Return of an audit; remodeling tax proposals; digital steerage; and different highlights from our favourite tax bloggers.
Retaining busy
- Nationwide Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): A once-hot development is about to look once more: the Earned Earnings Tax Credit score audit.
- HBK (https://hbkcpa.com/insights/): Idaho has joined the ranks of states which have adopted single-sales issue and market-based sourcing for taxing multistate revenue.
- CPA Development Traits (https://www.cpagrowthtrends.com/): Perhaps it looks as if everyone’s bustling nowadays at your agency — besides the marketer. One productive manner for them to remain busy is a content material audit. Listed below are 4 suggestions.
- Sikich (https://www.sikich.com/insights/): You’d be stunned what number of shoppers don’t know the mandated limits for IRA contributions. They is likely to be stunned, too, when their contributions hit the fan.
- Procedurally Taxing (https://procedurallytaxing.com): A have a look at O’Donnell v. Commissioner, by which the IRS rejected the taxpayer’s supply as not in the perfect curiosity of the federal government, “a policy-based resolution however one separate from public coverage rejection in line with the Inner Income Handbook.”
- Options for CPA Agency Leaders (http://ritakeller.com/weblog/): Wildly despairing, acutely depressing, racked with sorrow: Strive by means of one more loopy season to understand being alive.
- Bloomberg Tax and Accounting (https://professional.bloombergtax.com/news-insights/): No it’s true: There may be pleasure within the career.
Humorous issues
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): You Don’t Hear This On a regular basis Dept.: In United States v. Lucidonio, Lucidonio was charged with conspiracy counts of aiding and helping. The courtroom denied his movement to dismiss these counts, and the brief denial addresses main themes in tax crimes — a lot in order that the blogger recommends “that tax crimes followers learn the opinion. Maybe learn much more than as soon as.”
- Eide Bailly (https://www.eidebailly.com/taxblog): All of the information that matches on latest IRS doings, from backlogs to refund timing to the Worker Retention Credit score “fiasco.”
- Tax Vox (https://www.taxpolicycenter.org/): Favourite opening of the week: “A humorous factor occurred to the trillions of {dollars} of proposed tax will increase on companies and high-income households that have been excessive on the agendas of President Biden and congressional Democrats only a 12 months in the past: They appear to have, not less than for now, fallen right into a deep Capitol Hill gap.” All just isn’t misplaced for exercise on Capitol Hill, although, as these proposals have been changed by discuss of billions in tax cuts for companies and high-income households.
- Mauled Once more (http://mauledagain.blogspot.com/: How tax reductions and suspensions will discourage folks from taking steps to cut back demand for gasoline. As demand is a component in the price of something, the outcome could also be costs shifting in an unintended course.
Questions, class?
- Taxbuzz (https://www.taxbuzz.com/weblog): Stims, infrastructure, confusion: What does the tax scene appear to be going ahead?
- Tax Professional Heart (https://proconnect.intuit.com/taxprocenter/): Within the cloud or in your closet? What goes into deciding the perfect tech answer to your agency?
- Taxing Topics (https://www.drakesoftware.com/weblog): New info on the up to date IRS FAQs web page relating to 2020 unemployment compensation exclusion revolves round delayed funds of unemployment compensation. For instance, if a taxpayer was unemployed in 2020 however funds have been delayed till 2021, does the taxpayer nonetheless qualify for the exclusion?
- Cover (https://www.getcanopy.com/weblog): Providing shopper accounting/advisory providers is actually rebranding the connection together with your shoppers. Evolving tech and a distant workforce make it simpler to advise proactively. Do you have to?
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): On this week’s “You Make the Name,” does a taxpayer who didn’t beforehand qualify as an actual property skilled however who now does beneath Sec. 469(c)(7)(B) report long-term rental revenue on Schedule C as a substitute of on Schedule E?
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