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Biggest Training Mistakes; yet another reason to raise taxes; the court looks back; and other highlights from our favorite tax bloggers.

Of trash cans and bogdowns

  • Taxable conversation ( The Treasury Inspector General’s interim report for the tax administration on the season inspired nothing but warm blurs. “Instead, we end up with more of the same: lots and lots of items lying around in bins (both virtual and real).”
  • tax time ( It seems that calls from the IRS are taking longer (and longer) to close cases. It also seems that the word “langui” was widespread.
  • Institute on Taxation and Economic Policy ( It would be an exciting mid-year on its own, for sure. It turns out that across the country, taxes add a lot of spice to the stew.
  • National Taxpayer Advocate ( They can operate legally in many states, but marijuana-related businesses still face big challenges when it comes to federal income tax law.
  • Eide Bailly ( All matching news regarding the hazy fate of future tax legislation, as well as Washington’s action on housing costs and the IRS document destruction rampage.
  • Rosenberg Associates ( Years of consulting with accounting firms helped produce these “12 Practice Management Mistakes”. First part of three. (Just three? …)
  • TaxProf Blog ( Can anti-racism revamp state and local tax systems?

Universally recognized

  • Taxed subjects ( Time flies when so does the debris: Tax tips for hurricane season.
  • Mutilated again ( It is a universally recognized truth that there are all sorts of reasons why taxes go up. Corsica, Pennsylvania recently faced a proven problem with its property taxes: embezzlement.
  • Rubin on tax ( It is well established in Florida that an estate is vested in husband and wife as one person, and neither spouse can sell, confiscate, or encumber any part of the estate without the consent of the other. , neither one of the spouses may lease it or contract for its disposal without such consent. What happens if this is violated?
  • canopy ( An overview of a recent study on client satisfaction when accountants use the latest technology.
  • Sovos ( Why can’t we ship alcohol via the USPS.

Adventures and headaches

  • Gordon’s Law ( Favorite opening of the week: “Ignoring your IRS debt won’t make it go away.” Something to remind them of the tax privileges.
  • National Association of Tax Professionals ( This week’s “You Make the Call” takes a look at your newest clients James and Charles, who brought their W-2s and Declarations of Interest – along with documentation of their non-fungible token activity. You need more time to research the matter, so you have extended their returns and now need to determine if their activity generated taxable income and, if so, how much and of what kind. James bought two Ethereum coins on the Ethereum blockchain for $7,500 in November 2021. He traded the ETH coins the following month for an NFT from his favorite New York Knick worth $8,000. Charles received two NFTs as tokens in a “play to win” game in December 2021. He does not know the fair market value of his NFTs as of the date of grant. How do you calculate the results of these two activities to complete the pair’s 2021 returns?
  • HBK ( An overview of recently released IRS regulations that may affect some clients’ gifting strategies, particularly if they tried to use the increased estate exclusion amount before its scheduled drop in 2026.
  • Avalara ( If you have clients who have employees working in other countries, who gets the fun ride and who gets most of the tax headaches?
  • Henri+Horne ( Something to remind them of the tax concerns when buying a first home.
  • TaxConnex ( Five crucial elements of sales tax compliance for your customers who sell online.
  • taxbuzz ( Upcoming increases to HSA contribution limits.
  • John R. Dundon II EA ( An update on recent Colorado legislation includes sales tax assistance for small businesses and SALT parity.

Agree to disagree

  • In summary ( Small and medium-sized businesses may not see governance as important, but research shows that good governance improves SME performance.
  • Current Federal Tax Developments ( In Rogerson v. Commissioner, the taxpayer argued that, following a reorganization of S Corporation which he wholly owned into multiple corporations, he had no material involvement in the activities of any of these resulting corporations for three years following the reorganization . Maybe, but the IRS disagreed.
  • Procedural taxation ( An often contentious issue is whether and when a statement is deemed to be filed for the purposes of starting the SOL upon assessment. A glance Quezada vs. United States and the IRS’s decision to issue an action on ruling disagrees with the Fifth Circuit.
  • Wolters Kluwer ( If a taxpayer uses an accounting method that does not clearly reflect income, the IRS may require the taxpayer to change their accounting method. In a recent case, the Tax Court ruled that the taxpayer’s accounting method clearly reflected income and that the IRS had abused its discretion by requiring a change. Of particular interest here: The Tax Court supported its appeal with a thorough discussion of the law and rulings regarding the authority of the IRS and its own history.