In the blogs: Nonsense

Projected brackets; the remote debate; relief and refunds; and other highlights from our favorite tax bloggers.

Nonsense

• Don't Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Do undocumented immigrants pay at least some of their own way?
• Mauled Again (http://mauledagain.blogspot.com/): Tax nonsense often finds a life of its own via the internet.
• HBK (https://hbkcpa.com/insights/): Favorite headline of the week (in a room where you do what you don't confess): "Sundown, You Better Take Care": "Looming Estate Tax Law Changes You Need to Know About."
• Global Taxes (https://www.globaltaxes.com/blog.php): A look at the latest IRS efforts to nail rich tax cheats.
• The Tax Times (https://www.thetaxtimes.com): An early bitcoin investor has pleaded guilty to falsely reporting gains.
• Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Projected federal tax brackets and other inflation-adjusted amounts for the 2025 tax year. Relatively lower inflation of the past year has resulted in much more modest increases.
• Boyum & Barenscheer (https://www.myboyum.com/blog/): A recent video updates the positive and the negative on the IRS claims processing.
• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): How the U.S. House Ways & Means Committee recently advanced a bill "that would create an unprecedented tax incentive designed to fund private, mostly religious, K-12 schools."

How's it hanging?

• The Rosenberg Associates (https://rosenbergassoc.com/blog/): Favorite opening of the week: "Does AI pose a risk to civilization? 'Nature' or 'nurture?' Which way should toilet paper hang?" No clear answers, of course, but let's add another hot debate: working in the office versus remotely.
• Tax Pro Center (https://accountants.intuit.com/taxprocenter/): AI is there for firms that are willing to address change.
• Withum (https://www.withum.com/resources/): The importance of asking, "How did we do?"

Down the road

• Tax Notes (https://www.taxnotes.com/procedurally-taxing): Returning again to Brown v. Commissioner, a case that "keeps on giving procedural issues," the Ninth Circuit affirms the Tax Court's opinion concerning Brown's argument that the IRS took so long to reject his offer in compromise that the offer was deemed accepted by statute.
• Palm Beach Accounting & Financial Services (https://www.pbafs.com/blog): Most clients might not realize what an HSA can do for them.
• Dean Dorton (https://deandorton.com/insights/): What to remind them about charitable trusts.
• Gordon Law (https://gordonlawltd.com/blog/): What to remind them about "niche tax form" 8261.
• National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): IRS filing relief linked to disasters does appear a godsend, but it can produce refund wrinkles down the road.
• University of Illinois Tax School (https://taxschool.illinois.edu/blog/): What to remind them about the Sec. 45Z Clean Fuel Production Credit.
• Sikich (https://www.sikich.com/insights/): For manufacturing clients, companies relying on more innovative machinery such as 3-D printing can facilitate covering the higher cost of these technologies through government incentives. A look at the options.
• The National Association of Tax Professionals (https://blog.natptax.com/): This week's "You Make the Call" looks at Horizon Creative Studios, a small graphic design business that began in 2000 as a C corp. In 2021, the company generated a net operating loss that it carried forward each subsequent year. The company meets all the eligibility requirements to make the S election and timely files a 2553 to be treated as an S corp with an effective date of Jan. 1, 2023. As of Dec. 31, 2022, its last day as a C corp, Horizon had a remaining NOL carryforward of $10,000. During 2023, the business sold an asset for which they had to recognize built-in gain. Can the NOL carryforward be used to offset ordinary income or reduce the built-in gains of the S corp in 2023?
• TaxConnex (https://www.taxconnex.com/blog-): Why are some states' sales taxes higher than others?
• Taxjar (https://www.taxjar.com/resources/blog): October sales tax due dates.