The IRS and politics — nothing new; AICPA priorities; new weblog on the block; and different highlights from our favourite tax bloggers.
Capitol punishment
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): When up to now — and underneath what presidents and going after what targets — has the IRS gotten political?
- Tax Vox (https://www.taxpolicycenter.org/): Congressional Democrats are contemplating watered-down variations of two world measures from final yr’s Construct Again Higher. But a single world minimal tax that conforms to the OECD/G-20 Pillar 2 mannequin can be less complicated and lift income extra effectively than imposing two weaker world minimal taxes.
- Present Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): Ouch Dept.: When a physician will get nailed for underpayment and failure to file.
- TaxMama (http://taxmama.com): Mama’s on a brand new campaign: to repair the tax legislation neglect in relation to the romance scams (and 14 different such rip-offs) from the FBI. The issue? The Tax Cuts and Jobs Act eradicated taxpayers’ rights to deduct casualty and theft losses except they have been in a catastrophe space.
Well timed priorities
- AICPA Insights (https://www.aicpa.org/weblog): New institute chair Anoop Mehta lays out three huge priorities for the approaching yr.
- Tax Basis (https://taxfoundation.org/weblog): The carrot or the sticker shock? How the federal government would use 1,900% excise tax penalties to make drug producers decrease costs.
- Sikich (https://www.sikich.com/insights/): Pandemic, staffing, inflation, last-minute reg upheavals: Tax professionals have been busy, and making ready for the implementation of the brand new lease accounting requirements underneath ASC 842 and GASB 87 has repeatedly been pushed down precedence lists. A couple of inquiries to see how ready you and your agency are for the brand new requirements.
- Wolters Kluwer (https://www.wolterskluwer.com/en/options/tax-accounting-us/industry-news): A take a look at new IRS necessities for digital fingerprinting for practitioners’ e-File purposes.
- Summing It Up (http://weblog.freedmaxick.com/summing-it-up): PCI DSS 3.2.1 assessments are, on the whole, point-in-time assessments. A number of actions that should be every day, quarterly, semi-annual or annual. If these aren’t carried out within the requisite interval, you might end up non-compliant with few or no choices for remediation. Right here’s your guidelines.
- Rubin on Tax (http://rubinontax.floridatax.com/): How the time to file an property tax return to make the portability election has been prolonged to 5 years.
- TurboTax (https://weblog.turbotax.intuit.com): What to remind them about deductions and their youngsters’ numerous summer season camps.
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): To wit, this week’s “You Make the Name” appears to be like at Houa and Sua, each 11 and voluntarily enrolled in Lady Scout summer season camp for one week in July. Each women’ dad and mom usually work through the day. As a consequence of her dad and mom’ trip, Sua will keep in a single day at Houa’s home through the week. Can both set of oldsters declare the camp bills on the 2441?
Spending insurance policies
- Mauled Once more (http://mauledagain.blogspot.com/): Half of Pennsylvania’s cities have eradicated their police departments to economize, and the quantity is rising. Is their counting on the remainder of their fellow Pennsylvanians to fund their safety by way of the state police flawed?
- Boyum & Barenscheer (https://www.myboyum.com/weblog/): A spending coverage is the formulation to find out how a lot of the worth of investments a nonprofit group will faucet every year for bills. There’s no one-size-fits-all optimum coverage, however 5 normal varieties have emerged.
- Gordon Legislation (https://gordonlawltd.com/weblog/): What to remind them about IRS installment agreements (if you will get by means of the feelings attributable to the IRS letter that makes the settlement mandatory).
- HBK (https://hbkcpa.com/insights/): Should you randomly polled 100 individuals concerning the distinction between a sponsorship and promoting, most would in all probability say they’re the identical. However in nonprofit accounting, the distinction might find yourself costing — or saving — your shopper 1000’s of {dollars} in taxes.
- Taxbuzz (https://www.taxbuzz.com/weblog): What tax professionals instructed a current TaxBuzzChat about advising shoppers on planning for inflation and recession.
Tough crusing
Take coronary heart
- Henry+Horne (https://www.hhcpa.com/blogs/): When you have a shopper who’s an ordained, commissioned or licensed minister, right here’s what to remind them about their particular tax breaks.
- Cover (https://www.getcanopy.com/weblog): You understand it’s true: Shoppers aren’t at all times going to return to you. Eleven strikes to seek out extra.
- Surgent Revenue Tax College (http://www.theincometaxschool.com/weblog/): Contemplating first the way it may alleviate your staffing issues, must you really run a tax prep college?
- Procedurally Taxing (https://procedurallytaxing.com): The blogger has tackled 6511(h) earlier than and Ruebsamen v. United States follows the identical sample as many earlier instances and is yet one more professional se case within the stream. In some respects, although, “It is among the most disheartening of the entire instances.”
New to us
- World Taxes (https://www.globaltaxes.com/weblog.php): This worldwide agency views U.S. insurance policies from the skin trying in, with matters for advisors, attorneys and accountants. Latest matters mirror rising pursuits, together with second citizenships, ex-pats’ retirement plans and even idioms of English (many entries are additionally in numerous languages). Welcome.