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Think Outside the Tax BoxBig, Beautiful, and Oh So Salty! A look at the new SALT CAP RulesThis episode takes a sharp, accessible look at one of the most debated—and misunderstood—tax issues of our time: the SALT cap. With tax year 2025 looming, our hosts unpack the origins of the $10,000 deduction limit, explore the proposed increases in the OBBA legislation, and explain how it all ties into marriage penalties, PTE workarounds, and phaseouts. Whether you’re a CPA, EA, or tax planning pro, this episode equips you with the clarity and context to advise clients confidently and adapt strategies in real time. Tax policy is changing fast—stay ahead of the curve with this essential breakdow...2025-07-1512 minThink Outside the Tax BoxHelping Elderly Clients Avoid Tax Scams - 07-01-25Taxes are scary enough before crooks get involved. And just like any tool ever invented by humans, it wasn’t long before technology became the plaything of scammers looking to pull off cons. Elderly clients who often have large life savings can be easy targets for scams, whether because of social isolation or emotional and cognitive problems, or maybe just because they didn’t keep up with the latest, frequent IRS or FBI warnings about being careful on the internet. Some elderly victims learn too late that it takes serious effort to resolve thefts of money – and potenti...2025-07-0115 minThink Outside the Tax BoxNetworking Events for CPAs- Making the Most of Conferences and Seminars - 06-15-25Networking is vital to any profession and is no different for us Certified Public Accountants (CPAs). Attending conferences and seminars can be a game-changer, offering opportunities to learn, connect, and grow your professional network. These events are not just about business but also about personal and professional growth. However, to truly benefit from these events, it's essential to have a strategy in place. Listen in to learn more...This podcast is meant for entertainment purposes only. For the more thorough, complete, and accurately written version of this article which includes citations, visit us at ...2025-06-1512 minThink Outside the Tax BoxBeyond Borders Essential Tax Planning Insights for Advising Foreign-Invested Partnerships - 06-01-25So, your client is planning to welcome a foreign partner on board—or maybe one’s already landed. International partnerships can be a thrilling journey filled with opportunities, but let’s be honest: they also bring a fair amount of turbulence.Yes, cross-border ventures can unlock exciting destinations for growth and investment, but they also come with some heavy-duty baggage—think IRS paperwork, withholding headaches, and estate tax landmines. If you're a tax planner gearing up for this global expedition (especially if it's your first trip), this article and episode is your passport to smoother travels.Let’s...2025-06-0124 minThink Outside the Tax BoxHow to Help Your Clients Maximize College Financial Aid - 05-15-25College tuition continues to climb, and for many families, financial aid can make or break their ability to afford their child’s higher education dreams. What most don’t realize is that their tax return — filed long before students even begin applying for college — plays a major role in determining how much financial aid they’ll receive. This is where you come in. Tax professionals and financial planners are uniquely positioned to help clients qualify for more college financial aid. But only if you know what to look for. Listen in to learn more!This podcast is meant f...2025-05-1511 minThink Outside the Tax BoxJust How Hot Should Section 751 Be - 05-01-25Tax rules are generally designed with a purpose in mind. Most rules serve to define the tax base and tax rates. Many others serve to serve a behavioral purpose to encourage or discourage certain activities. The focus of this podcast stems from tax rules that are a combination of favoring certain activity such as generation of capital gains, and a limitation on such gains for certain taxpayers, such as the so-called “hot assets” rule for partners under IRC Section 751, Unrealized Receivables and Inventory Items. While Section 751 has been in the tax law for decades, a new application of it was...2025-05-0112 minThink Outside the Tax BoxThe Ultimate Business Upgrade - 04-15-25Looking to cut down on self-employment taxes on your partnership income? Converting your partnership into an S corporation might be the answer.If you currently run your business as a partnership or an LLC taxed as a partnership, you’re probably familiar with the sting of self-employment taxes. Unlike shareholder-employees of an S corporation, who only pay Social Security and Medicare taxes on their salaries, partners typically get hit with self-employment taxes on their entire share of the business’s net income. That can add up fast.By transitioning to an S corporation, you can rest...2025-04-1518 minThink Outside the Tax BoxBreaking Down Tax Benefits for Higher Education - 04-01-25With the rising cost of higher education and greater reliance on student loans, taxpayers are looking for every opportunity to ease the financial burden of earning a degree. Fortunately, several higher education tax benefits are available to help offset the high cost of tuition, student loans and other education-related expenses. However, certain eligibility requirements — such as income limits and tax filing status — often trip up taxpayers along the way. Understanding the nuances of these tax benefits for higher education can ensure your clients take full advantage of available tax savings. Listen in to