Evan Lemoine

Hope everyone claiming the standard mileage rate recoded their odometer reading before driving on 1/1. If not, here's a reminder to do that before it slips even further!

As open enrollment nears, I received notice from the Rhode Island exchange that my premium is increasing over 20% and the deductible and out-of-pocket max also increased. This is without any premium subsidies. Many Americans are going to get a rude awakening over the next week for so many reasons.

average percent change in 2030. poor get way poorer, rich get richer, and 5th decile is flat

And the timing super matters. No tax on tips, etc., are all temporary provisions. By the time those expire, roughly half the country loses or gets nothing.

Another thing pushing here is that the cuts to the poor phase in. So the cuts are deeper and the new tax cuts go away. Just a brutal law.

Here are the latest estimates from the Congressional Budget Office on the tax and spending bill moving through Congress right now.

That's about a third of all Americans who would be worse off while the rich get much richer. www.cbo.gov/publication/...

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Every time someone tells me they use AI to summarize books or articles for them I ask, how do you know it was accurate? What if it’s not? How would you know? And they seem to have not thought about this risk at all.

Bribery in plain sight.

Wishing all the mothers out there a Happy Mother's Day!

The GOP draft tax bill says that it will allow rich families to pass up to $30 million tax-free to their heirs, but that number is actually $300 million or more for anyone with good lawyers (which prob. is everyone who has $300 million).

It's really just one simple trick. Here's how it works.

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This week marks 50 years of the Earned Income Tax Credit helping make our tax code fairer and tackling one of our nation's biggest problems: poverty.

A reminder that the tax code can help working families if lawmakers want it to.

Turning IRS Agents to Deportation Will Reduce Public Revenues The Trump Administration’s plan to turn IRS agents into deportation agents will result in lower tax collections in addition to the harm done to the families and communities directly affected by deport...

Nothing good will come from turning IRS agents toward deportation efforts.

This pulls crucial resources away from rooting out tax evasion by the wealthy and corporations while sowing distrust among undocumented immigrants.
itep.org/turning-irs-...

In 2022, undocumented immigrants contributed $96.7 billion in federal, state, & local taxes.

These six states raised more than $1 billion each in tax revenue from undocumented immigrants living within their borders. itep.org/undocumented...

IRS Direct File customer service could take a hit in 2025, says GAO report The Internal Revenue Service this week officially announced Free File will open on Friday, Jan. 10, to eligible taxpayers (those with adjusted gross income of $84,000 or less). In that statement, the ...

IRS Direct File, the agency's own online, no-cost tax preparation and e-file software program, is doubling its availability in 2025. But a GAO report says IRS customer service hiring issues could pose problems for those who use the program this year.
www.dontmesswithtaxes.com/2025/01/irs-...

Drive for business? Note your odometer’s Dec. 31 reading If you're self-employed, use your car for work, and have taken your last business trip of 2024, go out to your vehicle and take a photo of the odometer. It could help when you file your tax return nex...

Odometer readings and ways to deduct business miles bit.ly/3DEBL79 | All December Tips at bit.ly/4aKDJ1A

Motion to determine restaurant

This is the type of crawl I’m interested in going on!

…or use a reusable water bottle as nearly every airport has filling stations.

Average Louisianians would pay for Gov. Landry’s tax break for the rich • Louisiana Illuminator Gov. Landry’s tax plan would replace millions in income tax revenue with new sales taxes, disproportionately hitting pocketbooks of low- and middle-income families.

A terrible tax swap is nearing the finish line in Louisiana that would cut 2 progressive taxes (personal & corporate income) and raise a regressive tax (sales). The end result doesn't look pretty, as @nevabutkus.bsky.social explains in @lailluminator.bsky.social lailluminator.com/2024/11/23/l...

Sales taxes, or import tariffs for that matter, are inherently regressive. No surprise these policies will disproportionately affect lower income Americans.

Despite a massive head start, BlueSky has now overtaken Threads in the US 👇

What happens when you add up all of Trump's tax policies?

1.) The permanent cut in the corporate tax rate from 2017

2.) Extending the 2017 law's temporary provisions

3.) Giant taxes on imported goods

Result: a tax cut for the top 1%, a tax hike for everyone else.

I’m heading to Dallas and have visited quite a few places previously. But what are some lesser known gems to visit — whether museums, restaurants, or other activities? #Dallas

For example, you can trust your client to provide bank statements, but being skeptical means wanting to verify that independently with the bank.

One of my graduate accounting students asked me “by exercising professional skepticism, are you suggesting you can’t trust your client?” While I provided some examples, I’m curious how other #cpa and #accountants handle this and/or more examples!

Guess that adjustable height desk needs to at standing height a bit more!

Donor-advised funds are drawing a lot of assets besides cash – taking a bigger bite out of tax revenue than other kinds of charitable giving Donors can get two different tax breaks when they give by turning stocks, bonds and other financial assets into charitable gifts.

Donor-advised funds aren’t like other charities—their funding is much more tax subsidized. Here’s a summary of some recent work with @helenofips.bsky.social

Still on my to do list!

Grocery prices are high. Trump’s mass deportations could make matters worse | CNN Business Americans are fed up with high grocery store bills and they’re hoping President-elect Donald Trump will bring relief. Yet one of Trump’s central campaign promises could exacerbate sticker shock at the...

Agriculture executives, farm industry officials and economists tell CNN that if Trump keeps his deportation promises, groceries will get more expensive — perhaps much more expensive.

Trends that will continue in EA and CPA firms:

Shedding low-end 1040 work.

Increasing prices.

Only handling tax returns when bookkeeping is high quality, often in house.

Package/Value pricing.

Tax planning as a separate engagement.

#taxsky #taxtwitter