Tax & Accounting News

TaxBuzz Top 5 - Former NFL Player Faces 50 Years in Prison, Chicago Mayor Faces Continued Tax Backlash & More

11/22/2024

Each Friday, TaxBuzz brings you the top five tax and accounting headlines you need to know from the workweek. We know life can get busy and you don't always have time to scroll through your news feed to stay informed.

We weed through all of the week's stories to showcase the most important updates in the tax and accounting world.

1. Former Eagles RB Wendell Smallwood Indicted on COVID-19 Tax Fraud Charges

Credit: Jonathan Daniel/Getty Images

Ex-NFL running back Wendell Smallwood faces up to 50 years in prison after being charged with wire fraud, conspiracy to commit wire fraud, and conspiracy to defraud the IRS in a COVID-19 tax fraud case.

According to USA Today's The Eagles Wire, federal prosecutors allege Smallwood submitted false information to obtain tens of thousands of dollars in Economic Injury Disaster Loans (EIDL) and participated in a kickback scheme to defraud relief programs. He reportedly used defunct or newly registered businesses with fabricated claims to secure funds during the pandemic.

Smallwood, a Delaware native and former West Virginia standout, played six NFL seasons with the Eagles, Washington, and Steelers, contributing to Philadelphia’s 2017 Super Bowl run. His attorney stated Smallwood is cooperating with the investigation, with a court appearance scheduled for December.

2. CA Gov. Newsom Faces Questions Over Tax Return Pledge, $9M Home Purchase

Credit: Thomas Winz/Getty Images

California Governor Gavin Newsom has not released any tax returns during his second term, despite his promise to disclose them annually while in office, CalMatters reports. His last public filing, shared during his 2022 re-election campaign, covered income through 2020, showing he and his wife earned nearly $1.5 million and paid $480,000 in taxes.

Scrutiny of Newsom’s finances has intensified following reports of his family’s $9 million home purchase in Marin County. His office clarified that the property was purchased through an LLC using only family funds.

The governor earns $234,101 annually but also generates income from a wine and entertainment business held in a blind trust since 2019. His refusal to release recent tax returns marks a shift from his earlier transparency, which began during his first gubernatorial campaign as a pointed contrast to then-President Trump.

3. Chicago Budget Talks Heat Up as Mayor Johnson Halves Property Tax Proposal

Credit: James Gilbert/Stringer/Getty Images

After a resounding 50-0 rejection of his $300 million property tax hike, Windy City Mayor Brandon Johnson now proposes a $150 million increase to balance Chicago’s 2025 budget. However, support for even this reduced plan remains uncertain, with Progressive Caucus Co-Chair Ald. Andre Vasquez (40th) asserting the mayor lacks the necessary 26 votes.

CBS News reports that several aldermen have pledged not to back any property tax hike, a stance Johnson criticized, saying, “It’s time to grow up. The people of Chicago don’t have time for tantrums.”

To make up the shortfall, alternative measures are being discussed, including a $128 million increase in the personal property lease tax on cloud computing services and raising the streaming services tax to 10.25%, matching the city’s sales tax. The clock is ticking, with the City Council facing a Dec. 31 deadline to finalize the budget.

4. Wisconsin's Tax Burden Hits Record Low in National Rankings

Credit: Henryk Sadura/Getty Images

Wisconsin’s state and local tax burden fell to 9.9% of personal income in 2022, its lowest on record, according to a report by the Wisconsin Policy Forum. This marks a drop from 10.3% in 2021 and places Wisconsin 35th nationally, compared to ranking 3rd as recently as 2000.

The report attributes this shift to rising incomes, state limits on property taxes, and a significant income tax cut in 2021 that reduced the third bracket rate from 6.27% to 5.3%. Nationally, the average tax burden was 11.1% in fiscal year 2022, per the Milwaukee Journal-Sentinel.

Wisconsin’s personal income grew 8.8%, slightly trailing the national growth rate of 9.2%. While inflation has driven up some tax collections, the state's burden remains comparatively low, though disagreements between Democratic Governor Tony Evers and Republican lawmakers on future tax cuts could shape the trend in coming years.

5. Trudeau Announces Temporary Tax Breaks and Payments Amid Cost-of-Living Crisis

Credit: Carlos Bezz/Getty Images

Canadian Prime Minister Justin Trudeau unveiled a plan Thursday, November 21 to temporarily eliminate federal sales tax on specific goods and issue one-time payments to millions of Canadians struggling with rising costs. The move comes as public dissatisfaction grows over the cost of living, with a federal election looming that could occur anytime before next October.

Under the proposal, the AP notes that Canadians earning up to CA$150,000 (US$107,440) in 2023 will receive a CA$250 (US$180) check, benefiting an estimated 18.7 million people. The federal goods and services tax will be suspended from Dec. 14 to Feb. 15 on items like children’s clothing, diapers, restaurant meals, beer, wine, Christmas trees, and video game consoles.

“Our government can’t set prices at the checkout, but we can put more money in people’s pockets,” Trudeau said at a press conference in Toronto.

Opposition leader Pierre Poilievre dismissed the measures as a "two-month temporary tax trick," criticizing Trudeau’s handling of carbon taxes and cost-of-living issues. Trudeau, who is seeking a fourth term, faces growing challenges as Canadians increasingly express frustration over economic pressures.

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Liability Limitation and Usage Guidelines for TaxBuzz Ai:
Limitation of Liability:

TaxBuzz Ai is a tool designed to provide tax professionals with assistance in generating responses to tax research questions. While we strive to maintain the accuracy and reliability of the information provided, it is imperative to recognize that tax laws are dynamic and subject to change. Therefore, the use of TaxBuzz Ai should be complemented by professional judgment and consultation with legal and tax experts.

By utilizing TaxBuzz Ai, you acknowledge and agree that the information generated should not be considered as a substitute for professional advice tailored to your specific circumstances. We explicitly disclaim any liability for the consequences arising from the use of advice generated by TaxBuzz Ai. Users are encouraged to independently verify the information and seek professional advice before making decisions based on the Ai-generated responses.

Usage Guidelines:
- Professional Judgment: TaxBuzz Ai is a tool to aid tax professionals in research and analysis. It is not a replacement for professional judgment, and users should exercise their expertise when interpreting and applying the information generated.
- Consultation with Experts: While TaxBuzz Ai provides valuable insights, it is crucial to consult with legal and tax experts to ensure the advice aligns with the latest legal developments and specific nuances of a particular situation.
- Verification of Information: Users are responsible for independently verifying the information provided by TaxBuzz Ai, especially in instances where the advice generated is critical to decision-making.
- Educational Purposes: TaxBuzz Ai is intended for educational and informational purposes only. It is not intended to provide specific legal or tax advice tailored to individual circumstances.
- Non-Endorsement: The use of TaxBuzz Ai does not constitute an endorsement or guarantee of the accuracy of the information provided. Users are encouraged to corroborate the advice with other reliable sources.
By accessing and using TaxBuzz Ai, you agree to abide by these terms and acknowledge the limitations outlined herein. We reserve the right to modify these terms at any time, and your continued use of TaxBuzz Ai constitutes acceptance of any such modifications. If you do not agree with these terms, please refrain from using TaxBuzz Ai.

TaxBuzz.com is a service of CountingWorks, Inc., 2549 Eastbuff Drive., #448 208, Newport Beach, CA 92660

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