Our confusing Tax Code; IRS mail problems; disaster victims' deadline; and other highlights from our favorite tax bloggers.
Big pictures
- Tax Foundation (
https://taxfoundation.org/blog ): Poll results aren't shocking, but they are in: Most Americans are buffaloed by the Tax Code. - Taxable Talk (
http://www.taxabletalk.com/ ): Three recent experiences make the blogger think the IRS has "major issues" handling mail. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Generative AI hogs headlines right now, but tax leaders should consider a broader collection of technologies to enhance the tax group's value. - Sikich (
https://www.sikich.com/insights/ ): What you need to know about proposals to restrict non-competes. - The Buzz About Taxes (
http://thebuzzabouttaxes.com/ ): We've seen increasing expatriations in recent years because of the onerous reporting requirements under FATCA and the Bank Secrecy Act. An overview of the rules for expatriation, what happens if one is a covered expatriate and when the whole move might or might not be a wise idea. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): Good debt versus bad, prenups and debunking five myths about annuities. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The Chapter 11 restructuring of SVB Financial Group includes (but is certainly not limited to) whether tax refunds received by the parent on behalf of the bank and others should be held in escrow and to what extent bankruptcy's distributional rules apply to valuable tax attributes of the bank. - Marcum (
https://www.marcumllp.com/insights ): The Biden administration's proposed policy change could revolutionize the cannabis industry by upending decades of stringent drug classification. - The Tax Times (
https://www.thetaxtimes.com ): One immediate positive effect of moving marijuana to Schedule III: Cannabis companies will avoid the draconian impact of Sec. 280E of the IRC. - Taxbuzz (
https://www.taxbuzz.com/blog ): The IRS making Direct File permanent, Trump possibly owing nine figures or more after an audit and Georgia tax breaks surviving a "Whoa, fella!" are among recent top accounting headlines. - HBK (
https://hbkcpa.com/insights/ ): New Jersey has a lucrative tax opportunity for manufacturers who invest in equipment and workforce. - University of Illinois Tax School Blog (
https://taxschool.illinois.edu/blog/ ): What to remind them about entertainment expenses. - Procedurally Taxing (
https://www.taxnotes.com/procedurally-taxing ): A look back at expanding Tax Court representation for pro se litigants.
Talent search
- Meyers Brothers Kalicka (
https://www.mbkcpa.com/insights ): Some argue that the barriers that come with taking the CPA exam perpetuate the labor shortage; recent changes approved by NASBA, the "CPA Evolution" initiative, have made sitting for the test more accessible. A look at the initiative's three major changes. - Tax Pro Center (
https://accountants.intuit.com/taxprocenter/ ): Connecting the dots in talent retention. - Armanino (
https://www.armanino.com/articles/ ): Mind the Gap Dept.: About 78% of employers in a recent survey believe their employees are very or extremely satisfied with their benefits packages but only 59% of employees reported high levels of satisfaction. Three-quarters of employers said their benefits costs had increased in the past year, causing them to shift more of the financial burden to employees. Yet more than half of employees said they would consider a job offer that included slightly lower pay but better benefits. "There's an opportunity here."
Clear thinking
- Taxing Subjects (
https://www.drakesoftware.com/blog ): To gauge client satisfaction, start with targeted questions on timeliness of services and fee transparency. - Gordon Law (
https://gordonlawltd.com/blog/ ): The Financial Innovation and Technology for the 21st Century Act (a.k.a. FIT21 or "the crypto bill") recently passed the House with overwhelming bipartisan support and is headed to the Senate. This landmark legislation aims to provide much-needed regulatory clarity for the cryptocurrency industry. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): CPA firms seem to love it, but exactly what is an Entrepreneurial Operating System? - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at the Compassionate Hearts Foundation, a 501(c)(3) nonprofit that helps individuals pay for medical care. The organization received cash donations from two individuals; $50 was given by one and $85 by the other. The individual who made the $85 donation was given a meal voucher to a local restaurant as a thank-you gift. The meal voucher was valued at $25. Is the organization required to provide a written acknowledgment to each donor? - TaxConnex (
https://www.taxconnex.com/blog- ): Five common situations that can expose your e-commerce clients to sales tax risk. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Nonprofit clients must act with clarity and conviction after the findings of an audit.
More pencils
- Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Legislative sessions across the country are still in for summer, which means more pencils, more budgets and more tax plans. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind them about taxes and summer day camp expenses. - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): All good breaks come to an end: June 17 is federal (and probably state) Tax Day for disaster victims in eight states. - Withum (
https://www.withum.com/resources/ ): As natural disasters multiply (often in seaside areas), resorts are increasingly adopting proactive measures. How navigating complexities of insurance accounting up front allows these businesses to better navigate disasters. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): A look at this year's dazzling, dizzying array of sales tax holidays.
