Infrastructure and crypto; how pros would tackle tax policy; withholdings and non-resident employees; and other highlights from our favorite tax bloggers.
- Taxable Talk (http://www.taxabletalk.com/): An “evergreen post” indeed: “IRS Sending Erroneous Balance Due Notices.”
- Taxbuzz (https://www.taxbuzz.com/blog): In the latest chat, tax pros across the country tell what they would do if they were in charge of tax policy. Topics include taxing unrealized gains, family leave, runaway inflation and the reluctance of Americans to return to the workforce.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Another favorite opening: “Now that e-filing is universal, the rules of the law are, for many taxpayers, the code of the tax software, not in the Internal Revenue Code.” But the existence of the e-prep industry “creates great opportunities for the IRS to leverage its relationship with this private sector group to improve the tax return filing experience for many taxpayers. The existing voluntary relationship between the IRS and the industry is likely no longer viable.” A blueprint for government-supervised self-regulation that can solve the problems with the new kind of tax code.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): True in business (and truer in every moment of life): “Why are decisions so difficult to make, and how can we ensure we arrive at the most beneficial outcome?”
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): This lowdown on the infrastructure opus focuses on taxes.
- Gordon Law (https://gordonlawltd.com/blog/): The recent big deal’s impact on crypto “will give the IRS more tools to enforce cryptocurrency tax requirements. It could also cause the DeFi ecosystem to implode within the U.S., depending on how the U.S. Department of the Treasury ends up translating the law into the United States Tax Code.”
- Tax Vox (https://www.taxpolicycenter.org/): The House Democrats’ latest plan to adjust the cap on the SALT deduction would “provide little or no benefit for low- and middle-income households but generate a substantial tax windfall for those with much higher incomes,” according to a new analysis.
- Boyum & Barenscheer (https://myboyum.com/blog//): How your biz-owning clients can conform with the Corporate Transparency Act, the latest law intended to foil financial crime.
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): Another look at the new retirement contribution numbers for next year.
- Tax Foundation (https://taxfoundation.org/blog): And now for Build Back Better.
Doesn’t have accrue
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): Following its turnover in collections agencies, the IRS has steps to address uncertainty among affected taxpayers.
- Procedurally Taxing (https://procedurallytaxing.com): The IRS discusses interest accrual on an overpayment when a foreign corporation may have no obligation to file a U.S. income tax return — but eventually does so to claim a refund relating to withholding taxes. Does interest accrue from the due date of the return — or from the later date when the corporation filed a processable return?
- Turbotax (https://blog.turbotax.intuit.com): What to remind them about the tax benefits of having dependents.
The rush is on
Just so you know
- Parametric (https://www.parametricportfolio.com/blog): Is it better to donate cash or stock? A look at the after-tax benefits of both methods — plus a third option your charity-minded clients might not have considered.
- Taxing Subjects (https://www.drakesoftware.com/blog): This tech series kicks off with three basic ways to run software in a practice.
- Canopy (https://www.canopytax.com/blog): It’s impossible to keep up with all the marketing tools social media claims to offer, and this cut-through-it tutorial looks at leveraging one that often slips the mind: LinkedIn groups.
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): The District Court finds in United States v. Solomon, a non-willful FBAR collection suit, that the FBAR penalty statute of limitations is waivable and the non-willful penalty is per account.
- Avalara (https://www.avalara.com/us/en/blog.html): Last month’s sales tax developments.
- Sagenext (https://www.thesagenext.com/blog): What you need to know about QuickBooks Web Connector.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): Favorite opening of the week: “It might come as a shock to learn that tax preparers are not federally regulated.” Might not, too, but here are the advantages of completing the IRS voluntary Annual Filing Season Program.
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Since a lot of your work already falls into the “advisory” category, why not add tax advisory and turn your practice into a year-round one?