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BOI/FinCEN reporting: facts and fiction

We talked before about CTA/BOI/FinCEN. Today we’ll talk about facts and fiction circulating around this topic FACTS The new tax law makes reporting mandatory for many business owners. Now we have some new developments On March 1, 2024, a federal district court in Alabama declared that the new law is exceeding the Constitution’s limits on […]

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AI-Generated Imposters

In the words of an AI insider: #AI is an amplifier. Takes good to great. And bad to worse. He’s right. WSJ writes about a “bad to worse” case: AI-generated imposters are scamming investors out of millions. Bill Ackman, and others like him, are fighting a losing battle. Wall Street Journal article: “Ackman’s Pershing Square Capital […]

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Dangerous and Illegal

What is dangerous and illegal? TikTok posts giving illegal tax advice. Posts are going viral. Millennials, GenZ, and Gen Alpha All major demographics on TikTok They are told to select “exempt.” (On form W-4) Why? They’ll pay zero-dollars in tax witholdings. What do the TikTok posters imply? No tax withheld = not having to pay […]

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Simpler IRS forms

IRS launched “Simple Notice Initiative”. The program is aimed to help taxpayers by simplifying forms. And clarifying instructions. Good example of this was the redesign of Identity Theft form 5071C. Originally the form was 7 pages long. The new version will be only 2 pages. Very good, right? Danny Werfel, the IRS Commissioner, further promises […]

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Budget Deficit and Holidays Challenges

When you have a budget deficit you raise taxes. Good idea? California seems to think so. Interstate migration — we talked about it before. Many of you know California is in the top three Its people are leaving the state for a different “climate.” Now, as a direct result of this migration, California is facing […]

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Technology, Interstate Migration, and Taxes

USING AI AT WORK We talked before about how employees love to use AI at work. The reason is simple: It makes their job much easier BUT (you knew there was a “but” coming, right? 🙂 AI can also get them in trouble Washington Post wrote about a lawyer who used AI to file documents […]

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Using Generative AI at work

Employees love to use the technology at work. Because it makes their job easier. * Research * Gathering information * Putting together presentations All of these are made easier by generative AI like ChatGPT and others. But they have to keep it secret. Why? Their employers do not allow it. But workers do find ways […]

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ERC Scams

This month IRS announced a moratorium on ERC (Employee Retention Credit) This is expected to last through the end of the year. Why did this happen? Because IRS received a “flood of improper” ERC claims. “The IRS is seeing a wave of these scams relentlessly pounding taxpayers,” said IRS Commissioner Danny Werfel. “People are being […]

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KINDER WORLD

My home. Early afternoon. My guests, husband and wife, are talking about the new addition to their family. They’re showing me pictures. I look at the beautiful dog These wonderful people saved the dog from being euthanized. They’ve been doing volunteer work for years. And know a lot about the dire situation at the shelters. […]

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WELCOME TO THE OPPORTUNISTIC SIDE OF AI

“… spammy websites filled with AI-generated text.” “… content farms have sprung up where low-paid humans use AI to churn out low-quality content” Above are excerpts from MIT Technology Newsletter: Welcome to the opportunistic side of AI. And why do these “content farms” do it!? Why would they generate so much garbage content? Money, of […]

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