The latest on PPP; retirement drawdowns; goals of your practice; and other highlights from our favorite tax bloggers.
Loan wolves
- Tax Warriors (
https://www.taxwarriors.com/blog ): A look at the new relief package. - Sikich (
https://www.sikich.com/insights/ ): Some provisions in this legislation help struggling businesses. One of the significant opportunities is an enhancement of the “Employee Retention Credit” from the CARES Act. - Wolters Kluwer (
http://news.cchgroup.com/ ): Luck of the Draws Dept.: The PPP has re-opened for new borrowers and certain existing borrowers.
Out on a stim
- Turbotax (
https://blog.turbotax.intuit.com ): So where is that second stimulus check? - Taxing Subjects (
https://www.drakesoftware.com/blog ): The Road That Shouldn’t Have Been Travelled At All Dept.: How the IRS is working with the tax and financial industry to redirect Economic Impact Payments that were direct-deposited in closed, inactive or “unfamiliar” bank accounts. - AICPA (
https://blog.aicpa.org/ ): It’s not just the same four walls, your pet photo-bombing Zoom and crumbs in your very own keyboard. Taxpayers are unaware of remote worker state tax liabilities. - Taxable Talk (
http://www.taxabletalk.com/ ): Funny thing, but it turns out that not all of the latest CP14 notices aren’t what they seem.
Words up
- Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com ): Catch a breath and take a look at “IRS final regulation that provide[s] information on the extended time period for those plan participants receiving a non-cash distribution from a retirement plan that is a qualified plan loan offset to rollover the amount to another retirement plan.” (We weren’t retired when that government description started.) - Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): Delaying the age at which plan participants must begin drawing down tax-advantaged savings accounts is just one of the nearly two dozen retirement proposals that benefits advisers see as ripe for action in the new Congress. - Tax Girl (
https://www.forbes.com/sites/kellyphillipserb/ ): For years, the Treasury has advised taxpayers that virtual currency is not required to be reported on the FinCEN (what used to be called the FBAR). Will this continue? - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): A look at the beneficial ownership information reporting requirements that are part of the Corporate Transparency Act. - Tax Foundation (
https://taxfoundation.org/blog ): Three little letters that may mean a lot: FTT.
Competition Is Good
- The Income Tax School (
http://www.theincometaxschool.com/blog/ ): Time to set the goals for your practice in this new year. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The Theodore Tannenwald Jr. Foundation for Excellence in Tax Scholarship and American College of Tax Counsel are sponsoring the 2021 Tannenwald Tax Writing Competition. - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You Make the Call” looks at an accrual basis S corporation that purchased a $50,000 machine on Dec. 11, 2020. Due to pandemic delays, the expected ship date is Jan. 19, 2021. Can the S corp take a depreciation deduction for the machine in 2020?
And so is change
- Financial Cents Accounting Blog (
https://financial-cents.com/blog/ ): The industry’s trends for 2021. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): What’s new for the 2020 New Jersey return. - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): What will a narrow Democratic Congress mean for Biden’s tax agenda? - Eide Bailly (
https://www.eidebailly.com/taxblog ): The 1094-C and 1095-C: Keep or not?
