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TaxBuzz Top 5 - Real Housewives Star Facing Prison for Tax Crimes, CA Cities Lose Billions from Tax Loopholes & More

12/20/2024

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. Reality TV Star and ‘RHOA’ Alum Peter Thomas Pleads Guilty to Tax Fraud, Faces 18 Months in Prison

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Credit: Paras Griffin/Getty Images

Peter Thomas, known for his appearances on Bravo’s “The Real Housewives of Atlanta,” has pleaded guilty to tax fraud charges and is set to serve an 18-month prison sentence. According to reports, Thomas admitted to evading state taxes on income generated through multiple businesses, including restaurants and a lounge, which had garnered significant public attention during and after his time on the reality show.

Authorities allege that Thomas failed to disclose substantial income and underreported earnings on several tax returns. His plea agreement involves repayment of outstanding taxes, fines, and penalties, as well as cooperation with ongoing investigations related to the case. Prosecutors contend that Thomas’s actions deprived the state of funds needed for essential public services, emphasizing the importance of tax compliance.

People reports that Thomas rose to fame as a supporting cast member on “RHOA,” where viewers followed the ups and downs of his entrepreneurial ventures and personal life. In the wake of his legal troubles, Thomas issued a statement expressing regret over his actions and pledging to fulfill his obligations. His sentencing marks a fall from grace for a figure once celebrated for his business acumen and the glitz of reality television success.

2. Missouri Law Student Challenges ‘Pink Tax,’ Seeking to End Sales Tax on Feminine Hygiene Products

Credit: ShotShare/GettyImages

A Missouri law student is suing the state’s Department of Revenue to eliminate what’s widely known as the “pink tax”—the sales tax on essential menstrual products. This legal effort, part of a nationwide push to recognize tampons, pads, and related items as necessities rather than “luxuries,” comes after several states have already removed or reduced such taxes.

Missouri currently taxes menstrual products at the standard rate, unlike prescriptions and certain other medical devices that are tax-exempt. The lawsuit argues that taxing menstrual products discriminates on the basis of sex and imposes undue financial burdens on those already facing economic challenges.

Critics say the tax generates minimal revenue for the state while placing a disproportionate strain on low-income women, some of whom must choose between buying menstrual products or other essentials. Nonprofits in Missouri report shortages and high demand for these items, underscoring the urgency of the issue.

The debate over taxing menstrual products is not unique to Missouri. In fact, TaxBuzz Top 5 coverage has featured the topic on multiple occasions, showcasing legislative changes across the U.S. and the ongoing discourse about tax equity and gender-based disparities:

Legislators Move to End Pink Tax on Period Products (TaxBuzz Top 5, April 2023)

Gender Equity & Taxes: States Debate Pink Tax Removal (TaxBuzz Top 5, August 2022)

Should Missouri’s lawsuit prevail, it could set a new precedent, encouraging other states to revisit policies that treat menstrual products differently from other essential health-related goods. The Kansas City Star reports that the first hearing is scheduled for February 19, and the outcome may help shape future tax policy discussions and reform efforts both in Missouri and nationwide.

3. New York Tax Preparer Known as ‘The Magician’ Indicted in $145 Million Tax Fraud Case

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A New York tax preparer, who earned the nickname “The Magician” for his ability to secure large refunds, has been charged with multiple counts of tax fraud. According to federal prosecutors, the preparer allegedly filed numerous fraudulent returns on behalf of clients, manipulating figures and inventing deductions to inflate refunds and understate tax liabilities.

"Rafael Alvarez became known as 'the Magician' by his customers for his supposed ability to make their tax burden disappear," said acting U.S. attorney Edward Kim. "There was no magic to what Alvarez was doing – he was committing a serious federal crime by falsifying tens of thousands of tax returns and, in the process, depriving the IRS of $145 million in tax revenue."

