12 pricier days; tax preparers’ own year-end moves; state taxes galore; and other highlights from our favorite tax bloggers.
Everybody’s busy season
- Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Ten lords-a-leaping and their ilk will cost you a heftier sum this year. - Eide Bailly (
https://www.eidebailly.com/taxblog ): Ain’t no party, ain’t no disco: Lawmakers have a bear of a tax-related schedule through the rest of 2021. - TaxConnex (
https://www.taxconnex.com/blog- ): ‘Tis the season again when clients who sell online had better pay some sharp attention to states’ sales taxes. - Taxing Subjects (
https://www.drakesoftware.com/blog ): Ten tips for safe online shopping this season, from the Security Summit. - Taxpro Center (
https://proconnect.intuit.com/taxprocenter/ ): Since you give so much and ask so little, here’s your own list of end-of-year moves. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind them about end-of-year moves to bump up next spring’s refund. - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): A look at the Financial Accounting Standards Board’s proposed Accounting Standards Update, “Financial Instruments — Credit Losses (Topic 326) — Troubled Debt Restructurings and Vintage Disclosures.” FASB intends the revisions to improve the decision usefulness of info on certain loan refinancings, restructurings and write-offs. Comments due by Dec. 23.
Come what may
- Sagenext (
https://www.thesagenext.com/blog ): A rundown of the year’s reforms. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): If you’re like us and are a parent who never makes mistakes, you can skip these five common goofs of talking finances with kids (otherwise, take a look). - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The newest version of the five-column ranking of state personal income tax systems. - Sovos (
https://sovos.com/blog/?region=united-states ): In Louisiana, events concerning sales tax took “a dramatic turn” in early November, when voters shot down an amendment to create a new commission that would’ve tried to simplify electronic filing and remittance for all Louisiana sales and use taxes; and that was swiftly followed by an Arizona company filing suit that the state’s bayou of tax jurisdictions is an undue burden on interstate commerce. - Avalara (
https://www.avalara.com/us/en/blog.html ): And here “Byzantine” is used in an overview of Louisiana’s overall — and not soon to change, it seems — sales tax sitch.
Sunshine and substance
- Tax Foundation (
https://taxfoundation.org/blog ): Who would call too much tax revenue a problem? Florida’s Gov. Ron DeSantis. - Canopy (
https://www.canopytax.com/blog ): Meet the winner of Canopy’s Innovation Award: the Florida firm OGC Associates. - Rubin on Tax (
http://rubinontax.floridatax.com/ ): U.S. spouses each have a unified credit that allows for substantial gifting to third parties without requiring payment of gift tax. What happens if one spouse has assets to be gifted away but that spouse lacks sufficient remaining unified credit exemption to cover the gift and wants to use the exemption of the other spouse? Of third parties, IRS respect for transactions and the “substance over form” doctrine. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): The 2021 draft instructions for Form 1065 have added information related to whether a taxpayer has self-employment income from the partnership. - Procedurally Taxing (
https://procedurallytaxing.com ): Guest blogger Bob Probasco untangles deposits versus payments in relation to stipulated decision documents filed with the Tax Court.
