The IRS reaches north; no questions asked about Mars minis; new on the block; and other highlights from our favorite tax bloggers.
Come to a boil
- Taxation (https://www.taxpolicycenter.org/): As Congress is locked in a debate over a major new tax and spending bill, policymakers are battling over the economic costs and benefits of many proposals. One way to measure them is through dynamic scoring, a tool that provides insight into how policy changes affect the overall economy and how those economic effects in turn impact the budget. A look at the basics.
- National Association of Tax Professionals (https://blog.natptax.com/): NATP and Drake Software are hosting “Taxes Today”, a free virtual panel discussion. First up: child tax credit advance payments, the opening of the PTIN season and updates to current legislation.
- HBK (https://hbkcpa.com/insights/): Some of the latest details on what’s inside and outside of “Build Back Better”.
- Eide Bailly (https://www.eidebailly.com/taxblog): Favorite opening of the week, in the “Tax Deal Simmers” roundup: “Something could happen this week. Or maybe not.”
- taxbuzz (https://www.taxbuzz.com/blog): Some end-of-the-year tax strategies are holding up despite creepy proposals.
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): Reminding them of their best tax moves this month, from cutting the FSA to fine-tuning the W-4.
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Insert a pun containing “high” or “pot” here: As more states legalize marijuana for medical or recreational use, the IRS has launched a cannabis/marijuana initiative to increase voluntary compliance with tax law while identifying and addressing non-compliance.
Any questions, class?
- Income Tax School (http://www.theincometaxschool.com/blog/): Current customers are gold: conventional wisdom dictates that they are generally not as expensive (or as painful) to retain as compared to securing a new customer. Is it true? Of course it is. Here’s a breakdown of the numbers.
- tax jar (http://blog.taxjar.com/): If you and your clients aren’t asking the question now, you’ll probably be asking the question soon: Can remote employees create a tax nexus?
- Solutions for CPA firm leaders (http://ritakeller.com/blog/): What often prevents a business from moving forward quickly? Try “a few partners”.
Service with a smile
- tax time (https://www.thetaxtimes.com): Northern Exposure Dept.: The IRS may obtain a Canadian couple’s bank records to aid that country’s investigation of its tax liabilities, a California federal court has heard.
- Sovos (https://sovos.com/blog/?region=united-states): The IRS has proposed reducing the required electronic filing threshold for businesses from 250 information returns to 100 for the 2021 reporting season. The proposed new regulations also change how a business determines the number of returns to be filed. be produced electronically. And final settlements on the issue are likely looming.
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The IRS has released the official draft of Proposition 7203, “S Corporation Shareholder Stock and Debt Basis Limitations,” for use in reporting the S corporation’s stock base, debt base, and allowable losses/ unauthorized.
- Procedural taxation (https://procedurallytaxing.com): A centralized partnership audit regime was enacted as part of the 2015 bipartite budget law to replace TEFRA and elect the major partnership audit regimes. A reminder of what makes BBA unique.
sweet and short
- Mutilated again (http://mauledagain.blogspot.com/: The contemporary holiday seems to continue with “The Tax Consequences of Halloween Candy Redemption Programs”. Three dollars for every pound, from a dental practice – and is part of a growing trend. I bet they’re buried in candy corn, but the question here is, does that constitute “income” for the kids? Sinister.
- Federal tax crimes (http://federaltaxcrimes.blogspot.com/): In United States vs. Lieber, the court denied a defendant’s motion to suppress statements made during an in-custody interview by FBI agents after his arrest on the original indictment charging non-tax crimes. “The review is very short and very well written.”
- Taxed subjects (https://www.drakesoftware.com/blog): Safety Summit’s Internet usage tips include Why Convenience Isn’t Always Safe and Vigorous Rounds of Spot the Scam.
new to us
- Taxconnex (https://www.taxconnex.com/blog-): This actor of tax compliance offers a buffet of beautiful articles on the subject. Recent topics cover key skills needed to manage sales tax, what’s going on with states that don’t have sales tax, and how to respond to the many notices from jurisdictions. Welcome!