How lengthy recessions final; what superstars need; shifting towards advisory; and different highlights from our favourite tax bloggers.
Altering drastically
- Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): From the Bay State to the Golden State, lawmakers throughout the nation are making offers and negotiating budgets with main tax implications. The lowdown coast to coast.
- Summing It Up (http://weblog.freedmaxick.com/summing-it-up): This primary of a two-parter examines recessions and stagflation and what they imply for companies. For starters, what’s a recession and the way lengthy do they normally final?
- Tax Vox (https://www.taxpolicycenter.org/): Scrambling for a politically palatable method to elevate income for a scaled-down social spending and local weather invoice, Senate Democrats are contemplating increasing the NIIT. Critics declare the plan would damage small household companies. A Tax Coverage Middle evaluation disagrees.
- Parametric (https://www.parametricportfolio.com/weblog): Buyers have been warned of latest and better taxes from the Biden administration. The political local weather makes some prospects simpler, others more durable and all extra complicated. And although many suggestions stay the identical from earlier occasions, the encircling setting has modified drastically.
- Tax Basis (https://taxfoundation.org/weblog): The administration has additionally proposed a number of modifications to the U.S. worldwide tax system that might elevate taxes on multinational enterprises. Equally, the OECD’s tax proposals would elevate taxes on MNEs. Collectively, the proposals would have an effect on patterns of worldwide funding and doubtlessly lower the quantity of international direct funding.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Speak about streaming: The plethora of flicks and TV collection filmed in New Mexico has helped the state rake in $855.four million for FY 2022.
- Palm Seaside Accounting and Monetary Service (https://www.pbafs.com/weblog): Three particular challenges and options for when life throws a curve at purchasers’ retirement nest eggs.
- EideBailly (https://www.eidebailly.com/taxblog): All of the information that matches about uncertainty, dysfunction and suspicions: Welcome to the Summer season of ’22.
You should comply
- Henry+Horne (https://www.hhcpa.com/blogs/): How the U.S. has banned accounting and consulting companies to Russia.
- Cover (https://www.getcanopy.com/weblog): What to remind them about surviving an IRS audit (“Complying with the deadlines is half the battle…”)
- Rosenberg Associates (https://rosenbergassoc.com/weblog/): I say “Nice Resignation,” you say “Nice Reshuffle” — whatever the time period, concentrate on methods to maintain your present staff, particularly your superstars. Six issues they need proper now from their fearless leaders.
- Options for CPA Agency Leaders (http://ritakeller.com/weblog/): The backwards and forwards over ending distant work raises a number of questions on how corporations will conduct personnel operations down the street.
- Taxing Topics (https://www.drakesoftware.com/weblog): One of many foremost advisory committees of the IRS is asking Congress to offer the company the funding it wants, together with “versatile, sustainable, and predictable multi-year funding.”
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): This replace on the case of Carlos Kepke, a Houston lawyer who allegedly helped purchasers arrange offshore buildings for tax evasion, contains the “nice studying” in a latest affidavit and a word on the blogger’s skilled historical past with Kepke.
- TaxConnex (https://www.taxconnex.com/blog-): Current courtroom instances present how difficult the authorized system will be for on-line sellers attempting to corral gross sales tax obligations.
Steering counseling
- Sovos (https://sovos.com/weblog/?area=united-states): The State of Washington has launched interim steerage on the taxability of nonfungible tokens, mainly suggesting that sure sorts could be topic to gross sales and use tax beneath present guidelines relevant to digital items and could be topic to the state’s B&O tax. What does Washington’s steerage doubtlessly imply for the NFT trade?
- Tax Professional Middle (https://proconnect.intuit.com/taxprocenter/): The endgame for advisory companies is getting purchasers to understand the plusses to your ongoing recommendation. Begin guiding them there with tax advisory after which transfer on an advisory workflow (and don’t skimp on the automation).
- The Wandering Tax Professional (http://wanderingtaxpro.blogspot.com/): What to remind them in regards to the short-term COVID-related growth of the Baby Tax Credit score and the Baby and Dependent Care Credit score — mainly that it expired final Dec. 31.
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): Congratulations to this 12 months’s NATP award winners: Chapter Particular person of the Yr Surekha Vaidya and Tax Skilled of the Yr Penny Wade Smith.