Basis debate; relief to come; underreporting and the gap; and other highlights from our favorite tax bloggers.
Backward glances
- Canopy (
https://www.canopytax.com/blog ): Where and how to improve your practice now that another unique season is in the books. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): A retrospective on the season just ended on May 16 (the blogger never works on the last day: click to learn why) includes how it was the rare federal return that could be completed in one sitting, with most delays having to do with questions on Economic Impact Payments or tapping the foot for IRS guidance on COVID-relief legislation. - Taxing Subjects (
https://www.drakesoftware.com/blog ): They missed even the extended deadline, but here’s what to remind them about filing anyway. - Surgent Income Tax School (
http://www.theincometaxschool.com/blog/ ): You’d Already Be A Month Into This In A Normal Year Dept.: How to recharge and regroup.
Biden our time
- Tax Foundation (
https://taxfoundation.org/blog ): Economic impacts of tax changes on economic growth, measured as a change in real GDP or the components of GDP such as consumption and investment, can be tricky to measure. But the administration proposing a variety of new taxes makes it worth revisiting the literature on how taxes impact economic growth. - Mauled Again (
http://mauledagain.blogspot.com/ ): How goofy math and scaremongering could torpedo proposals for tax increases. - Tax Vox (
https://www.taxpolicycenter.org/ ): How does President Biden’s tax agenda compare with Candidate Biden’s? - Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): The White House has joined the growing chorus of private-market demands for U.S. companies to provide more robust and standardized information about the climate risks they face. A look at Biden’s recent executive order. - Procedurally Taxing (
https://procedurallytaxing.com ): The three certainties of life, it seems, are now death, taxes and Congress. In an age-old (ha!) debate, whether to eliminate the stepped up basis given to property upon the death of the owner. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): A look at how the American Rescue Plan provides $8.5 billion in relief for rural hospitals, nursing homes, home care, physicians and certain other qualifying health care providers. The existing guidance is limited but does suggest there’ll be funding available to further support facilities that have existing COVID-19 related shortfalls and that there will be an application process. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com ): On More Than A Few Minds Dept.: “Detailed Questions and Answers on ARPA COBRA Premium Assistance and Credit Issued.” Topics include eligibility and — or so many, many people hope — timing.
‘Some of the numbers’
- The Tax Times (
https://www.thetaxtimes.com ): In recent testimony before a Senate Finance Committee panel, Treasury Inspector General for Tax Administration J. Russell George addressed lost revenue from non-compliance and the role of offshore tax evasion. According to George, underreporting of income taxes constitutes the largest component of the tax gap, at $352 billion annually. - Taxable Talk (
http://www.taxabletalk.com/ ): This Bozo Tax Tip was overheard at the barber shop: “I just filed my tax return. I didn’t use Ray, my normal guy, because my realtor wanted me to use Agnes Smith. Gloria, my realtor, wanted my return done fast so I could qualify for a loan…yes, she made up some of the numbers on my return but I’m self-employed…” - Sikich (
https://www.sikich.com/insights/ ): Manufacturing and distribution leaders reflect on their challenges in 2020 and their industry outlook for the remainder of 2021. One key sticking point: executives’ succession plans. - Turbotax (
https://blog.turbotax.intuit.com ): What to tell them about qualification for and timing of the latest Child Tax Credit. - Tax Warriors (
https://www.taxwarriors.com/ ): The latest on what to remind them about federal student loans and taxes. - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You Make the Call” examines Jack and Allie, an unmarried couple who live together with two children of their own. Jack makes $50,000 per year and Allie makes $400,000. Because Allie makes $400,000 per year, most of the credits for the children, including the recovery rebate credit, would be phased out, but Jack would qualify for them. What can each of them claim as far as the children are concerned? - Wolters Kluwer (
http://news.cchgroup.com/ ): What to remind them about 2022’s COLAs to HSAs, including the bump in contribution limits applicable to individuals who have self-only or family high-deductible health plan coverage and the maximum out-of-pocket expense limit. - Avalara (
https://www.avalara.com/us/en/blog.html ): Alert telecom clients: Last month, the FCC started collecting a 33.4% contribution factor for the Federal Universal Service Fund, its highest rate ever. This fee is assessed on the interstate and international portions of phone bills, including cellular, landline and VoIP.
More than noise
- Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): A look at the recently released lifetime tax burden, state by state by way of the blogger’s Texas. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): How the Supreme Court has again dealt a blow to tax exceptionalism. - Eide Bailly (
https://www.eidebailly.com/taxblog ): This roundup looks at news on how Democrats fret balancing tax increases with reelection bids. - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): How “noise” and football games can skew human judgement — and criminal sentences.
