No love for the carbon tax; the inflation-adjusted 12 Days of Christmas; 10 end-of-year tax moves; and other highlights from our favorite tax bloggers.
Conspicuous absences
- Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): The parents of WeWork, Lyft Inc. and Peloton Interactive Inc. have all been touting a cash-flow metric that shows that their core services are profitable — after subtracting key costs such as rent, marketing and stock compensation. The metric’s use has raised questions from analysts and grabbed the attention of regulators at the Securities and Exchange Commission. - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): Climate change is a leading issue in the 2020 presidential elections, especially among Democratic voters. Most candidates acknowledge the urgency of addressing climate change, but few would use tax policy to its full potential, and no leading candidate supports a carbon tax.
On the rise
- Mauled Again (
http://mauledagain.blogspot.com/ ): So are they taxes, fees or both? - Tax Foundation (
https://taxfoundation.org/blog ): Research has confirmed the negative effects of the medical device tax on industry and consumers. The tax fails to lower health-care costs for consumers but increases costs and burdens on the health-care industry. Does it loom again? - Tax Girl (
https://www.forbes.com/sites/kellyphillipserb/ ): With inflation holding steady, it will cost just $38,993.59 to buy all of the gifts in the “12 Days of Christmas,” just 0.2 percent over last year’s cost, according to PNC’s latest Christmas Price Index. - Avalara (
https://www.avalara.com/us/en/index.html ): A roundup of the latest sale-tax news coast to coast.
First impressions
- Don’t Mess With Taxes (
http://dontmesswithtaxes.typepad.com/ ): What to remind them about 10 tax moves to make during these final few days of the year. “O Tannenbaum,” we’ll hardly know ye. - Sagenext (
https://www.thesagenext.com/blog ): What to remind them about the severity — or sometimes lack thereof — of IRS audits. - IRS Mind (
https://www.irsmind.com/ ): Has your client been denied an IRS penalty abatement? They’re not alone, and here’s what to do. - Turbotax (
https://blog.turbotax.intuit.com/ ): The IRS, TurboTax and Security Summit partners have launched the beginning of National Tax Security Awareness Week. Yes, ‘tis the season to think about how you can give to family, friends and charities, but you also have to think about how to safeguard your financial information from those who may not be as charitable. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): A client wonders how to use a required minimum distribution to make a qualified charitable distribution. - Liberty (
http://www.libertytax.com/tax-lounge ): The Tax Cuts and Jobs Act’s good news for seniors. - Solutions For CPA Firm Leaders (
http://ritakeller.com/blog/ ): The person who greets your client and other visitors is more than a receptionist. So much so that many firms now title their receptionist “Director of First Impressions.” - Intuit ProConnect (
http://taxprocenter.proconnect.intuit.com/ ): Wise tax and compliance deadlines for December, including reminders on how to prep your practice for the coming season.
