Ignoring conflict; SALT substitute; your own organizers, cheap; and other highlights from our favorite tax bloggers.
Asked and answered
- The Income Tax School (
http://www.theincometaxschool.com/blog/ ): So what do people wonder about becoming a tax preparer? - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): When does the filing season begin? - Procedurally Taxing (
https://procedurallytaxing.com ): Regulation preambles are “a part of the reading cycle of a tax professional.” But what are preambles really worth? - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): We Tend to Agree Dept.: “Accountants, in general, are kind, caring and sincere. They live their lives helping their clients become successful. They often have difficult conversations with their clients. Inside their own CPA firm, they ignore conflict and avoid confrontation…yet they readily admit that there is way too much drama going on inside the firm.” How fear of a firm’s leaders contributes. - Financial Cents Accounting Blog (
https://financial-cents.com/blog/ ): Trends in “Modern Workplace Collaboration” include an army of freelancers, collaboration tools and (that chestnut) work-life balance. - Taxbuzz (
https://www.taxbuzz.com/blog ): Inside President-elect Biden’s $1.9 trillion stimulus package. - H&R Block (
https://www.hrblock.com/tax-center/ ): The top ways COVID could impact taxes.
A bit of dash
- Tax Vox (
https://www.taxpolicycenter.org/taxvox ): With control of Washington, Democrats are likely to try to restore the full SALT deduction. But if lawmakers really want to assist state and local governments, rather than cutting federal income taxes for mostly high-income households, how about a SALT substitute? - Mauled Again (
http://mauledagain.blogspot.com/ ): It appears that another tax break, this time in Arizona, has gone unused for four years. Why? - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): In a surprising announcement, New York State has provided updated guidance that they will now conform and adopt the federal rule contained within the CARES Act and not tax forgivable Paycheck Protection Program loans. New York has also adopted the federal provisions of the new Consolidated Appropriations Act where expenses deductible on federal returns for eligible PPP expenses will now also be deductible on the state’s returns. - Tax Foundation (
https://taxfoundation.org/blog ): Highlights from the second day of the OECD consultation on international tax reform blueprints included “real challenges” of designing a global minimum tax.
Helping hands
- Taxjar (
http://blog.taxjar.com/ ): What to remember about sales tax for any client thinking of acquiring an e-commerce company. - Canopy (
https://www.canopytax.com/blog ): What to tell small-biz clients about preparing for the season. - TaxPro Center (
https://proconnect.intuit.com/taxprocenter/ ): Helping your nonprofit clients make more use of donor-advised funds means understanding the pros and the unique cons. - AICPA (
https://blog.aicpa.org/ ): Several changes to the Employee Retention Credit can offer additional relief for clients.
New to us
- The Tax Professional (
http://thetaxprofessional.blogspot.com/ ): Robert D. “The Wandering Tax Pro” Flach’s newly returned alter-blog comprises advice, information, resources and commentary on preparing 1040s and the prep industry. This week: How to convert various household items into business and personal organizers. Welcome (back)!
