An elusive tax cut for the middle class, opportunity zones, and high-stakes lotteries all take a back seat to an (allegedly) horrible, horrible human being who (allegedly) stole nearly $100K from the Girl Scouts of America and a cancer center. Not. Cool.
CPA Accused of Stealing Over $93,000 from Girl Scouts, Cancer Center. Most accountants are decent people. Embezzlement, fraud, and outright theft do occur, but these instances are statistically infrequent. This Los Angeles CPA has a lot of explaining to do. [Going Concern]
No matter who picks the winning numbers, the IRS is the real winner on Mega Millions and Powerball. With the Mega Millions jackpot at $1.6 billion and Powerball's top prize at $620 million, the tax bill will be hefty even if the winner employs strategies to reduce their taxable income. [CNBC]
What new tax cut?! Speaking with reporters in Nevada on Saturday, Trump said he was working on a “very major tax cut for middle-income people.” He said the White House and congressional leaders are “studying very deeply, round the clock” to create another tax cut “not for business at all” that will be announced on November 1 or sooner. … It’s not at all clear what Trump is talking about. [Vox]
The facts on taxes in 5 charts: a 2018 midterm report. Taxes, like death, are among the few certainties in life. The staff at Politifact decided to take a graphical look at both the new tax law and the broader landscape of taxation in the United States. Here’s what they found. [Politifact]
More on the opportunity zone tax break. The Trump administration, trying to accelerate tax-advantaged investment in low-income areas, offered generous definitions and rules Friday in a long-awaited package of regulations. [Wall Street Journal]
The Wake-Up Call is The REM Cycle’s biweekly compilation of newsworthy articles pertaining to taxation, accounting, and life in general. Got a hot tip? Email us at REMCycle@rem-co.com.