Practices’ problems, by firm size; remote tax obligations for services; hammering the basics; and other highlights from our favorite tax bloggers.
Size matters
- Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): A look at the recent PCPS CPA Firm Top Issues Survey. Though the same significant issues tend to make such surveys year over year, it’s always interesting to see how troubles rise and fall in the rankings — and how some cause more pain than others depending on a firm’s size. - Avalara (
https://www.avalara.com/us/en/blog.html ): The true cost of sales tax compliance for companies of differing sizes across several industries. - Taxjar (
http://blog.taxjar.com/ ): Everybody by now is familiar with having to collect and remit states’ sales taxes on items sold. How soon before your biz clients — and you, for that matter — have to do the same for services sold?
How and why
- Eide Bailly (
https://www.eidebailly.com/taxblog ): All the latest news on why and how there’s still no tax deal. - Sagenext (
https://www.thesagenext.com/blog ): What to remind them about the latest in the taxation of crypto. - Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): How and why taxes, fees and all that other stuff keeps going up and up for cell phones. - National Association of Tax Professionals (
https://blog.natptax.com/ ): How to help a client see clearly whether they’re a real estate “professional.” - Canopy (
https://www.canopytax.com/blog ): How to earnestly get your practice on the road of diversity and inclusion. - HBK (
https://hbkcpa.com/insights/ ): What to tell them post-audit about the significance and best use of a management letter on internal control. - AICPA Insights (
https://future.aicpa.org/blog ): Five areas of advice-giving that can help you stand out when helping small-business clients. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): What to remind them (and they need it periodically) about how quality accounting makes a business shine. - Sikich (
https://www.sikich.com/insights/ ): When it comes to selling a company, an audit or review of financial statements is not enough. Focusing on EBITDA, income and working capital — not to mention add-backs or deductions that may adjust an EBITDA — provides a clearer picture of what a business is worth. And it all starts with a quality of earnings report. - Gordon Law (
https://gordonlawltd.com/blog/ ): What to remind them about pass-through income and taxation. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): Don’t ever think you know what they don’t know: “Taxes 101 — Withholding” may sound pretty basic, but a fellow tax pro has told the blogger of several occasions where clients have wrongly believed that they have paid the total tax due via withholding and that no additional tax needed to be paid.
Nonsense and sensibility
- Mauled Again (
http://mauledagain.blogspot.com/ : Any way you look at it, some misinformation out there about the pilot program for a mileage-based road fee is just nonsense. - Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): Congress needs to require more than just better and faster reporting in federal cyber-breach legislation working its way through the Senate. Here’s a range of international cyber threats and breaches. - The Tax Times (
https://www.thetaxtimes.com ): The extension of the statute of limitations for failure to report Subpart F income applies to a taxpayer’s entire return, not just the Subpart F-related items, the IRS has now said. - Tax Foundation (
https://taxfoundation.org/blog ): With corporate and individual rate hikes potentially out of the Build Back Better reconciliation package, lawmakers are weighing alternatives to raise revenue. One move they should keep in mind: broadening the tax base, which can improve the structure of the Tax Code, often without overly harmful economic effects.
