Too much money; five little letters on how clients might see you; loss-harvesting season; and other highlights from our favorite tax bloggers.
Manual AI
- Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): The challenges of looming beneficial ownership information reporting (including everyone's perennial favorites, "lack of time" and "unresponsive clients") and how BOI software can help. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): Before they went on break, Congress did manage to postpone some requirements for BOI. A look at what reporting companies got what breaks. - Sovos (
https://sovos.com/blog/ ): Takeaways from a recent conference on how artificial intelligence might impact tax compliance and regulation, red flags of IRS audits, and keeping staffers engaged right from recruitment. - Withum (
https://www.withum.com/resources/ ): Did you study for what seems like the inevitable? A quiz to evaluate your readiness to accept AI in the workplace. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Even as their tax revenues fall, which states are eyeing tax cuts in 2024? - Canopy (
https://www.getcanopy.com/blog ): Accounting has come a long way from "dusty ledgers and manual calculations." Good thing, because regulatory complexity, cyber risks and the talent dearth are sapping everyone's strength. What individual preparers can do to keep up. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Why does the Great Resignation never seem to end despite headline proclamations? And what can be done to stem the hemorrhage? - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Amid high-paid partners and that staffing shortage, here's an arresting one: "Are CPA Firms Making Too Much Money?"
Weird
- Keller Advisors (
https://ritakeller.com/wordpress/ ): Think some of your clients are weird? Imagine what they think of you. - The Tax Times (
https://www.thetaxtimes.com ): A look at the IRS rescinding some criminal summonses from its crackdown on Malta pension plans. Is the agency backing off or retooling its campaign against offshore schemes? - Virginia – U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): In another season of giving, here's a common mistake: Using the account of a non-U.S. entity to make the gift transfer. "Very unpleasant" tax effects can befall a U.S. person who gets a gift from a foreign corporation or a foreign partnership. - Taxable Talk (
http://www.taxabletalk.com/ ): The saga of the missing refund for the client and dealing with the IRS Identity Protection Unit goes on. And on.
Location location location
- TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The migration to and from states based on tax levels (and presidential candidates voted for in 2020) gets a detailed look. - Tax Foundation (
https://taxfoundation.org/blog ): Two years ago, after negotiations at the OECD, more than 130 member jurisdictions agreed to an outline for new tax rules: Large companies would pay more taxes in countries where they have customers and less in countries where they have headquarters, employees and operations, among other conditions. How governments are now turning the agreement into law. - National Association of Tax Professionals (
https://blog.natptax.com/ ): What to remind them about the foreign income exclusion. - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Airbnb has agreed to pay 576 million euros (some $630 million) to settle a years-long dispute with Italy over unpaid rental taxes. That's less than some 779 million euros ($849 million) in taxes that Italian authorities said Airbnb owed on behalf of properties leased via the service between 2017 and 2021.
Fun with fungible
- Meyers Brothers Kalicka (
https://www.mbkcpa.com/insights ): What to remind them about the intricacies of securities' sales in this most joyful and loss-harvesting time of the year. - Marcum (
https://www.marcumllp.com/insights ): A look at FASB's recent accounting standards update that aims to enhance the accounting procedures and disclosure requirements for certain crypto assets. In plainer words, to offer investors a more transparent view of the economic realities underpinning crypto assets. - Gordon Law (
https://gordonlawltd.com/blog/ ): An old strategy meets a new asset: how to loss-harvest illiquid non-fungible tokens. - Taxjar (
https://www.taxjar.com/resources/blog ): January's sales tax due dates. - HBK Insights (
https://hbkcpa.com/insights/ ): In inflationary times, what to remind your biz and manufacturing clients about the advantages of last-in, first-out inventory control. - Taxbuzz (
https://www.taxbuzz.com/blog ): What to remind them about workarounds in the looming quarterly taxes.
