New bills; chatbot warning; e-invoicing; and other highlights from our favorite tax bloggers.
- Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): Taxy-Turvy Dept.: The Tax Cuts for Working Families Act, the Small Business Jobs Act and the Build It In America Act, all recently introduced by the chair of the House Ways and Means Committee, are anticipated to be the initial framework for negotiations in tax bills that could show up later this year. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): Congress is considering several federal income tax proposals from both sides of the aisle, one being the pandemic-inspired practice of monthly checks to families as advanced payment of the Child Tax Credit, which must be reconciled on the 1040. But the "greatest source of federal tax fraud, Tax Code complexity, taxpayer confusion and tax preparer agita is refundable tax credits." - Tax Foundation (
https://taxfoundation.org/blog ): Climate change is global, but most countermeasures sit with national governments that impose emissions policies only to have companies move to less-regulated jurisdictions. A new bipartisan bill lays the groundwork for a possible solution. - Global Taxes (
https://www.globaltaxes.com/blog.php ): A Senate committee has greenlighted a Chile-U.S. tax treaty that, if fully approved, could level the playing field for U.S. companies in that South American nation. - National Association of Tax Professionals (
https://blog.natptax.com/ ): If you're thinking of using a chatbot in your firm, make sure you doublecheck its work, as one lawyer recently found. - Mauled Again (
http://mauledagain.blogspot.com/ ): A question for North Carolina lawmakers: "Would it not be easier, simpler, and most importantly, fairer, to charge vehicles according to the wear and tear they impose on highways, rather than enacting and tinkering with five different taxes and fees? - Von Lehman CPA & Advisory Firm (
https://vlcpa.com/articles/ ): Just as having an outside expert prepare your company's tax return doesn't get you off the hook if you have problems with your financial systems, using professional retirement plan administrators and investment advisors doesn't absolve you of responsibility for complying with IRS regulations. Problems include failure to amend a plan's basic documents timely; failure to review in-service, termination and loan distribution forms to ensure consistency with plan documents; and failure to count all eligible employees in discrimination testing. Fixes are offered. - Turbotax (
https://blog.turbotax.intuit.com ): Two statements we, for one, do not debate: "Throughout its history, America has been the land of self-made men and women." And, "America's self-employed must contend with a unique burden every April 15." A half-dozen tips to make sure your SE clients don't pay a dime more than they have to.
First in line
- Avalara (
https://www.avalara.com/blog/en/north-america.html ): Why should e-commerce clients start e-invoicing even without the mandate (yet) in the U.S.? - Taxbuzz (
https://www.taxbuzz.com/blog ): The IRS-CI, the U.S. Attorney General's office and other government agencies have formalized creation of a task force to target crypto activity on the dark web (at least in Arizona to start). - TaxConnex (
https://www.taxconnex.com/blog- ): Colorado could be just the first of many states to embrace delivery fees for online orders. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Everything you jolly well need to know about U.K. VAT compliance. - Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): The heat gets hotter for Malta retirement plans. - Marcum (
https://www.marcumllp.com/insights ): What to tell new-biz clients about funding and financing sources — and some sharp questions to ask along the way. - HBK (
https://hbkcpa.com/insights/ ): Manufacturing may wrestle with supply-chain and labor problems, but a recent survey shows it hasn't held the industry back.
Best friends
- The Tax Times (
https://www.thetaxtimes.com ) A report from the Treasury Inspector General for Tax Administration recommended improvements to IRS hiring of enforcement folks for high earners and large businesses. - AICPA Insights (
https://www.aicpa-cima.com/blog ): If you've wondered about accounting for and auditing digital assets, this practice aid might be for you. - Solutions For CPA Firm Leaders (
https://ritakeller.com/wordpress/ ): An engagement letter "can be your friend," specifically, as sometimes happens with all friends, "with the addition of a venue clause and a limitation of liability clause."
