Tax & Accounting News

TaxBuzz Top 5 - Hunter Biden Pleads Guilty in Tax Case, Alaska Gov. Fails to Resolve Rental Car Tax Dispute & More

9/6/2024

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. Hunter Biden Pleads Guilty to Tax Charges in Los Angeles

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Credit: Anna Moneymaker/Getty Images

Hunter Biden pleaded guilty to nine federal tax charges in Los Angeles on Thursday, marking a pivotal moment in a long-running investigation. Biden, who has faced significant legal and personal challenges, decided to plead guilty to avoid further pain for his family, following a grueling gun trial in Delaware. "I will not subject my family to more pain, more invasions of privacy and needless embarrassment," Biden said in a statement shared by the New York Times.

The plea agreement, which does not include a reduced sentence, exposes Biden to a maximum of 17 years in prison or a fine up to $1.3 million. This comes on top of a potential 25-year sentence for a separate firearms conviction. Despite the high stakes, Biden's legal team opted for the plea after earlier negotiations failed. White House Press Secretary Karine Jean-Pierre confirmed that President Biden will not pardon his son, stating, "It’s still very much a no."

Hunter Biden will remain free on bond until his sentencing hearing in mid-December. The case highlights the ongoing legal and personal repercussions for Biden amid a backdrop of diminishing political impact.

2. Alaska Governor Vetoes Rental Car Tax Bill, Leaving Dispute Unresolved

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Per the Alaska Beacon, Alaska Governor Mike Dunleavy has vetoed Senate Bill 127, which sought to address tax collection issues for rental cars listed on platforms like Turo. The bill, proposed by Sen. Matt Claman and supported by Rep. Andy Josephson, aimed to clarify that Turo should handle tax collection and proposed reducing the rental tax rate from 10% to 8%.

The Alaska Department of Revenue had previously argued that Turo was subject to the state's sales tax, but Turo maintained that individual users, not the platform, were responsible for collecting the tax. Despite a previous lawsuit and ongoing garnishments of Turo users' proceeds, the dispute has persisted.

Governor Dunleavy's veto was justified by his belief that further taxation on emerging industries is counterproductive. “Unnecessary taxation of a new and growing industry is bad public policy,” he stated. This decision leaves unresolved issues regarding back taxes owed by Turo users, and the Department of Revenue had already suspended collections in anticipation of the bill’s passage.

Senator Claman and Representative Josephson expressed disappointment, noting that the veto prevents resolution of tax liabilities for users and could lead to future legislative efforts. The veto could potentially be overridden if legislators convene a special session, though such an outcome is considered unlikely. Governor Dunleavy's veto record for 2024 now stands at eight policy bills, adding to a total of 14 vetoes since his election.

3. Texas Faces Multibillion-Dollar Challenge to Eliminate Property Taxes

Credit: skaman306/Getty Images

Texas lawmakers have received a sobering reality check on the cost of eliminating the state’s property taxes. According to a report presented to the Texas Senate Finance Committee, eradicating all property taxes would require an astonishing $81.5 billion annually—more than half of the state's current two-year budget of $144 billion.

The proposed figures detail a $39.5 billion expense for eliminating school district property taxes alone, which fund essential costs like teacher salaries and facilities. Additionally, according to the Texas Tribune, removing property taxes collected by cities, counties, and special districts would add another $42 billion to the total.

State Senator Paul Bettencourt, who is closely aligned with Lt. Gov. Dan Patrick, remarked, “This is not something that you can find $81 billion on a per-year basis and not have a major impact on the remaining sales tax rates.” Lawmakers are wary of the financial strain this would place on the state’s budget and the probable need for a substantial increase in sales taxes.

While conservative legislators have long advocated for reducing or eliminating property taxes, the staggering costs have cast doubt on the feasibility of such proposals. For now, the state continues to explore more manageable tax relief measures, including a recent $12.7 billion package aimed at reducing property tax burdens for homeowners and easing fiscal pressures on school districts.

