End-of-Year Tax Tales 2024

Pig Butchering: A New Low in Scams

"Pig butchering" is a recently emerged online scam that combines elements of other scams. It starts with a seemingly innocent approach on social media or through a text message. The scammer builds a relationship with the target, often expressing interest in cryptocurrency trading. They诱导the victim to invest, leading to a fake platform that shows the victim's "earnings." However, when the victim attempts to withdraw, they encounter various fees and excuses, bleeding them dry of funds.

Stadium Funding Saga: Minor League Teams' Survival Struggle

Minor league baseball teams are facing challenges in funding stadium upgrades, due to stricter political regulations and shifting fan demographics. While some teams have managed to secure funding, others are forced to relocate or face closure. The return on investment for stadium deals is increasingly questioned, as cities struggle to justify tax breaks for wealthy team owners.

Christmas Stress No Excuse for Late Tax Payments

An Austrian taxpayer who claimed Christmas stress as a reason for late tax payment was denied a waiver by the Federal Tax Court. The court argued that failure to pay on time is unacceptable, regardless of personal circumstances.

U.K. Food Fight: Edible Categories and VAT

The U.K. has produced several interesting tax rulings on food classification. Marshmallows, flapjacks, and food bars have been the subject of debates involving the distinction between confectionery (standard-rated for VAT) and food (zero-rated). These rulings provide clarity for businesses and consumers alike.

"The nature of the product, placement in grocery stores, packaging, marketing, and the viewpoint of a typical consumer are all taken into consideration when determining whether an item falls under the confectionary exception."
- Kiarra M. Strocko, Tax Notes Legal Reporter

Keep Current with Taxes During the Holidays

As we approach the holiday season, it's important to prioritize tax payments, regardless of the stress or distractions surrounding this time of year.