‍This week Governor Gavin Newsom asked the California Supreme Court to block the California Taxpayer Protection Initiative from the November ballot. Newsom argued that “voters simply do not have the capacity” to decide on “complicated” matters like tax hikes. What do you think? Read article: https://reformcalifornia.org/news/gavin-newsom-claims-voters-dont-have-capacity-to-decide-on-tax-hikes Reform California recently announced a special initiative in 2024 … The post Governor Newsome Team: California Voters Simply Do Not Have Capacity To Decide Complicated Matters Like Tax Hikes first appear ..read more

Eliminate Funding for the M1A2SEP Abrams Tank Upgrade Program 1-Year Savings: $699.2 million 5-Year Savings: $3.5 billion Over the objections of senior DOD officials, members of Congress have for many years provided funding for the M1 upgrade program. In FY 2023, legislators added two earmarks costing $699.2 million for the Abrams, including $602 million to … The post Citizens Against Government Waste: The Prime Cut Series (#6) first appeared on TaxConnections ..read more

Washington, D.C.—U.S. Senate Finance Committee Ranking Member Mike Crapo (R-Idaho) and U.S. Senate Health, Education, Labor, and Pensions (HELP) Committee Ranking Member Bill Cassidy, M.D. (R-Louisiana) raised concerns that the U.S. Department of Labor’s (DOL) December 2023 guidance could put U.S. taxpayers on the hook for the approximately $32.6 billion the State of California lost to fraud … The post U.S. Taxpayers May Be On The Hook For $32.6 BILLION State of California Lost Due To Fraud first appeared on TaxConnections ..read more

TaxConnections gives our complimentary eBook to you to lift your day. Enjoy a compilation of more than 250+ fun tax jokes, quotes and forms in this complimentary download. We want to give you something to remind you to take a moment today to enjoy your life with laughter! There are many known health benefits to … The post Complimentary eBook For You: 250+ Best Tax Jokes, Quotes And Fun Tax Forms first appeared on TaxConnections ..read more

What Is LIFO Accounting? LIFO is an acronym for Last-In, First-Out and it describes a method of accounting based on the assumption that the newest inventory purchases are sold before earlier inventory purchases. Under this approach, the most recently acquired or produced items are the first to pass through cost of goods sold. In other … The post LIFO Accounting FAQs: What Is LIFO Accounting? first appeared on TaxConnections ..read more

Navigating a Sales Tax Audit: A Comprehensive Guide to Protecting Your Business If you’re reading this, you’ve probably received a letter of audit from a government entity. You’ve also likely now gotten over your initial anxiety and are looking for help with the next steps. You’re in the right place – we’re here to tell … The post Preparing For A Sales Tax Audit: Tips And Best Practices For Middle Market Owners first appeared on TaxConnections ..read more

The Internal Revenue Service today issued frequently asked questions (FAQs) in Fact Sheet 2024-19, relating to rules for distributions from retirement plans and IRAs and for retirement plan loans, for certain individuals impacted by federally declared major disasters. The FAQs relate to the SECURE 2.0 Act of 2022 (SECURE 2.0) provision that provides for ongoing disaster … The post Treasury, IRS Issue Frequently Asked Questions Regarding Disaster Relief Related To Retirement Plans And IRAs first appeared on TaxConnections ..read more

Last week, President Biden called for the expiration of the Tax Cuts and Jobs Act, President Trump’s signature legislation that jump started the best economy of my lifetime and that continues to provide needed tax relief to working families today. In one statement, the president promised American workers, families, farmers, and small businesses that they … The post Bidens Call For The Expiration Of The Tax Cuts And Jobs Act Increases Taxes For The Average Family $1500 Per Year first appeared on TaxConnections ..read more

As a short-term rental property owner, maximizing your tax savings is essential for the success of your investment. One effective strategy to achieve this is through cost segregation. Cost Segregation for Short Term Rental Owners Cost segregation is a tax-saving technique that allows you to accelerate the depreciation of certain assets in your property. Traditionally, real … The post Cost Segregation For Short Term Rentals first appeared on TaxConnections ..read more

For more than thirty-seven years, Charles R. Levun and Michael J. Cohen have been presenting the preeminent seminars on flow-through taxation. The two flagship Tax Forum programs are Fundamentals of Flow-Through® and Tax Planning Forum®.  Tax Forum is expanding its programs to include self-study (on-demand) training, as well as working on an additional course, which … The post TaxConnections Spotlight Interview Part 2: Chuck Levun And Michael Cohen On Partnership Tax Planning Challenges, And Surprising Cases And Mistakes They Have Seen first appeared on TaxConnections ..read more