Don’t look now, but April 15 is almost here! Ordinarily, that means money gushing in for our friends at the IRS. Last year, they took in $5.1 trillion, or 95% of all government revenue. Since then, the economy has grown 2.8%, suggesting we should see a similarly sized increase in revenue.
Archives for March 2025
Can You Use a 1031 Exchange When Buying for Family? Here’s What You Need to Know
If you’re planning to buy a rental property for your son, or any other related person, especially as part of a 1031 exchange strategy, here’s what you need to know.
Wanted: Dead or Alive
It’s no secret Uncle Sam has been living above his means. He hasn’t balanced his budget since 2001. He put trillions on his American Express card to pay for Covid relief. And now, as he struggles to extend the Tax Cuts and Jobs Act of 2017 later this year, he’s fighting to flesh out a budget resolution that authorizes $86 trillion in spending through 2034. If he was your real uncle, you might be googling “Debtors Anonymous” meetings in your neighborhood.
Pizza Pizza
In 2016, the curtain rose on Ben Affleck’s movie, The Accountant. Spoiler alert: he’s not just an accountant. Sure, the character Christian Wolff spends his workdays laundering money for the mob. But what accountant doesn’t do that? (Well, besides us.) No, the real surprise is that he’s a stone-cold killer, taking out 28 characters in the course of a meandering, two-hour plot. If you watch closely enough, you’ll even see one guy get killed twice.
The Other Awards Show
The IRS doesn’t host anything quite so glamorous as the Oscars. There’s no red carpet. There aren’t any reporters asking who the stars are wearing (and for the IRS, it wouldn’t be more glamorous than Kohl’s). There aren’t any all-night after-parties in Beverly Hills or Bel Air. But they do have their own awards list. Last week, the IRS released its 2025 Dirty Dozen list: “the worst of the worst tax scams.”