This week’s Forbes Tax Breaks newsletter covers a range of topics, including tax guidance for retirees, changes in retirement account rules following disasters, and proposed regulations on foreign trust and gift reporting. The newsletter also highlights a federal court barring a tax professional from promoting tax schemes involving charitable remainder annuity trusts and provides insights on tax fraud offenders and a recent case involving bank and tax fraud charges. Additionally, the newsletter explores a lawsuit challenging the Federal Trade Commission’s non-compete ban and important upcoming tax deadlines. Democrats Abroad’s public comment on Report of Foreign Bank and Financial Accounts forms, a decline in foreign direct investment into Europe, and industry news such as KPMG LLP becoming the official tax provider for the Boston Red Sox are also covered. The newsletter ends with a trivia question about a tax-related plot in the classic film “Say Anything” and insights into the dreams of the Forbes Tax Breaks team when they were children.
As college graduations take place nationwide, including for the author’s daughter, the newsletter reflects on milestones, change, and the need for consistency in particular professions like tax. It discusses the top cities for retirees in the U.S., with a focus on Pennsylvania cities making the list. Changes in retirement account rules following disasters under the SECURE 2.0 Act are examined, highlighting relaxed rules for distributions and loans to help offset costs. The IRS has released FAQs to aid taxpayers in navigating these changes.
The newsletter delves into a federal court injunction barring a tax professional and his company from promoting tax schemes involving charitable remainder annuity trusts, addressing concerns of the IRS regarding abuse of CRATs. It also provides statistics on tax fraud offenders, noting a decrease in offenses since 2018 but a recent increase, potentially due to heightened enforcement efforts. The case of Ippei Mizuhara, who pleaded guilty to bank and tax fraud charges, is discussed, along with IRS-Criminal Investigation involvement in the case.
A deeper dive is taken into a lawsuit challenging the Federal Trade Commission’s non-compete ban, with a federal judge issuing a stay pending further proceedings. Important upcoming tax deadlines, such as information return due dates and tax refund filing deadlines, are highlighted. Industry news, including comment from Democrats Abroad on FBAR forms, a decline in foreign direct investment into Europe, and SEC charges against an audit firm, are also covered in the newsletter.
The newsletter concludes with a trivia question related to a tax-related plot in the film “Say Anything” and insights into the childhood dreams of the Forbes Tax Breaks team members, showcasing a diverse range of aspirations from lawyers and veterinarians to spies and baseball players. Feedback on the newsletter is encouraged to continue enhancing its content for readers.
