Hi there,

We took a little break to recharge, and we’re back! As we end the year, we’d like to wish you a Happy and Safe Holidays from all of us at ASO Financial. As we cool down and relax for the holidays, here’s your top 3 tax insights for the holidays.

1. Hunter Biden's Tax Issues.

Hunter Biden missed declaring a whopping $1.4 million income from 2016 to 2019, landing him in hot water with a potential 17-year prison sentence. The twist? Some claim it's a political witch-hunt, given his dad's prominence and the looming election. The money in question traces back to gigs with a Chinese fund, a Ukrainian energy firm, and a law office. But wait, there's more: Hunter's also accused of cooking the books with fake deductions and sneaky payroll dodges.

In an intriguing turn, two IRS insiders blew the whistle, claiming political puppet strings in the Justice Department. Though someone else has now footed Hunter's hefty tax bill, it's a cautionary tale: High profile or not, playing fast and loose with tax returns can land you in serious trouble. The lesson? When it comes to taxes, honesty is more than just the best policy—it's the only one.

2. The $10,000 Question: Business or Pleasure?

Dive into the juicy Hunter Biden saga, and you'll find a headline that screams clickbait: A $10,000 sex club membership claimed as a business expense. But let's swap the setting to a golf club, frequented solely for business pow-wows. Is this swanky membership fee tax-deductible? Not a chance! Even if every tee-off was a client schmooze fest, the IRS would still say, "No way!"

Flashback to pre-2018: The good old days when you could write off your golf rounds and game tickets as business expenses. Post-Tax Cuts & Jobs Act? That's a firm no-go.

But here's a loophole - if you're wining and dining at these events for business (hello, client meetings over canapés), that's a green light for deductions. And for a real tax-savvy move, if these expenses are for staff shindigs (think: holiday parties), the IRS will give you a thumbs up for a full write-off. Business entertainment isn't all lost – it's just got a new rulebook.

3. Supreme Court Showdown: Taxing Times Ahead?

Strap in for a Supreme Court rollercoaster: Moore v. United States is the main event, putting the spotlight on a head-scratcher of a tax case. We're talking about the big bucks here – taxes on past foreign earnings of U.S. companies and the dicey domain of taxing 'unrealized' income.

Rewind to 2017 and enter the Repatriation Tax, a one-off levy on the untapped profits of foreign firms from the '86-'17 era, nestled under U.S. ownership. Firms had the option to report these earnings in their 2017 or 2018 tax filings, even spreading the payments over time.

Why's this a big deal? The outcome could shake up the tax scene, potentially triggering refunds for the taxed companies and influencing the debate on wealth tax proposals like Ron Wyden's. The verdict's due by mid-next year, so we're all on the edge of our seats. How this unfolds could rewrite the playbook for corporate taxes and beyond. Stay tuned – tax history might just be in the making.