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The Valley Current®: Tax Planning in light of Moore v. USA
Manage episode 407252248 series 3562100
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When Trump overhauled the tax code in 2017, a one-time repatriation tax was enacted on foreign earnings. Like many Americans, the Moores were invested overseas when they received a $15,000 tax bill. Since they reinvested the profit elsewhere and never realized any actual cash, the Moores are fighting the taxes and have taken their battle to the Supreme Court. As a result, the constitutionality of the 16th Amendment is now under attack and could be redefined despite SCOTUS’s reluctance to disrupt the tax code. What now qualifies as taxable income? Today host Jack Russo and CPA, Steve Rabin discuss how the Moores could have planned better to avoid this tax bill and other tax tips to consider.
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