AT Think

In the blogs: End-of-year questions

Income equality; disclosing crypto; meetings are a waste of time; and other highlights from our favorite tax bloggers.

End-of-year questions

  • Virginia – U.S. Tax Talk (https://us-tax.org/about-this-us-tax-blog/): Though the IRS e-filing plan for Mr. and Mrs. Main Street Taxpayer might  simplify tax season, can it work for those who file U.S. taxes from overseas?
  • Avalara (https://www.avalara.com/blog/en/north-america.html): Cutting sales tax rates sounds great for your e-commerce clients. But is it?
  • Tax Vox (https://www.taxpolicycenter.org/taxvox): So is income unequal or what?
  • Procedurally Taxing (https://www.taxnotes.com/procedurally-taxing): Another year gone by, and how did the Center for Taxpayer Rights do?
  • TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): The Biden administration has proposed raising the tax rate on U.S. corporate income to 25, maybe 28%. The opposition argues that such an increase will chase business offshore and hamper American companies. The problem: Foreign countries rely on VATs and so can afford to maintain lower corporate income tax rates. The U.S. does not have a supplemental source of revenue like a VAT. The answer?
  • National Association of Tax Professionals (https://blog.natptax.com/): This week's "You Make the Call" looks at Jesse, 53, who's been with his current employer for 30 years. Jesse has $450,000 in his 401(k), all contributions made with pre-tax dollars. Last July, Jesse took a distribution of $40,000 to pay for surgery and medical expenses for himself. Will he pay the 10% penalty for early distribution?

Busy busy

Coast to coast

  • Withum (https://www.withum.com/resources/): Recent state sales tax updates include Iowa revoking a key tech exemption, Pennsylvania helping nonprofits with registration and Texas having to jigger local taxes due to redistricting and annexation of communities.
  • Tax Foundation (https://taxfoundation.org/blog): Virginia's got itself a new plan, especially when it comes to sales and income tax.
  • TaxConnex (https://www.taxconnex.com/blog-): End of year marks a fine time to correct the year's sales tax compliance goofs.

Take a meeting

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