Taxes' immediate future; a new retail delivery fee; owners' income; and other highlights from our favorite tax bloggers.
Everyone loves a parade
- The National Association of Tax Professionals (
https://blog.natptax.com/ ): What a Trump victory means for next season. - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): Trump's return to the White House combined with Republican control of the Senate and perhaps the House will place taxes high on the policy hit parade. Trump will get much of what he promised during the campaign — but some elements of his agenda likely will be sidetracked, either because he does not seriously pursue them or because of resistance, including from Republicans, on Capitol Hill. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): A recent article explores the resurgence of high tariffs in U.S. trade policy, beginning with the Trump administration and continuing into the Biden administration, that were initially intended to protect domestic industries and reduce trade deficits but instead increased consumer prices, strained diplomatic relationships and harmed dynamics of global trade. - Tax Foundation (
https://taxfoundation.org/blog ): Promised steep new taxes on trade have also ignited estimates that show the tariffs will hurt the American economy, reduce trade and distort production and lead to lower standards of living. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): President-elect Trump and Republicans in Congress have announced plans to pass a tax bill next spring. Analysis of the campaign proposals clearly show that "a tax package based on these changes would be disastrous for families, communities and the country." - CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): Real estate clients had a tough 2024, which started way back with the Fed's hiking interest rates over 16 months. A look at looming federal tax topics that could further affect these clients.
Thinking again
- The Tax Times (
https://www.thetaxtimes.com ): Those who thought their cryptocurrency transactions would remain anonymous or a secret from the IRS should think again, according to a recent article. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Duty-free, low-value shipments are inundating U.S. Customs and Border Protection, and bad actors are exploiting the expedited import process to smuggle illegal and harmful goods into the country. How would changing the de minimis exemption help stem the flow? - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Will the State of Washington be next to add a retail delivery fee to ecommerce? - Armanino (
https://www.armanino.com/articles/ ): What to remind biz clients about the federal R&D credit. - Tax Notes (
https://www.taxnotes.com/procedurally-taxing ): In Carter v. Commissioner, a precedential Tax Court opinion, at issue is the application of the automatic stay to a Tax Court case with a whistleblower claim where the petitioner filed the court case after the bankruptcy filing. Is the whistleblower case the type of case to which the automatic stay on Tax Court proceedings applies?
At heart
- MBK (
https://www.mbkcpa.com/insights ): What to remind individuals about the 2024 wrinkles in year-end tax planning. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind biz clients about what they'll need to file, in one handy checklist. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): What to remind them about what to do right now to fatten next spring's refund. - Parametric (
https://www.parametricportfolio.com/blog ): As the year winds down, what to remind them about tax-managed charitable giving. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Favorite opening of the week: "The complexities involved in allocating income to a group of owners is not for the faint of heart."