learn more!This podc...2025-04-0118 minThink Outside the Tax Box10 Ways Tax Planners Can Prepare for Increased IRS Focus on Documentation During Audits - 03-15-25The IRS is ramping up scrutiny of high-net-worth individuals and businesses, increasing audit rates by over 50% for those earning above $10 million. Recent IRS initiatives backed by Inflation Reduction Act funding have intensified enforcement on wealthy taxpayers, large partnerships, real estate investors, and tech businesses. IRS agents are digging deeper during audits and expecting taxpayers to produce more documentation to support every position on their returns. To help clients navigate this environment, tax planners must take proactive steps to bolster documentation and audit readiness.Listen in as we go over ten authoritative strategies, complete with industry examples, IRS...2025-03-1513 minThink Outside the Tax BoxDeFi-nitely Confusing: Final Regulations for Digital Asset DeFi Brokers - 03-01-25Late afternoon on the Friday before New Year’s Eve, the Treasury released another 115 pages of Digital Asset Regulations, along with a 13 page notice for good measure. As we’ve discussed previously on TOTTB, the last set of regs punted on a number of more complex crypto issues. This most recent release is all about one of those issues, Decentralized Finance, better known as “DeFi.” What is DeFi? What is CeFi? What does all this mean for tax planning? Listen in as we break it all down in this latest episode.This podcast is meant for entertai...2025-03-0113 minThink Outside the Tax BoxTax Credits for Historic Buildings - 02-15-25Historic buildings make a beautiful location for doing business. Unfortunately, many of them may seem out of the price range of small business owners. But, that’s not necessarily the case! The state and federal governments have an interest in preserving these properties, and they are willing to give you tax credits for buying and restoring a historic building. Listen in to learn how you can help your clients with this great tax benefit!This podcast is meant for entertainment purposes only. For the more thorough, complete, and accurately written version of this article which in...2025-02-1521 minThink Outside the Tax BoxIs Student Loan Forgiveness Taxable? It Depends... 02-01-25Is student loan forgiveness taxable? Yes. No. Maybe. Sometimes. It primarily depends on the student loan forgiveness program. But like everything else with student loans, there are a number of other factors at play. Why make it easy when you can thoroughly confuse taxpayers, federal student loan servicers and financial planners for years to come? Listen in to learn when student loan forgiveness might be tax-free and how to prepare your clients for taxable loan forgiveness.This podcast is meant for entertainment purposes only. For the more thorough, complete, and accurately written version...2025-02-0113 minThink Outside the Tax Box2025 Tax Surprises You Shouldn’t Overlook - 01-15-25There are a few tax rules new for 2025 that may catch some individuals and their tax advisers by surprise. These changes have not received lots of attention either because they are overshadowed by related changes that are more significant, or they were enacted a few years back with a future effective date that arrives in 2025. This article covers changes for 2025 that you will want to be sure to share with clients to avoid surprises at a later date.From the article by Annette Nellen, CPA, CGMA, Esq. posted on 01-15-25.This p...2025-01-2416 minThink Outside the Tax BoxA Compendium of Year End Tax Strategies - 12-15-24As summer turns to fall, the leaves turn and houses start being decorated, the air becomes crisper and the internet fills with year-end tax tip pieces. I call them tip sheets. I just love reading tip sheets, but I’m retired from active practice. Somebody who doesn’t have time on their hands might look at two or three and figure they have seen it all and didn’t learn anything they didn’t know already. I’m here to tell you that if you keep hunting, you might find some gems. But better than that, I will share what I hav...2025-01-2315 minThink Outside the Tax BoxLowering Student Loan Payments Through Tax Strategies - 12-15-24There are roughly 42.7 million federal student loan borrowers as of Q4 2024, creating an opportunity to provide additional insight to your clients beyond tax preparation. By leveraging certain tax and repayment strategies, you can help your clients reduce their tax liability and lower their student loan payments in one strategic swoop. Listen in to learn how...Created from the Caitlin See, MPA article posted 12-15-24This podcast is meant for entertainment purposes only. For the more thorough, complete, and accurately written version of this article which includes citations, visit us at http...2025-01-2316 minThink Outside the Tax BoxCTA on Pause - What Tax Pros Need to Know About the Nationwide Injunction and BOI Reporting - 12-15-24On December 3, 2024, a U.S. District Court judge issued a nationwide preliminary injunction prohibiting FinCEN from enforcing the Corporate Transparency Act (CTA) and its associated Reporting Rule. This injunction halts the January 1, 2025, deadline for Beneficial Ownership Information (BOI) reporting, leaving many tax professionals and business entities questioning their compliance obligations.However, this pause is temporary. The government has already filed an appeal, and the injunction could be modified or overturned at any time. FinCEN has acknowledged that reporting companies are not currently required to file BOI reports but may do so voluntarily.What Does This...2025-01-2314 min