Investigators say the scheme not only cheated the government out of tens of millions of dollars but also put his clients at risk for audits, penalties, and the burden of repaying illegitimate refunds. Per The Guardian, the unsuspecting taxpayers, many of whom were lured by promises of substantial refunds, may now face audits and penalties, as well as the potential obligation to repay funds they received.

If found guilty, the defendant will likely face severe financial penalties and a lengthy prison sentence. Officials say the scale of the alleged fraud sets the case apart, and they urge taxpayers to be vigilant when choosing professionals to handle their filings. This indictment highlights ongoing efforts by federal authorities to crack down on large-scale tax schemes, ensuring that so-called “magical” results do not come at the expense of legitimate tax compliance.

4. Revenue Implications of Tax Cut and Jobs Act Provisions for 2025

Credit: Stefani Reynolds/Bloomberg/Getty Images

With 2025 just days away, the fast-approaching expiration of key provisions in the 2017 Tax Cuts and Jobs Act (TCJA) is expected to have significant fiscal implications. Enacted during the first Trump administration, the TCJA included temporary tax cuts for individuals and small businesses that are set to expire in 2025 unless extended by Congress.

The Center for Strategic & International Studies (CSIS) shared key provisions under review:

Reduction in individual income tax rates: The TCJA lowered rates across all brackets, but these reductions are scheduled to expire.

Increased standard deduction: The temporary doubling of the standard deduction could revert to pre-2017 levels.

Child Tax Credit changes: Enhanced credit amounts are set to decrease.

SALT Deduction Cap: The controversial $10,000 cap on state and local tax (SALT) deductions may expire, potentially benefiting taxpayers in high-tax states.

If Congress does not act, reverting to pre-2017 tax law could increase federal revenue by over $3.5 trillion by 2033, according to projections. However, critics argue that the expiration could place additional financial pressure on middle-income families.

The ongoing debate centers on whether to extend these cuts, modify them, or allow them to expire, with implications for both federal revenue and household budgets.

5. California Tax Loopholes Cost State Approximately $107 Billion Annually

Credit: ©Studio One-One/GettyImages

A new report from California’s Department of Finance reveals that tax loopholes—officially termed "tax expenditures"—are costing state and local governments $107 billion each year. These loopholes, CalMatters reports, include exemptions, deductions, and credits. They act as off-budget expenditures with the same fiscal impact as direct spending, yet often escape scrutiny.

While some loopholes, like those exempting prescription drugs and groceries from sales tax, serve broad public interests, others cater to narrow special interests. For example, a 35-year-old exemption for custom computer software, benefiting corporations paying millions for tailored programs, costs $119 million annually while continuing to tax off-the-shelf programs like TurboTax.

The scale of these loopholes is striking. Fiscal consultant Jason Sisney estimates that eliminating them could boost California’s General Fund revenues by 45%. Major losses include $29 billion from exemptions for employer-provided medical care and pensions, $5.5 billion for Social Security benefits, and $5 billion for capital gains on inherited properties.

Despite the staggering total, the Legislature rarely reviews these loopholes. Advocates argue that California's budget discussions should include a closer examination of these off-budget expenditures to ensure they reflect the state’s priorities. Without action, hidden tax breaks will continue to quietly drain public resources.

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You affirm that you are either older than 18 years of age, or an emancipated minor, or possess legal parental or guardian consent, and are fully able and competent to enter into the terms, conditions, obligations, affirmations, representations, and warranties set forth in these Terms and Conditions and to abide by and comply with these Terms and Conditions. In any case, you affirm that you are over the age of 13, as the Website is not intended for children under 13. If you are under the age of 13, then do not use the Website—there are lots of other great websites for you. Talk to your parents about any products you want to purchase, as Taxbuzz sells its products and services to adults only.
Assignment
These Terms and Conditions, and any rights and licenses granted hereunder, may not be transferred or assigned by you, but may be assigned by Taxbuzz or CountingWorks, Inc. without restriction.
General
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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