Big offenders; the profession's coming year; new blog on the block; and other highlights from our favorite tax bloggers.
At least fascinating
- Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): "Taxes are, if nothing else, persistent… Even in years when the changes are negligible, they are back, starting to add up on the first of every January." Six tax matters that affected "or at least fascinated us" in 2022, along with what they might bring us in 2023. - Taxable Talk (
http://www.taxabletalk.com/ ): Once again we have the blogger's annual Tax Offender of the Year. From skimming payroll taxes to automating scams, "one year there will be no candidates, but 2022 absolutely isn't the year." - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): The new year may present a banquet of contradictions for the profession, including merger frenzy blended with difficulty finding buyers, with a generous side of labor shortage. - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): When "serious concern" accomplishes something: another look at the IRS postponing the $600 1099-K threshold. - TaxConnex (
https://www.taxconnex.com/blog- ): New sources of tax revenue, old ones robust but sputtering in spots, tax holidays as political tools amid inflation...a last glance back at sales tax in 2022. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): January and the new year bring changes galore to states' sales taxes, from vehicles in Kentucky and cigarettes in Minnesota to Missouri's watershed economic nexus. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): Money-smart ways to recommend they spend that holiday bonus, from tax-favored home repairs and charitable giving to trekking to Europe while the euro and the dollar are on par. - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): Jan. 2 fell on a Monday this year — just like it did 17 years ago when the blogger made her first post. And here it is.
Roles to play
- Sovos (
https://sovos.com/blog/?region=united-states ): Operator, steward, catalyst, strategist: What the four folks of an effective finance team should do. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): Taxpayers want more advice from their professional preparer, especially all year long. And they'd pay more to get it. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): And to those outside the trenches of the profession, who advise on seeking advice: Ask them to speak not to their CPA, but to their "tax professional." - Canopy (
https://www.getcanopy.com/blog ): Four key questions and five tips for implementing practice management software. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Failing to file a 990 when required is probably a more serious mistake, but filing it with errors isn't recommended, either. How to make certain your nonprofit clients stay clear of such goofs as UBI and misclassifying workers.
Great distances
- Procedurally Taxing (
https://procedurallytaxing.com ): After the most famous release of past returns in recent memory, guest blogger and professor in income tax law Andy Grewal offers likely reasons behind the IRS failure to commence mandatory audits, as well as ideas for reform. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind them about new standard mileage rates. - Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): With more Americans living and working abroad, probability says that Americans will also one day die while residing in a foreign country. What exactly is a "foreign estate" for U.S. income tax purposes? - Taxjar (
https://www.taxjar.com/resources/blog ): Are services taxable in Iowa? - HBK (
https://hbkcpa.com/insights/ ): Ohio's new year of a TechCred opportunity, 2023's changes in local sales surtax rates in Florida and this firm again gets a big nod from a major pub. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): A lesson from legal: A stand-up judge treats high-ranked Yale Law like a customer should treat a crummy company.
Stock's up
- Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): How interim guidance for the excise tax on repurchases of corporate stock beginning this year is more comprehensive than most anticipated. - Eide Bailly (
https://www.eidebailly.com/taxblog ): Notice 2023-02 also provides examples covering a number of issues, including redemption of non-traded preferred stock of public companies; reducing the tax when the redeeming corporation issues new stock in the same year; implications of the buyout tax on M&As and spin-offs; and the impact of stock options, among other details. - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at Nada, who operates an S corp and has one child, Alex, who is younger than 18. Nada heard that if you hire your children to work for the business, you can write off the wages paid to them and that those wages are not subject to Social Security or Medicare taxes. Does this same exemption from FICA apply for S corp shareholders who employ their children?
New to us
- Armanino (
https://www.armanino.com/ ): This California-based Top 20 Firm offers a trove of timely articles. Among recent topics: Why fintechs need a BSA/AML risk assessment; preparing a cannabis business for adult-use sales as legalization rolls on; and getting the most out of a new ERP system. Welcome!
