Stimulus vs. trash; donating and deducting services; the schedule of automated notices; and other highlights from our favorite tax bloggers.
A way forward
- Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Favorite opening of the week: “Hello weird, scary, frustrating June 2020. We’re sort of glad you're here, even though the coronavirus means many of us aren't going to be taking a summer vacation and many more of us will still be messing with 2019 taxes until mid-July.” So the first of the five tax moves in this post reverts to our happier days (a.k.a. The Before Time). - Procedurally Taxing (
https://procedurallytaxing.com ): Guest blogger Bob Probasco looks at the Tax Court’s way forward and its process to begin holding trials again. - Tax Girl (
https://www.forbes.com/sites/kellyphillipserb/ ): Don’t let them mistake their stimulus check — in some cases on a prepaid debit card — for junk mail. - Boyum & Barenscheer (
https://myboyum.com/blog/ ): One of the strongest predictors of a not-for-profit’s long-term survival is multiple revenue streams. The same is likely true for nonprofits that do — or don’t — survive the pandemic. - The Income Tax School (
http://www.theincometaxschool.com/blog/ ): Small Business Week may have been postponed by the Small Business Administration, but that doesn’t mean we still can’t get into the spirit. - Taxbuzz (
https://www.taxbuzz.com/blog ): An overview of Joe Biden’s proposed tax policy, including his individual income tax plan with a component that would impose a payroll tax for individuals earning in excess of $400,000 annually. - Canopy (
https://www.canopytax.com/blog ): The top 10 influencers you should start following on social media to fill your feed with accounting thought leadership.
Questions and answers
- Mauled Again (
http://mauledagain.blogspot.com/ ): Does the donation of services — in this case haircutting — constitute a deduction? - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): Nationwide we face an unprecedented fiscal situation from the economic shock of COVID-19. The fallout? - Tax Warrior Chronicles (
https://www.taxwarriors.com/blog ): The Bureau of Economic Analysis Form BE-10, “Benchmark Survey of U.S. Direct Investment Abroad,” collects statistics, as you might imagine, on U.S. direct investment abroad. It isn’t due often, but its deadline is near. Do you have clients who are required to file?
In a heartbeat
- IRS Mind (
http://www.irsmind.com/blog/ ): Another favorite opening of the week: “Nothing stops a taxpayer’s heartbeat more than getting an IRS notice in the mail.” True, but most common IRS automated notices follow a predictable annual calendar. - Taxable Talk (
http://www.taxabletalk.com/ ): Sometime this summer the IRS will allow e-filing of amended personal returns. There’s a major “but” included. - Taxing Subjects (
https://www.drakesoftware.com/blog ): How proposed regulations help businesses navigate new carbon capture credits. - Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): A Florida man failed to prove that nearly $25 million in transfers to him were Sec. 102 gifts that he didn’t need to report as taxable income — but the IRS can’t collect any of the nearly $1.9 million it assessed in penalties because it didn’t approve them in time, a U.S. Tax Court has ruled.
