Starting advisory services; those who do also teach; the IRS is hiring; and other highlights from our favorite tax bloggers.
Good advice
- Taxable Talk (
http://www.taxabletalk.com/ ): When the IRS couldn’t figure out where to apply an electronic payment that was confirmed received (along with the return) a year ago, a taxpayer offered a suggestion on where to apply the payment. And the IRS still couldn’t figure it out. - CPA Growth Trends (
https://www.cpagrowthtrends.com/ ): What’s the interaction between HR and marketing at your firm? Any? Siloed with no overlap? Hard to determine where partnerships may benefit both departments? A look at some answers. - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): Many firms are confused about the difference between a mission statement and a purpose statement. This explanation might help. - Taxpro Center (
https://proconnect.intuit.com/taxprocenter/ ): Most firms provide traditional tax planning — but traditional tax planners don’t align clients’ with tax strategies. Advisory firms start with client goals and work outward. You can serve your clients with many varieties of advisory solutions. A few to get started. - Canopy (
https://www.canopytax.com/blog ): What to do when growth is not your practice’s biggest issue? (Recent AICPA surveys say it might not be…) Simple: Don’t abandon the idea but instead focus on smart growth. Here’s how. - Turbotax (
https://blog.turbotax.intuit.com ): Hey, here’s another thing some married clients can fight about: What to remind them about MFJ versus MFS.
Money lessons
- Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): In United States v. Bittner, the court held that the FBAR non-willful penalty applies on a per-account rather than a per-form basis — and the penalties piled up to $1.77 million. - Mauled Again (
http://mauledagain.blogspot.com/ : One preparer whose ambitions stretched beyond solo fraud and who taught others how to prepare fraudulent returns — and charged $500 for the lessons. - Avalara (
https://www.avalara.com/us/en/blog.html ): Can a remote seller cancel sales tax registration when sales drop below an economic nexus threshold? - HBK (
https://hbkcpa.com/insights/ ): Organizations exempt under 501(c)(4), (c)(5), and (c)(6) may lobby or engage in political activities without losing their exempt status. They’d just better be careful. - Boyum & Barenscheer (
https://myboyum.com/blog/ ): You may know that your not-for-profit clients need to avoid excess benefit transactions, but do those clients know what these transactions are? - Tax Warriors (
https://www.taxwarriors.com/ ): Gift-giving poses its challenges (re-enacting an NHL fight in stores, for one). This year, consider a contribution to a 529 plan for a special child. Their parents, your tax bill, and, one day, the child will thank you for it.
Changes upon changes
- National Association of Tax Professionals (
https://blog.natptax.com/ ): A recent discussion of changes to the Earned Income Tax Credit for 2021 tax returns, how the EITC works for taxpayers without children, preparer penalties and due diligence and other hot topics, free to view. - Sagenext (
https://www.thesagenext.com/blog ): A rundown of quantitative easing, including its good points, its bad points and its tapering. - Tax Vox (
https://www.taxpolicycenter.org/ ): The Great Resignation appears to have reached our public education workforce nationwide. Can tax incentives help recruit and retain teachers? - Taxjar (
http://blog.taxjar.com/ ): With “exciting” advancements, the recent European Union VAT Ecommerce Package also introduced new compliance legislation that sellers have had to adapt to simultaneously. - Tax Foundation (
https://taxfoundation.org/blog ): Michael Graetz, recent recipient of Tax Foundation’s Distinguished Service Award, discusses tax policy’s bipartisan roots. - The Tax Times (
https://www.thetaxtimes.com ): Pause from the migraine that is trying to find staff for next season to read here how the IRS hopes to add 25,000 positions in the next 18 months.
