What’s improper with the IRS?; classes from court docket; a brand new weblog; and different highlights from our favourite tax bloggers.
Room for enchancment
- Taxbuzz (https://www.taxbuzz.com/weblog): It’s been no secret that the IRS has been underfunded — to not point out understaffed — for fairly a while. All of this appeared to return to a head earlier in 2021, when unprecedented delays and large backlogs prevented thousands and thousands of individuals from getting essential refunds. So the one query is an ongoing one: What’s occurring on the IRS?
- Procedurally Taxing (https://procedurallytaxing.com): Within the wake of a TIGTA report on Earned Revenue Tax Credit score audit procedures’ “room for enchancment” within the IRS communication and training technique, visitor blogger Anna Gooch highlights ongoing discussions of the IRS’s communication and training technique between TIGTA, the IRS and stakeholder teams.
- Mauled Once more (http://mauledagain.blogspot.com/: The newest lesson courtesy of sleezeballsville? Along with being cautious in choosing a tax return preparer, be simply as cautious when getting tax recommendation from somebody who shouldn’t be a tax skilled.
- Parametric (https://www.parametricportfolio.com/weblog): How tax-loss harvesting will also be utilized to fastened earnings individually managed accounts.
- Taxpro Heart (https://proconnect.intuit.com/taxprocenter/): Mapping your advisory workflow is the important thing to recognizing gaps and alternatives for automation and consumer collaboration. Your mileage might range, however the objective is to standardize the method.
- Strategic Advisor (https://strategicadvisor.liveplan.com/): Worth-based pricing for advisory companies has grown from a buzzword into an essential (and worthwhile) technique for accountants. However switching from an hourly or fastened worth mannequin to value-based pricing is usually a problem. Two business veterans assist discover the advantages of value-based pricing and navigate the challenges all through the transition.
- CPA Development Traits (https://www.cpagrowthtrends.com/): Zooming in to see a prospect now received’t minimize it in lots of circumstances. That’s led to elevated demand for instruments to assist facilitate the gross sales cycle. Listed below are some that savvy companies and enterprise improvement execs are utilizing to extend their effectiveness.
- Taxing Topics (https://www.drakesoftware.com/weblog): The months main as much as submitting season are filled with learning tax legislation adjustments, studying software program updates, coaching seasonal employees, and — after all — the vacations. It’s simple to overlook some of the essential substances for a tax enterprise: an up-to-date information safety plan. This webinar will assist dot this essential I.
- The Tax Instances (https://www.thetaxtimes.com): FinCEN has issued proposed regs implementing the helpful possession data reporting provisions of the Company Transparency Act. They tackle, amongst different issues, who should report helpful possession data, when it have to be reported and what it should embody.
- TaxProf Weblog (http://taxprof.typepad.com/taxprof_blog/): A chronological itemizing of all of the “Classes From The Tax Courtroom” posted in 2021.
The sport’s afoot
Forks within the highway
- Eide Bailly (https://www.eidebailly.com/taxblog): This “put a fork in it” roundup appears to be like on the newest on the Construct Again Higher invoice.
- Sovos (https://sovos.com/weblog/?area=united-states): The Massachusetts legislature has swiftly (and surprisingly) adopted a brand new legislation easing the gross sales and use tax compliance burden of their new “Advance Cost” requirement that was imposed on sure giant taxpayers.
- Rubin on Tax (http://rubinontax.floridatax.com/): In 2000, the blogger wrote a few case the place a taxpayer didn’t report a number of overseas accounts on an FBAR. The query for the court docket was whether or not the $10,000 penalty for a non-willful failure to file meant $10,000 per return not filed or $10,000 per account not reported on the return. The court docket held the penalty is predicated on a per return, not filed, foundation. The fifth Circuit Courtroom of Appeals has reversed the trial court docket and allowed the penalty to be imposed per account — and vastly elevated the penalties for the taxpayer.
- TaxConnex (https://www.taxconnex.com/blog-): The month’s roundup of gross sales tax information.
- Sikich (https://www.sikich.com/insights/): State tax entity election updates for 12 months’s finish, with a concentrate on Illinois.
- Palm Seashore Accounting and Monetary Companies (https://www.pbafs.com/weblog): Topics to remind them about as submitting season looms already embody required minimal distributions and the alphabet soup of credit on the market.
New to us
- Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): This nonprofit, non-partisan group conducts analyses of tax and financial proposals and recommends “how you can form equitable and sustainable tax programs.” Current weblog entries cowl Little one Tax Credit score and EITC provisions earlier than Congress, the state tax naughty or good checklist, and the way pandemic insurance policies present the federal government can tackle earnings inequality if it needs to. Welcome!