As Tax Day approaches, the Forbes Tax Breaks newsletter provides valuable resources for those who have yet to file their tax returns, including information on how to file for an automatic extension. Filing for an extension can also allow taxpayers to file a superseding return instead of an amended return, simplifying the correction process. The newsletter also discusses the changing landscape of U.S. stock ownership, with data showing a decrease in taxable shareholders over time due to the dominance of foreign investors, retirement accounts, and tax-exempt entities. Understanding ownership and taxability can help shape future tax policy.
The newsletter highlights the increasing trend of individuals considering renouncing their U.S. citizenship, including “accidental Americans” who may not live in the country but are still subject to U.S. tax laws. Additionally, college students and their families can benefit from tax breaks, such as credits for education expenses and income exclusions. The newsletter emphasizes the importance of understanding reporting obligations for different groups of taxpayers, including navigating language barriers or other obstacles that may cause confusion during tax season.
Notable updates in the tax world include the revival of the Panama Papers scandal, involving high-profile individuals utilizing offshore entities for financial arrangements. The release of the Panama Papers shed light on the perception of the U.S. as a tax haven in some parts of the world, leading to regulatory changes like the Corporate Transparency Act. The trial of defendants linked to Mossack Fonseca, the law firm at the center of the Panama Papers scandal, for money laundering charges is a key development in the ongoing fallout from the leak.
A deeper dive into recent Tax Court cases sheds light on conservation easements and adversarial discovery processes, highlighting the complexities surrounding valuation and evidence collection in tax disputes. Important upcoming tax deadlines, career news, and trivia about the Panama Papers complete the newsletter’s comprehensive coverage of the latest developments in the tax world. With contributions from tax experts and key figures, the newsletter provides insights and updates to help taxpayers navigate the complexities of tax season with confidence.
