That ain’t hay; Minnesota wins Super Bowl; driving preparers crazy; and other highlights from our favorite tax bloggers.
Achy tax-breaky heart
- Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): In Choi v. United States, the Tax Court rejected an attempt by a defendant convicted of tax evasion to reduce the amount of restitution based on a subsequent resolution of the underlying liability with IRS Appeals. The major question, and one that nags a system of assessing payback amounts on people who are usually in jail: Was the restitution amount “grossly overstated?” - Rubin on Tax (
http://rubinontax.floridatax.com ): A look at a country singer’s Tennessee music venue spot that offered live music on two nights a week, charged a $5 admission fee and a nominal amount for snacks and beverages, and operated at a loss. After offsetting losses and “atrocious” bookkeeping, the Tax Court concluded that the club was not engaged in for profit and nixed the owner’s use of the losses against other income.
Bowl game
- Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): Agriculture is a $63 billion industry in New York. A look at the state’s considerable and often overlooked number of tax credits for agricultural activities. - Wolters Kluwer (
http://news.cchgroup.com/ ): Pennsylvania explains its marketplace sales requirements. - Tax Girl (
http://blogs.forbes.com/kellyphillipserb ): Did you like the Eagles? The Pats? Brady or Foles or the Tide commercials? Here’s how, via taxes, the real winner of the latest Super Bowl may have been the state of Minnesota. - H&R Block (
http://blogs.hrblock.com/ ): Here’s another multi-million-dollar business: tax ID theft. A fraud-prevention checklist for taxpayers.
Spanning the globe
- Tax Foundation (
http://taxfoundation.org/blog ): The new U.S. ranking on the International Tax Competitiveness Index, post-reform changes to both the corporate and individual income tax codes. - AG Tax (
http://agtax.ca/tax-tips-and-articles ): The TGJA added some serious consequences to U.S. persons who own foreign corporations, including corporations in Canada. The three biggest changes: the transition tax, a new minimum tax on global intangible low-taxed income (“GILTI”) and the expanded definition of a controlled foreign corporation. - Manhany Law (
http://www.mahanyertl.com/mahanyertl/ ): A lawsuit around a Japanese airbag supplier that might have known for years that its products were defective. Also, “Anatomy of a Ponzi Scheme,” a cryptocurrency scam post.
Questions for the season
- Taxable Talk (
http://www.taxabletalk.com/ ): Driver’s licenses, tax filings and why this blogger isn’t thrilled that a growing number of states try to marry the two. - Dinesen Tax Times (
http://dinesentax.com/blog ): Everybody makes slips, goofs or “yips.” But how paralyzing can these mistakes eventually make a preparer during the rush of full season? - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): If there’s no one to replace the big boss of a firm, whose fault is that? Also, how successful are workaholics? - Intuit ProConnect (
http://taxprocenter.proconnect.intuit.com/ ): An investment is an investment, but is it deductible when it’s crowdfunding? - Smith & Gesteland (
https://sgcpa.com/resources/focus-blog/ ): What to remind small-biz clients about still-available credits for paying for health care coverage premiums and starting a retirement plan. - Tax Musings of a Burbank CPA (
http://briantstonercpa.com/blog/#sthash.OkfGp9NM.dpbs ): A look at newly increased luxury auto depreciation limits on business cars. - Liberty Tax (
https://www.libertytax.com/tax-lounge/ ): We all know clients ask the weirdest questions. What about the simplest, too? What to tell them about why need to file taxes.
