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public offers; a second soda tax mess; never fail to procrastinate; and other highlights from our favorite tax bloggers.

Pay attention to your FAQs

  • Current Federal Tax Developments ( A look at the new salary page question on schedules K-2 and K-3 for 1065, 1120-s and 8865: “Does the IRS provide additional exceptions for the tax year 2021?”
  • Sovos ( The correct tax treatment of travel insurance.
  • tax time ( Does reliance on IRS FAQs provide reasonable cause?
  • Henri+Horne ( An overview of recent major changes to the GILTI form, starting with the addition of an Appendix B.
  • taxbuzz ( Over the past few decades, the IRS has become a convenient way to cut the federal budget, resulting in less staff to chase down tax evaders. The passage of the Infrastructure Bill and the potential passage of the Build Back Better Bill have greatly improved the chances that the agency will actually be strengthened – as has its enforcement.
  • John R. Dundon II EA ( Favorite Opening of the Week: “”Understanding Schedule M-2 on IRS Forms 1120 and 1120-s is brought to you from the back passenger seat of [the blogger’s] Toyota Sienna when returning to Fort Collins, Colorado…”The M-2 is getting more and more attention these days, as one of the places where non-taxable income is reported, which, incidentally, is due to the plethora of Paycheck Protection Program loan forgiveness programs for small business owners, has “arrived in droves”.
  • Taxed subjects ( It seems the IRS wants students to be a little smarter about their scholarships and any emergency grants they may have gotten due to the pandemic: the agency has updated its FAQ on its Higher Education Emergency Grants webpage.
  • Procedural taxation ( Would making accepted offers public save the IRS money while increasing transparency? If so, has anything been done to advance this previously floated idea?

Everything you want to know

  • tax jar ( Sales tax due dates for the month of March.
  • HBK ( General advice for your industrial customers during these troubled, inflationary and chaotic supply chain times.
  • sikich ( Over the past 17 years, there has been a 140% growth in remote work with non-freelancers. With that in mind, who really knows what the term “modern workplace” really means?
  • Don’t Mess With Taxes ( “With taxes, unlike the weather, there is possibility of change. Really.” Have you ever considered becoming a member of the Taxpayer Advocacy Panel?
  • Mutilated again ( Seattle’s soda tax has “gone horribly wrong,” meaning at least one city has emulated what the blogger observed in Philadelphia two years ago.
  • TaxMama ( Everything you want to know about the Registered Agent Exam for 2022-23.
  • Eide Bailly ( All the news that goes with it on SALT-y and sweets (tax cuts).
  • canopy ( CAS, CAAS, advisory accounting, accounting and advisory services – whatever you call it – involves the transition to advisory accounting services rather than a compliance-focused service. But what exactly East this?

Proposals and Lawsuits

  • Tax and Accounting Bloomberg ( Blogger is betting (and would win) that we could all easily list two or three tasks, probably customer-related, that we put off because we don’t know the answer or don’t know who to ask. Fortunately, recent research suggests that not completing a task initially can increase your motivation to complete it later.
  • Federal tax crimes ( Two recent cases have evoked memories of criminal prosecutions for promoters of abusive tax shelters: United States vs. Daugerdas and Larson v. Commissioner.
  • Tax foundation ( Ohio lawmakers have proposed to phase out the state gross receipts tax over five years. Ohio’s tax was introduced in 2005 as part of a tax reform that reduced and consolidated taxes on businesses and one of the few gross receipts taxes still levied in the country. “These taxes are particularly uncompetitive,” the blog notes, “discourage investment in the state and lead to inefficient business decisions decoupled from economic merit.”
  • Institute on Taxation and Economic Policy ( Several policies could address the harsh impact of inflation on Americans. A proposal by a group of Senate Democrats to grant a “holiday” from the federal gas tax until the end of the year is not one of them.