Disaster planning; the flipside of an Employee Retention Credit mess; the QoE; and other highlights from our favorite tax bloggers.
Moore to come?
- Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): "Seven of the nine justices on the U.S. Supreme Court upheld the constitutionality of a tax on offshore corporate profits that was one of the few significant revenue-raisers in the Trump tax law. If the court had agreed with the plaintiffs in the case … the Trump tax law would have enriched the largest multinational corporations in America even more." - Tax Foundation (
https://taxfoundation.org/blog ): Declining to "bless or proscribe certain tax policies," though, SCOTUS left many questions unanswered in its Moore ruling. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): Couldn't Have Said It Better Ourselves Dept.: "Something like this result — a focus on attribution rather than realization — was widely predicted after oral argument, but we are somewhat surprised that the majority opinion didn't take up the issue of realization at all." - The Tax Times (
https://www.thetaxtimes.com ): In other business, SCOTUS was slated to review a 10th Circuit decision that found that the bankruptcy trustee of a defunct company seeking Chapter 7 protection could recover $145,000 in tax payments from the IRS. - Procedurally Taxing (
https://www.taxnotes.com/procedurally-taxing ): The Tax Court held that election into the centralized partnership audit regime was valid. (For tax years beginning in 2018, CPAR is the default audit regime unless an eligible partnership timely makes an election out.) Even if the specific issue decided by the court doesn't have far-reaching effects, the opinion still provides a framework for analyzing sufficiency of the elections in general.
Expiration dates
- The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): One view of the possibly expiring provisions of the Tax Cuts and Jobs Act. - Taxable Talk (
http://www.taxabletalk.com/ ): The U.S.-Russia tax treaty is mostly suspended beginning Aug. 16. What will be the effect on, among other things, gambling winnings? - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): Your nonprofit clients treasure that tax-exempt status. What to remind them to do to keep it. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Young accountants and accounting students are evaporating even as partner salaries climb. The frustration's obvious between these factors. What can we do? - University of Illinois Tax School Blog (
https://taxschool.illinois.edu/blog/ ): What to remind them about federal filing (and some payment) relief after a disaster. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind them about the cornucopia of back-to-school sales tax holidays. - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Such balance in the universe: Even as Employee Retention Credit fraud appeared more rampant than first thought, the Treasury has begun recouping some of the millions that U.S. airlines got during the pandemic.
It is the cause
- Keller Advisors (
https://ritakeller.com/wordpress/ ): Three partners meet in one of their offices with the door closed. A senior accountant is unusually dressed up for the day and leaves early. An intern claims he is sick two Mondays in a row. The grapevine ignites, but do you really know "the cause of things?" - Taxbuzz (
https://www.taxbuzz.com/blog ): How CPAs form the backbone of the insurance industry. - Marcum (
https://www.marcumllp.com/insights ): In a biz sale, traditional financial statements give a snapshot of historical performance but often fall short of revealing critical risks and nuances. Enter the sell-side quality of earnings report. - Taxing Subjects (
https://www.drakesoftware.com/blog ): Frequent client surveys are just one way to stay ahead of the competition. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Six years after Wayfair, the case continues influencing state sales tax collection for remote sellers. Plus, recent contentious cases of nexus. - TaxConnex (
https://www.taxconnex.com/blog- ): And the latest general word on sales tax nexus in light of that big birthday just passed. - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at Joe, an employee of a corporation with a 401(k). The employer has announced that it's accommodating provisions in SECURE 2.0, specifically to treat qualified student loan payments made by employees as 401(k) contributions for the purpose of receiving company matching contributions. Regarding Joe's personal taxes and assuming all other requirements are met, will the loan payments that qualify him for 401(k) matching also qualify Joe for the Retirement Savings Contribution Credit? - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): Electric vehicles bring significant financial incentives, including tax credits. Nuances of the current EV credits, with a focus on how they work, who may qualify and common pitfalls. - Withum (
https://www.withum.com/resources/ ): A recent webinar examines 13 steps of financial planning. And from the quoted master of healthy, wealthy and wise: "Never go out of your depth in business, for the best swimmer may be seized with a cramp." - Sikich (
https://www.sikich.com/insights/ ): Congrats to this year's winners of the James A. Sikich Visionary Scholarship.
