It’s that magical time of year when Spotify pops with your annual “Wrapped” report, tracking every minute of music you’ve listened to all year, and cheerfully announces, “We’ve been watching you.” (If you don’t already know it, think of Spotify Wrapped as the rhythm section for Big Brother.) And somehow, instead of being creeped out, […]
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Welcome to the Ozempic Economy
If you’ve noticed that Santa and his elves look a little slimmer this year, it’s not your imagination. Weight loss drugs like Ozempic, Wegovy, and Zepbound have become so popular that economists are now tracking what they call the Ozempic Economy. When a diabetes medication becomes a lifestyle trend powerful enough to move airline stocks, clothing companies, and grocery chains, you know something interesting is happening. And as always, there are tax angles hiding in all this too.
A Charlie Brown Tax-Giving
For most families, Thanksgiving means gathering around a perfectly roasted turkey, sharing gratitude, and trying to avoid discussing politics or crypto. But in A Charlie Brown Thanksgiving, things are a little more “improvised.” Instead of turkey and stuffing, the Peanuts gang ends up with toast, popcorn, pretzel sticks, and a side of existential confusion. And honestly? That makes it a pretty realistic holiday picture. Because whether you’re cooking a turkey or prepping a tax plan, life serves up whatever’s in the pantry. Charlie Brown’s holiday feast is basically a metaphor for the final weeks of tax-planning season. It’s messy, it’s chaotic, and half the participants assume someone else is doing the hard work. If that isn’t December tax planning, I don’t know what is.
Uncle Sam Wants to Venmo You
Remember when getting a tax refund meant waiting by the mailbox like a kid on Christmas morning? Except, instead of a shiny new bike, you got a government-issued check printed on shiny iridescent paper? You’d spot that official envelope, rip it open with the excitement of opening your card from Grandma (with a crisp $20 bill inside), and admire the John Hancock of some Treasury bureaucrat who probably couldn’t get a table at Applebee’s without a reservation. Then you’d rush to the bank and stand in line behind a guy depositing coins in a jar. And of course, there was always the risk your ex would intercept it, or the family dog would decide it made the perfect chew toy. It was a ritual equal parts thrilling, frustrating, and absurdly outdated, like renting DVDs from Blockbuster or printing out MapQuest directions.
Understanding IRS Notice CP136: What Employers Need to Know
The Internal Revenue Service (IRS) periodically reviews employers’ tax liabilities to determine appropriate federal tax deposit schedules. Recently, the IRS has been issuing Notice CP136 to inform employers of changes to their deposit requirements for Form 941, the Employer’s Quarterly Federal Tax Return. Understanding this notice is essential for maintaining compliance and avoiding potential penalties.
Taxing “Climate Criminals”
Last week, we discussed how the 2017 tax cuts are scheduled to expire at the end of 2025—and how the election results make it likelier that Washington will extend them. Here’s the problem: it won’t be cheap. The Congressional Budget Office estimates extending the current rules will blow a $4 billion hole in the budget over the next 10 years, along with an unknown amount of higher interest payments on the new debt. That’s making life difficult for a new administration that also wants to eliminate tax on tips, overtime pay, and Social Security benefits, along with other giveaways.