Companions’ pay as a retention device; volunteering to file; the worldwide tax debate; and different highlights from our favourite tax bloggers.
The very best coverage
- Rosenberg Associates (https://rosenbergassoc.com/weblog/): Right here’s a thorny one: Ought to companions lower their comp to pay employees higher?
- Options for CPA Agency Leaders (http://ritakeller.com/weblog/): Recruiting is one factor, retention one other — and maybe a extra necessary one.
- The Tax Instances (https://www.thetaxtimes.com): Who Can Resist a Discount? Dept.: Final yr, the IRS collected greater than $245 million because of whistleblowers’ ideas, for which it made 179 awards totaling greater than $36 million.
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In Darst v. United States, Darst, who had way back been convicted of tax obstruction and failure to file returns, sought belatedly to overturn his convictions partly by compelling discovery of paperwork. One in every of them: sure statements of the IRS commissioners that “submitting a tax return is voluntary.”
- Bloomberg Tax (https://professional.bloombergtax.com/news-insights/): Teams and lawmakers advocating for Democrats’ home agenda, from clear vitality to well being care, are renewing campaigns tailor-made to their target market: Joe Manchin.
- AICPA Insights (https://www.aicpa.org/weblog): Seventy p.c of finance digital transformations fail. How one can beat these odds.
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): This week’s “You Make the Name” appears at Lisa, who in previous years has claimed the self-employed medical health insurance deduction on her Schedule C for her dog-grooming enterprise. She qualifies for Medicare this yr and wonders if fee of her Medicare premiums for Components A, B, C and D may qualify as deductible medical health insurance premiums. What do you inform her?
- Cover (https://www.getcanopy.com/weblog): With tens of millions of paperwork, damaged communication chains, endless conferences, and fixed process/device switching, an accounting agency can rapidly devolve right into a chaotic surroundings. So, how do you handle this and manage your agency?
Biased reporting
- TaxProf Weblog (http://taxprof.typepad.com/taxprof_blog/): The house mortgage curiosity deduction is greater than 100 years outdated. The deduction has been topic to growing and, at instances, withering criticism: ineffective and regressive; carrying a disparate racial affect. How, then, has the deduction continued?
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): A take a look at Juneteenth and the racial bias in tax regulation.
- Tax Vox (https://www.taxpolicycenter.org/): Senator Rick Scott, R-Florida, who as soon as proposed taxing tens of millions of low-income households that presently pay no revenue tax, has launched a new model that largely walks again these tax hikes. However whereas its particulars are even murkier than his authentic, Scott nonetheless could also be seeking to hike taxes on lots of those self same households.
Issues of consolation
- Taxbuzz (https://www.taxbuzz.com/weblog): Hey, romantic digital nomads: Once you work remotely overseas, your e mail isn’t the one factor that follows you.
- Present Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The Tax Courtroom discovered that garments bought by a nurse to fulfill an employer’s necessities that she be wearing comfy garments and in a fashion that mirrored her occupation as a nurse certified as a deductible enterprise expense.
- Henry+Horne (https://www.hhcpa.com/blogs/): What to remind them about maximizing HSA advantages.
- Wolters Kluwer (https://www.wolterskluwer.com/en/options/tax-accounting-us/industry-news): A take a look at latest ABA contributions to the Treasury and IRS Precedence Steering Plan, together with Code Sections 6662 and 1504(a) and matters in company tax, cryptocurrency, capital restoration and leasing, exempt organizations and several other different areas.
That native contact
- TaxConnex (https://www.taxconnex.com/blog-): Summer season trip time is right here. Don’t neglect to unpack the query of whether or not journey companies are taxable.
- Avalara (https://www.avalara.com/weblog/en/north-america.html): Your biz purchasers who promote on-line face extra gross sales tax wrangles than ever so as achievement.
- Mauled Once more (http://mauledagain.blogspot.com/): New Jersey’s plan to increase and revamp the state’s present Homestead Profit Program relies upon partly on refundable revenue tax credit to offset property taxes being made out there to owners and renters. Renters don’t pay property taxes so why would they be getting refundable credit? “The reply is reasonably easy.”
- Peisner Johnson (https://peisnerjohnson.com/weblog/): A take a look at Colorado’s new retail supply price.
- Sikich (https://www.sikich.com/insights/): Are you positive your biz purchasers know all they should about R&D credit at each the state and federal ranges?
- Tax Basis (https://taxfoundation.org/weblog): World wide, governments have sought to alter how company earnings are taxed in a worldwide financial system. Final yr greater than 130 jurisdictions agreed to an define of insurance policies that may change the place firms pay taxes and institute a worldwide minimal tax of 15%. 4 factors to recollect amid the worldwide tax debate.