What to change; cash flow forecasting; the sales tax paradox; and other highlights from our favorite tax bloggers.
High anxieties
- Procedurally Taxing (
https://procedurallytaxing.com ): Is momentum finally building for the IRS to provide taxpayers with free online filing options? - EideBailly (
https://www.eidebailly.com/taxblog ): This news roundup looks at how the recent record tax revenue haul for the feds hasn’t been trouble-free. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): Training, automation, the shorter workweek: What would you most like to change about your practice? - Tax Vox (
https://www.taxpolicycenter.org/ ): Under current law, the Social Security and Medicare trust funds that pay out benefits to retirees will soon go insolvent, triggering large mandatory cuts. Meanwhile, the gap between scheduled benefits and taxes paid to cover the cost of these programs continues to grow. Every elected official knows this. How to bring these three facts together is the next piece of the puzzle. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): What to remind business clients about the importance of cash flow forecasting as the rocky road goes on and on. - Mauled Again (
https://mauledagain.blogspot.com ): Divide and Conquered Dep’t.: The Red and the Blue and the SALT deduction. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): A look at the most recent CP2100 and CP2100A notices, which are sent twice a year to payers who filed information returns that are missing a TIN, have an incorrect name or have a combination of both. - Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Favorite opening of the week: “This article may be very difficult for partners over 55 years of age. It could trigger high levels of anxiety and even tears.” Could be, as mandatory retirement and succession planning has done that to a lot of people. - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): Doing it right the first time makes checking a whole lot easier. - Parametric (
https://www.parametricportfolio.com/blog ): Will endless market volatility combine with higher rates to produce more tax losses to harvest?
The staff of life
- Canopy (
https://www.getcanopy.com/blog ): The first piece of the puzzle in answering the Great Resignation seems obvious. The other pieces don’t. - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You Make the Call” looks at Ronnie, who during the Great Resignation received a $10,000 retention bonus from her current employer as an incentive to stay. If Ronnie leaves before the end of two years following receipt of the bonus, it must be repaid. After a year, Ronnie is looking to change jobs again. She comes to you to discuss the tax consequences of repaying the retention bonus. What do you tell her? - CPA Growth Trends (
https://www.cpagrowthtrends.com/ ): Even as firms struggle to find staff and professionals feel overworked or overwhelmed, business development remains a must-do. How can rainmakers free time for this amid competing priorities? - Taxing Subjects (
https://www.drakesoftware.com/blog ): With an eye (already) to next season, now is the time to help your biz clients qualify for deductions — some of which are common and some of which are vanishing.
Slogging it out
- TaxConnex (
https://www.taxconnex.com/blog- ): Five common goofs that can put your remote-selling clients at risk for non-compliance over sales tax. - Henry+Horne (
https://www.hhcpa.com/blogs/ ): What to remind them about tax troubles if inheriting an IRA. - HBK (
https://hbkcpa.com/insights/ ): New York lawmakers have responded to the requests of taxpayers and tax practitioners for an extension to utilize the SALT cap workaround for tax year 2022, extending the election date deadline until this Sept. 15 and addressing estimated payments related to PTET. - TaxMama (
http://taxmama.com ): It’s better to give than to receive — except maybe, of course, when it comes to taxes. - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): In United States v. Toth, the court affirmed the district court’s grant of summary judgment which had imposed a willful determination as a discovery sanction. The blogger, who finds the opinion “a bit of a slog,” focuses here on the parts of the opinion that he found interesting. - Taxjar (
https://www.taxjar.com/resources/blog ): What to tell your clients sales tax-wise about selling into Canada. - Tax Foundation (
https://taxfoundation.org/blog ): Sales taxes account for almost a third of the average state’s tax revenue, but most sales taxes are imposed on narrow (and still-narrowing) bases. Just one of the interesting nuggets in the foundation’s “State Sales Tax Breadth and Reliance, Fiscal Year 2021.”
