An unacknowledged credit; potential estate tax changes; an ongoing EIN mess; and other highlights from our favorite tax bloggers.
Nice explanations
- National Association of Tax Professionals (
https://blog.natptax.com/ ): Don’t Touch That Return! What might be on the way for IRS American Rescue Plan guidance. - TaxMama (
http://taxmama.com ): Here’s remarkable relief that no one has been talking about: Premium Tax Credit Repayments, the thousands people are having to repay for their Marketplace Health Insurance coverage. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): How, given the details of our Rescue, $1 in actual income can increase a client’s net taxable income at least $10,200 or $20,400. And about new thresholds, how does the $150,000 threshold apply to separate returns filed by a married couple? - Procedurally Taxing (
https://procedurallytaxing.com ): Harrison v IRS, a recent opinion from the federal district court for the District of Columbia, nicely explains the relationship between the tax refund process, the Anti Injunction Act and the Administrative Procedure Act. It also illustrates the uphill battle facing challenges based on violations of procedural due process. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com ): A look at recent IRS guidance on excludable unemployment compensation. - Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): Estate planners are anticipating the possible revival of several regulatory projects shelved by the Trump administration. Among them: stiffer tax regs.
The extra mile
- Surgent Income Tax School (
http://www.theincometaxschool.com/blog/ ): Going the extra mile as a preparer will help you create raving fans. What’s involved. - Strategic Advisor (
https://strategicadvisor.liveplan.com/ ): What did businesses do in 2020? What are they doing now? How will the impact of COVID-19 affect current and prospective small-business owners this year? And how can you as a strategic advisor serve their evolving needs? Small businesses and soon-to-be entrepreneurs share how they’ve been impacted and their expectations for 2021. - Taxbuzz (
https://www.taxbuzz.com/blog ): Independent contractors — “gig workers,” as many have been anointed — of course have always had to file taxes differently. This year there’s an additional change as a result of the new 1099-NEC. - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): In calendar 2020, the IRS suspended 6.9 million returns that it suspected of identity theft. What to remind them about IP PINs. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): Picking a niche is daunting. Here’s how to start sifting through info you’ve got on hand already. - Turbotax (
https://blog.turbotax.intuit.com ): For clients who want something to do while they wait, here’s a stimulus calculator and approximate timeline.
Stately
- Avalara (
https://www.avalara.com/us/en/blog.html ): The state of state tax policies after one year of COVID. - Sovos (
https://sovos.com/blog/?region=united-states ): The Massachusetts Department of Revenue is set to start enforcing a new advance payment program applicable to sales, use and room occupancy tax. - Taxjar (
http://blog.taxjar.com/ ): Stream it to hear, read or compute and be warned: As of last Sunday, a number of new “digital goods” become taxable in one state.
March of time
- Taxable Talk (
http://www.taxabletalk.com/ ): What’s happened to a client over a year and a half after the IRS helpfully changed his Employer Identification Number without telling him. Hint: “Resolution” doesn’t seem to be one of them. - Tax Vox
https://www.taxpolicycenter.org/ ): The Tax Policy Center has published a new distributional analysis of the American Rescue Plan that shows slightly larger tax cuts for most households. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): A look at “How Unfair Property Taxes Keep Black Families From Gaining Wealth.” - Rubin on Tax (
http://rubinontax.floridatax.com/ ): Applicable federal rates for March. - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): Did Credit Suisse help clients skip taxes after it promised to stop?
