tax tips for expats. What U.S. citizens or residents should know about common tax issues that may arise while they are living, working, or traveling outside the United States; related obligations or potential pitfalls pertaining to filing requirements or other tax matters; relevant best practices, or related pointers on how to simplify one’s tax reporting process or perhaps reduce the amount of tax owed.
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The potential implications for individual or corporate taxpayers of the U.S. Supreme Court’s recent Loper Bright ruling; what the high court’s overturning of the Chevron doctrine could mean for the Internal Revenue Service’s and Treasury Department’s authority and powers; regulations most likely to face challenges in the wake of the Loper Bright decision.
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Tax-related tips and strategies for new or experienced investors or owners of real estate, whether commercial or residential; how to reduce the impact of tax obligations stemming from real estate deals; common misunderstandings involving real estate and tax law; issues involving tax deductions, potential pitfalls regarding tax filings, tax-related issues involving the sale of property, and more. Also consider whether to present a list of do’s and don’ts or whether to examine any tax disputes, rulings, or cautionary tales to illustrate any of your points.
Consider writing about:
The U.S. Supreme Court’s recent ruling in a tax case; what to make of the narrowness of the ruling in Moore v. U.S.; basis for the Court’s finding that the mandatory repatriation tax is constitutional; what else to know about this form of taxation; how taxpayers may be able to reduce their tax burden on this front.
Related information:
https://www.supremecourt.gov/opinions/23pdf/22-800_jg6o.pdf
https://www.cbsnews.com/news/supreme-court-tax-decision-moore-v-us
Consider writing about:
The Internal Revenue Service’s release late last month of final tax reporting rules for digital asset brokers; how the final rules compare to a draft form released by the IRS earlier this year; the finalized regulations’ effective date and other practical implications for investors, tax advisers, and others.
Related information:
https://public-inspection.federalregister.gov/2024-14004.pdf
https://www.cnbc.com/2024/07/01/irs-crypto-tax-reporting-guidance.html
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Recent guidance from the Internal Revenue Service regarding tax-deferred retirement accounts; what the guidance says about the ability to take early withdrawals without incurring penalties in the process; key points on eligibility, documentation, the qualification process, and more.
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A June 17 announcement by the Internal Revenue Service and the U.S. Department of the Treasury regarding partnership asset shifting; what this practice consists of; what the announcement may portend for tax benefits, reporting, and other taxpayer obligations; who would be most affected by the proposed regulations.
Related information:
https://home.treasury.gov/news/press-releases/jy2408
https://www.reuters.com/markets/us/us-treasury-irs-close-50-bln-tax-loophole-partnerships-2024-06-17
Consider writing about:
An idea that Donald Trump has floated on the campaign trail, of exempting tips from federal tax; whom this proposal might apply to; what it would take to implement this type of change in tax policy; what such a scheme would mean for workers, employers, the hospitality industry, or the federal budget.
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The use of trusts or other devices for deferring tax liabilities on real estate proceeds, whether from a sale, a family inheritance, or a gift from a non-relative. Possible points to explore: What are some common options and their pros and cons? How widely do the laws on these points vary from state to state? What are some common mistakes or oversights made by individuals on this front?
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New developments or emerging trends involving the use of vacancy taxes; common concerns or goals driving the imposition of vacancy taxes; where such taxes have been implemented and how they are performing; enforcement mechanisms and potential penalties under such tax schemes; additional implications for property owners and others; potential for legal challenges to vacancy taxes.
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Tax credits aimed at boosting the supply of affordable housing (in the city, state, or country of your choice); any noteworthy currently available tax credits – or interesting tax credit proposals being considered, and what they would mean for developers, investors, would-be homeowners, and others; any practical lessons from previously implemented tax credits of this type.
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Inadvertent or deliberate misinformation that is circulating online and possibly elsewhere regarding supposed stimulus payments available this year to U.S. taxpayers; how taxpayers can spot flawed or intentionally false information or outright cases of fraud involving purported stimulus funds. Also: What to know about the status of prior stimulus payments and whether taxpayers still have the ability to claim those funds if they did not receive them or if they misplaced the information necessary to complete the claims process.
Related information:
https://www.fastcompany.com/91135473/stimulus-checks-not-coming-irs-california-2024-false-rumors