BOI guidance; IRS accessibility; home on the road; and other highlights from our favorite tax bloggers.
It's understandable
- TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): How a chunk of the 920 pages of Project 2025 promise sweeping changes in, among many many many other details of American life, tax reform that would take place in two stages. - The Tax Times (
https://www.thetaxtimes.com ): The rich get poorer as the IRS claws $1 billion in back taxes from wealthy cheats. - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): The IRS needs to make sure that its ton of WIP improvements are accessible to all, including the 42 million Americans with a disability. - Mauled Again (
http://mauledagain.blogspot.com/ ): Want to make a bundle and pay no income tax? "It's understandable when most Americans consider the federal income tax to be skewed in favor of the investing class … Missing in most instances is taking the next step, from recognizing the biases in the federal income tax, understanding how and why they came to exist, and then taking steps to vote for legislators who are willing to change the law." - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): As accountant advisors continue to wonder how far they can safely wade with biz clients into the BOI reporting nebula, the New Jersey Supreme Court's Committee on the Unauthorized Practice of Law has issued a letter to the New Jersey Society of CPAs with some much-needed guidance. - Tax Foundation (
https://taxfoundation.org/blog ): The latest on the global tax agreement includes lapsed deadlines, Canada striking out on its own over digital services, and Pillar Two happening for the earliest adopters.
In local news
- Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Summer usually brings higher gas prices, and the first impulse (which isn't necessarily wrong) is to blame oil companies. Turns out that seven states also hiked their fuel tax rate on July 1. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Mansion taxes take the spotlight in the latest moves by states (or at least the District of Columbia). - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Will Washington be the next state, joining Colorado and Minnesota, to implement a retail delivery fee?
Science to art
- Withum (
https://www.withum.com/resources/ ): When considering the transition from QuickBooks to NetSuite, understand that both are powerful systems but they serve different business needs and scales. - Canopy (
https://www.getcanopy.com/blog ): The Good, the Bad and the Really Ugly Dept.: How firms of varying quality address communication, relationships, tech and problem-solving, among other keys to success. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Most firms once allocated income with some combination of a formula, ownership percentage and seniority. Few compensation systems recognized subjective factors such as developing staff, firm management, teamwork, written goals and performance appraisals. The change over the last 20 years has been dramatic as allocating partner income morphed from science to art.
Summer travels
- University of Illinois Tax School (
https://taxschool.illinois.edu/blog/ ) : What to remind them about the tax rules on rentals and vacation homes. - On the National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at Christopher, who recently bought an RV and decided to spend all summer touring the Midwest in his new motorhome. The RV has on-board permanently mounted sleeping, cooking and bathroom facilities. Christopher paid $200,000 of the purchase price in cash and got a loan for the remaining $100,000; the loan was solely for the RV purchase. He will not be renting the vehicle or using it for other business purposes. He has no other mortgages and otherwise itemizes his deductions. Can his RV count as a vacation home for deducting the interest on the loan? - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Your clients who own a closely held corporation can borrow funds from their business at lower rates than they'd get from a bank. But you definitely want to help them structure the deal right. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind them about the taxes involved in investing. - TaxConnex (
https://www.taxconnex.com/blog- ): How your biz clients absolutely, positively have to handle those state sales tax notices. - Marcum (
https://www.marcumllp.com/insights ): The tax concerns implanted in the sale of a dental practice.
