Bumps forward; Airbnb dangers; the case for the CTC; and different highlights from our favourite tax bloggers.
No sugarcoating
- Nationwide Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): Favourite opening of the week, within the wake of the Advocate’s current report back to Congress: “There is no such thing as a strategy to sugarcoat the yr 2021 in tax administration.”
- Taxable Discuss (http://www.taxabletalk.com/): Do Not Save the Date Dept.: “Frozen Returns” seems to be at what merry mix-ups happen in case your shopper occurred to file for extension on precisely final Might 17.
- Tax Basis (https://taxfoundation.org/weblog): The “bumpy” season launches with twin main challenges awaiting taxpayers: a second yr of navigating pandemic-related tax aid and IRS backlogs which are changing into mythic.
- Palm Seashore Accounting and Monetary Providers (https://www.pbafs.com/weblog): What else to remind them about what to remember for this season particularly.
- Tax Warriors (https://www.taxwarriors.com/weblog): What to remind them about estimated funds, together with a transparent breakdown of secure harbor pointers.
- Taxpro Heart (https://proconnect.intuit.com/taxprocenter/): Earlier than your consideration will get fully diverted by all the must-dos in your record, take a while to reassess the place you might be in your profession, your apply and your life.
- TaxProf Weblog (http://taxprof.typepad.com/taxprof_blog/): Martin Luther King Jr. is the one individual to have ever been tried for perjury with reference to state earnings taxes in Alabama.
- John R. Dundon II EA (https://www.johnrdundon.com): Now that the Construct Again Higher “framework” has evidently been shelved, there’s no higher time for property tax and legacy plans.
- Tax Vox (https://www.taxpolicycenter.org/): Florida Governor Ron DeSantis desires to make use of $1 billion in ARP funds to droop the state’s gasoline tax for 5 months. The blogger contends that suspending the gasoline tax is a nasty thought — and that “funding a gasoline tax suspension with federal funds meant to handle a public well being disaster, in the course of the omicron wave, in one of many pandemic’s hardest-hit states, is…nicely, relatively Florida.”
Squeezeworthy
- HBK (https://hbkcpa.com/insights/): Airbnb and VRBO present property house owners entry to a worldwide market of vacationers and different vacationers searching for short-term leases and keen to pay high greenback for a luxurious expertise. House owners usually go above and past for his or her company with companies not typically included with longer-term leases. Does the tax danger related to these companies depart property house owners questioning whether or not the juice is well worth the squeeze?
- Options for CPA Agency Leaders (http://ritakeller.com/weblog/): In altering occasions and an evolving office, does a CPA agency all the time simply want CPAs?
- CPA Development Developments (https://www.cpagrowthtrends.com/): What high-growth companies need in a marketer these aggressive days.
- Sikich (https://www.sikich.com/insights/): What building shoppers ought to search for in enterprise useful resource planning, together with how to economize and discover the suitable associate.
- Taxjar (https://www.taxjar.com/sources/weblog): The best way to deal with gross sales tax and refunds.
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Pursley, the courtroom reversed a judgment of conviction on conspiracy and tax evasion counts due to a few statute of limitations goofs.
New concepts
- Turbotax (https://weblog.turbotax.intuit.com): Whip this one on ’em: “Do you know you might be able to declare your sofa potato good friend as a dependent?”
- Sagenext (https://www.thesagenext.com/weblog): The highest rising cybersecurity challenges embody new phrases like “phish,” new makes use of of previous phrases like “cloud” and an emblem we’re unsure we’ve seen earlier than.
- Mauled Once more (http://mauledagain.blogspot.com/: An economics professor and his pupil argue for “biennial submitting and assortment of taxes,” wherein People would pay taxes not annually however as soon as each two years. The blogger’s response: “They assume People pay taxes annually?”
- Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): In six months, the improved Youngster Tax Credit score decreased the variety of kids dwelling in poverty 40%. ITEP estimated that the lowest-income 20% of households with kids would obtain a 35% earnings increase from this coverage alone in 2021. The “compelling information and ethical case” for persevering with the CTC enlargement.
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): On this week’s “You Make the Name,” Jack and Diane tried to make a rollover to a conventional IRA for $325,000 right into a tax-free occasion. The IRS examined the return and decided it was a taxable occasion, leading to $135,000 of assessed tax legal responsibility. The IRS collected the evaluation via two levies in June 2013. Jack and Diane disagreed with the IRS’s characterization of their tried rollover. On the final day to file a well timed refund declare, their preparer, John, positioned their declare within the common mail utilizing a U.S. postage stamp. A number of months later John checked the standing of the declare and the IRS indicated it had no report the declare was obtained. John then forwarded a duplicate of the unique file for refund. The IRS denied the declare on the idea that this declare was not well timed filed. Do Jack and Diane have recourse?
- Avalara (https://www.avalara.com/weblog/en/north-america.html): Are you prepared for the seventh version of the World Customs Group Harmonized Tariff Schedule? It’s right here.