MIchelle C Herting CPA, ABV, AEP

Oopsie

Bad tax advice on social media leads to $162M in IRS penalties The Internal Revenue Service has hit taxpayers with over $162 million in penalties for claiming fraudulent tax credits touted on social media.

https://www.accountingtoday.com/news/billionaires-saw-lower-effective-tax-rates-than-most-of-us?utm_campaign=NL_ACT_Tax_Pro_Today_08262025&position=1&utm_source=newsletter&utm_medium=email&campaignname=NL_ACT_Tax_Pro_Today_08262025&oly_enc_id=8686A7296156D7S

Billionaires paid lower effective tax rates than most of US The total effective tax rate for the 400 wealthiest Americans was lower than the general population, according to a new study.

The jaws of stagflation are wide open, per Bloomberg:

You might want to make sure your medication is not on the list.

The FDA Let Substandard Factories Ship These Medications to the U.S. ProPublica identified more than 150 products that were exempted from import bans since 2013. Our list provides the names of the drugs or ingredients and their manufacturers, many of which are no longer banned.

The IRS has had 7 so far this year.

They can't govern. Chaos.

Trump removes Billy Long as IRS commissioner less than 2 months after his confirmation President Donald Trump has removed former U.S. Rep. Billy Long as IRS commissioner less than two months after his confirmation, a White House official said Friday. Treasury Secretary Scott Bessent will serve as acting commissioner, the official said. The Senate confirmed Long on a 53-44 vote despite...

We lowered taxes on the wealthy. It didn’t trickle down. It didn’t lower prices.

This chart gets even crazier when you realize that trickle-down economics started around 1986 and hasn’t really been addressed since.

The ‘great wealth transfer’ is coming. Many people will be rich — but they’re not ready. — MarketWatch Inheriting money is one thing; keeping it is another

https://www.ctinsider.com/business/article/julie-jason-inheritance-tax-irs-20774563.php

Julie Jason: An IRS tool for inheritance tax questions can help Using the IRS tool can help, but it won’t answer all your questions. It's best to work with a lawyer in the end.