Don’t look forward to a succession plan; ID.me looms; what the CBO sees for the subsequent decade; and different highlights from our favourite tax bloggers.
Expectations
- Henry+Horne (https://www.hhcpa.com/blogs/): When honesty is the coverage: “Periodically, IRS will report on ‘What You Can Anticipate’ while you work together with them for sure issues” this weblog begins, including on the finish, “excessive expectations these is probably not.”
- Tax Professional Heart (https://proconnect.intuit.com/taxprocenter/): A crash course (so to talk) on the tax fundamentals of cryptocurrency.
- Gordon Regulation (https://gordonlawltd.com/weblog/): All people is aware of a whole lot of of us fail to file their 1040 yearly, however right here’s what to remind them about FBAR.
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): Whereas we’re on the topic, this week’s “You Make the Name” seems at Zoe, little one of Theo and Camille. All three have financial institution accounts within the international nation the place Camille grew up. The dad and mom have been including to Zoe’s checking account yearly, and it now exceeds $10,000. Zoe, a minor, isn’t required to file a 1040; Theo and Camille wish to know if they’ll report Zoe’s international checking account on their very own FBAR FinCEN Kind 114. What do you inform them?
- Tax Vox (https://www.taxpolicycenter.org/): Company tax revenues boomed final yr, and a few supporters of the Tax Cuts and Jobs Act preserve that the large tax reductions within the invoice deserve the credit score. A significantly better clarification: Final yr’s sturdy financial development, excessive inflation and pandemic-related reduction laws elevated each company income and the taxes companies paid.
- Sovos (https://sovos.com/weblog/?area=united-states): Your retail purchasers may be wading fairly far into the weeds in the case of gross sales tax compliance. What to remind them about and methods to assist them with the method.
- John R. Dundon II EA (https://www.johnrdundon.com/): A have a look at one state’s “euphemistically” named SALT Parity Act, together with fairly a little bit of detailed drilldown.
Critical, summer time and collection
- Bloomberg Tax (https://professional.bloombergtax.com/news-insights/): The Highlight collection continues with Invoice Colgin, accomplice at regulation agency Holland & Hart, who litigates advanced, high-stakes federal tax controversies sometimes in worldwide tax, switch pricing, financial substance and different high-profile areas of tax dispute.
- Rosenberg Associates (https://rosenbergassoc.com/weblog/): This newest within the collection on follow administration blunders kicks off with ready till the final minute to create a succession plan.
- Cover (https://www.getcanopy.com/weblog): This summer time, the IRS will transition its on-line providers for tax professionals to third-party authentication software program firm ID.me. What does that imply for accountants?
- Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): Even because the temps tick up, the temperature in state legislatures has fallen barely. Nonetheless, a number of states nonetheless coping with ongoing tax and finances points may make this summer time a scorcher for tax debates. Right here’s a preview, beginning with South Carolina, Minnesota and California.
- Procedurally Taxing (https://procedurallytaxing.com): McAuliffe v United States places severe limits on what the IRS may get away with simply due to the pandemic.
Inconvenient truths
- Taxing Topics (https://www.drakesoftware.com/weblog): IRS hoops to remind your purchasers about if they need tax-exempt standing.
- TaxConnex (https://www.taxconnex.com/blog-): Your purchasers who promote by means of a number of channels face some extra-special wrinkles in gross sales tax compliance. A have a look at retailers, wholesalers and drop-shippers.
- Taxjar (https://www.taxjar.com/assets/weblog): Worldwide sellers have a number of steps to take concerning gross sales tax earlier than they fight their wares within the U.S. of A.
- Tax Basis (https://taxfoundation.org/weblog): Three takeaways from the not too long ago launched, lengthy overdue Congressional Finances Workplace report on the nation’s finances and financial outlook for the subsequent 10 years.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Taxpayers aren’t the one ones that may take it on the fiscal chin in the event that they fail to double-check the mathematics. Simply ask one taxing district in Lexington, Kentucky, which misplaced about $200,000 in tax income over eight years when the paperwork switch of 53 properties wasn’t proper.
- Options for CPA Agency Leaders (http://ritakeller.com/weblog/): Blogger Rita Keller conveys a tough however unavoidable actuality: “Too many individuals working in public accounting assume they’re crucial to the agency, that the agency can’t probably go on with out them. Then they go away for one purpose or one other and, in a couple of week or two nobody even offers them a second thought.” Develop your transition plan — and observe it.
- Boyum & Barenscheer (https://www.myboyum.com/weblog/): One other potential minefield on your nonprofit purchasers: quid professional quo donations, which might ignite reporting obligations and unwelcome IRS consideration.
Get good
- Summing It Up (http://weblog.freedmaxick.com/summing-it-up): A brief blueprint on how your biz consumer can counter the staffing crunch with smarter use of expertise — and other people.
- HBK (https://hbkcpa.com/insights/): Chemical Imbalance Dept.: A have a look at the Superfund chemical substances excise tax, reinstated as a part of the Infrastructure Funding and Jobs Act and kicking in July 1. Congress established the “Superfund” 42 years in the past to finance the cleanup of hazardous waste websites, and it expired in 1995 — that means producers and importers have no one to deal with the tax.
- CPA Progress Developments (https://www.cpagrowthtrends.com/): Seems that each expertise and purchasers may be drawn to the identical advertising. The way to dovetail your methods.
- Tax Warriors (https://www.taxwarriors.com/weblog): A have a look at not too long ago revealed IRS regs requiring combination therapy for Subpart F and 956 inclusions and proposed Passive Overseas Funding Firm regs extending the mixture therapy to partnerships holding shares in PFICs.
- EideBailly (https://www.eidebailly.com/taxblog): The Wall Road Journal stories an unprecedented gush of earnings tax income flowing into the federal authorities at a measurement and velocity that’s stunned fiscal-policy consultants. The place the cash got here from, although, “is sort of a thriller.”