Greatest offenders; issues with reduction; what to do that yr; and different highlights from our favourite tax bloggers.
Take discover
- Taxable Discuss (http://www.taxabletalk.com/): Time as soon as extra to call the Tax Offender of the 12 months — and in 2021 loads of people, companies and organizations strove for the prize.
- The Tax Occasions (https://www.thetaxtimes.com): FinCEN has amended a Financial institution Secrecy Act regulation to take away obsoleted civil penalty language.
- Sovos (https://sovos.com/weblog/?area=united-states): Updates as they arrive in relating to the IRS including the 1099 NEC to the Mixed Federal State Submitting program, with the intention of relieving the necessity to file 1099s immediately with states.
- Taxing Topics (https://www.drakesoftware.com/weblog): Taxpayers who took benefit of some reduction measures throughout earlier darkish days of the pandemic are reminded that it’s now time to pay up. For some, the a part of their 2020 Social Safety tax invoice they have been in a position to delay to 2022 was due Jan. 3 — and the IRS says the brand new deadline will apply even when an affected employer or particular person didn’t get the IRS discover.
- HBK (https://hbkcpa.com/insights/): Hurry Hurry Dept.: The IRS has issued new submitting necessities to cut back audits on the R&D credit score by requiring taxpayers to report “particular and detailed” data. The grace interval for this requirement continues till Jan. 10, with new necessities going into impact the subsequent day. (Notice: The necessities apply just for amended returns.)
- Present Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): A possible drawback arose for S companies that acquired Paycheck Safety Program mortgage forgiveness and which then had amassed earnings and income. Find out how to classify the bills paid with the PPP mortgage within the amassed changes account? A Twitter put up by CPA Dan Chodan factors out that the IRS now has steering on this situation.
- Taxjar (http://weblog.taxjar.com/): “Seven Frequent Gross sales Tax Submitting Errors to Keep away from” kicks off with the phrases “late” and “in no way.”
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): The Biden White Home says a current govt order will make coping with federal companies simpler — together with, a minimum of in concept, the IRS.
Sheer dimension
- Tax Vox (http://taxvox.taxpolicycenter.org): Simply primarily based on its sheer dimension and scope, the Biden Construct Again Higher agenda was all the time more likely to shrink because it made its approach by means of Congress. However for months Biden and congressional Democrats shall be unable to reverse the speed cuts within the Tax Cuts and Jobs Act. How did rolling again President Trump’s signature TCJA, a giant pillar of the Democratic platform, go by the wayside?
- Procedurally Taxing (http://www.procedurallytaxing.com/): One of the crucial important tax instances of 2020 was Oakbrook Land Holdings, involving a problem to rules in a conservation easement deduction dispute. In Oakbrook, the Tax Courtroom held that the regulation was correctly promulgated. This visitor weblog by Monte Jackel of Leo Berwick discusses one other case, Hewitt, out of the 11th Circuit, the place the appellate court docket reached a special conclusion.
- CPA Progress Developments (https://www.cpagrowthtrends.com/): Advertising and marketing groups in skilled service companies are driving a digital revolution. What used to usually be extra a gross sales assist position for companions has morphed into a job accountable for attracting and qualifying new prospects. The way it’s now key to get agency buy-in to assist new and ongoing initiatives.
And we’re off …
- Options for CPA Agency Leaders (http://ritakeller.com/weblog/): Time sufficient eventually?
- Taxpro Middle (https://proconnect.intuit.com/taxprocenter/): Three issues you are able to do to start out this season proper, starting with higher communication with purchasers.
- Taxbuzz (https://www.taxbuzz.com/weblog): What to remind them about unemployment and taxes.
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): On this week’s “You Make the Name,” Jessica and Nathan, a divorced couple, have one youngster, Lillian, 4. Jessica and Nathan alternate tax years for claiming Lillian as a dependent. In 2020, Jessica claimed Lillian and acquired Youngster Tax Credit score funds totaling $1,800 in 2021. When Jessica recordsdata her 2021 return, her AGI is $50,000 with a standing of single, since she isn’t the custodial dad or mum in 2021. She heard in regards to the reimbursement safety and desires to understand how a lot, if any, of the superior CTC she’ll must repay.
- AICPA Insights (https://www.aicpa.org/weblog): Creating the inclusive workplace for hard-of-hearing accountants.
- Bloomberg Tax and Accounting (https://professional.bloombergtax.com/news-insights/): Tax professionals to observe on social media this yr.
- Cover (https://www.getcanopy.com/weblog): A take a look at 10 accounting commerce exhibits to hit this yr.
- The Wandering Tax Professional (http://wanderingtaxpro.blogspot.com/): The yr that was on the whole in taxes, half 2.
- TaxConnex (https://www.taxconnex.com/blog-): The yr that was in gross sales tax, growth by growth.