4. Harris Proposes Bold Small Business Support Plan and Revised Capital Gains Tax Increase

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Credit: Kevin Dietsch/Getty Images

Vice President Kamala Harris, the Democratic presidential nominee, announced a bold plan to boost small businesses on Wednesday. CBS reported that Harris proposed increasing the small business tax credit tenfold from $5,000 to $50,000 to help cover the average $40,000 startup cost. She also aims to see 25 million new small business applications in her first term, surpassing the 19 million recorded under the current administration.

At a campaign event in Portsmouth, New Hampshire, Harris emphasized her focus on reducing bureaucratic hurdles, stating, "We will make it cheaper and easier for small businesses to file their taxes."

In a notable shift from President Biden’s policies, Harris proposed a 28% capital gains tax rate for those earning over $1 million, lower than Biden’s proposed 39.6%. This adjustment seeks to balance investment incentives with economic growth.

Harris’ plan also includes allowing new businesses to claim tax credits before turning a profit, streamlining tax filings with a standard deduction, and encouraging state and local governments to ease regulations. Her proposals reflect a commitment to enhancing small businesses' role in the U.S. economy.

5. California Lawmaker Proposes Gas Tax Suspension Amid High Prices

Credit: Extreme Media/Getty Images

Republican Assemblymember Tom Lackey has introduced a bill to suspend California's 59.6 cents-per-gallon gas tax for a year, aiming to alleviate high fuel costs. Per KCRA, the suspension would require the savings to be passed on to consumers, with the lost revenue covered by the state’s general fund.

Governor Gavin Newsom’s office criticized the proposal, arguing it would cost Lackey’s district $1.7 billion in investments, threaten jobs, and worsen road conditions. Newsom’s office branded Lackey “Traffic Tom,” a nickname Lackey has embraced, emphasizing his bill's plan to recover lost funds from the general fund.

The Democratic-controlled Legislature has previously rejected similar Republican proposals. Governor Newsom has called a special session to discuss his own plan, which would mandate oil refiners to maintain minimum oil reserves during maintenance and supply shortages. The Assembly speaker has agreed to hearings on the proposal, but state Senate leader Mike McGuire remains hesitant, despite recent discussions with Newsom.

As of Thursday, September 4, California's average gas price is $4.66 per gallon, significantly higher than the national average of $3.31, though lower than last year's $5.33.

Which headline this week most interests you?

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You agree that: (i) the Website shall be deemed solely based in California; and (ii) the Website shall be deemed a passive website that does not give rise to personal jurisdiction over Taxbuzz or CountingWorks, Inc., either specific or general, in jurisdictions other than California. These Terms and Conditions shall be governed by the internal substantive laws of the State of California, without respect to its conflict of laws principles. Any claim or dispute between you and Taxbuzz that arises in whole or in part from the Website shall be decided exclusively by a court of competent jurisdiction located in Los Angeles County, California. These Terms and Conditions, together with the Privacy Policy at https://www.taxbuzz.com/t/privacy and any other legal notices published by Taxbuzz on the Website, shall constitute the entire agreement between you and Taxbuzz concerning the Website. If any provision of these Terms and Conditions is deemed invalid by a court of competent jurisdiction, the invalidity of such provision shall not affect the validity of the remaining provisions of these Terms and Conditions, which shall remain in full force and effect. No waiver of any term of this these Terms and Conditions shall be deemed a further or continuing waiver of such term or any other term, and Taxbuzz's failure to assert any right or provision under the Terms and Conditions shall not constitute a waiver of such right or provision. YOU AND TAXBUZZ AGREE THAT ANY CAUSE OF ACTION ARISING OUT OF OR RELATED TO THE WEBSITE MUST COMMENCE WITHIN ONE (1) YEAR AFTER THE CAUSE OF ACTION ACCRUES. OTHERWISE, SUCH CAUSE OF ACTION IS PERMANENTLY BARRED.
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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