In the blogs: Nothing but trouble

Tax targets; getting creative; one SALT workaround; and other highlights from our favorite tax bloggers.

Nothing but trouble

• National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): What to remind them about what to do if they get an IRS collection notice.
• TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): How the SCOTUS Moore decision undercut, in many important ways, attempts to limit the taxing power of Congress.
• Tax Vox (https://www.taxpolicycenter.org/taxvox): Both Trump and Harris have promoted the "troubling idea" of hyper-targeting tax subsidies to narrowly favored activities or occupations.
• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): After this year's election, one of the most pressing issues will be how to deal with the expiration of the Tax Cuts and Jobs Act and who'll pay for extending some or all of those cuts. Among the more widely accepted ideas circulating on the right is to raise income taxes on single parents.
• Armanino (https://www.armanino.com/articles/): Any of your clients who are influencers could be tomorrow's headline if they don't get the tax complexities right.
• Mauled Again (http://mauledagain.blogspot.com/): On finding reselling a diamond ring, not all tax — or legal — advice is created equal.
• Taxable Talk (http://www.taxabletalk.com/): Favorite headline of the week: "Creative Math, IRS Style."

Keep calm and FBAR

• Vertex (https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0): As companies look again at their supply chain models and controls in the post-COVID global economy, tax planning and modeling become indispensable.
• Gordon Law (https://gordonlawltd.com/blog/): If they forgot their FBAR, nobody panic.
• Virginia – U.S. Tax Talk (https://us-tax.org/about-this-us-tax-blog/): What to remind them about filing a U.S. return even when filing isn't necessary.
• CLA (https://www.claconnect.com/en/resources?pageNum=0): Some have closed but some have not: A look at tax credits still open for employers.
• Palm Beach Accounting & Financial Services (https://www.pbafs.com/blog): What to remind them about the tax plusses of HSAs.
• Withum (https://www.withum.com/resources/): Estate and tax planning has undergone a substantial transformation due to the TCJA. One strategy: an incomplete non-grantor trust. What to know.
• Boyum & Barenscheer (https://www.myboyum.com/blog/): It's already time for your small-biz clients to start year-end tax planning.

Lend me your earmarks

• AICPA & CIMA Insights (https://www.aicpa-cima.com/blog): One TCJA provision that continues to be debated in Congress is the SALT deduction cap. A look at IRS guidance on one workaround: the passthrough entity tax, a state or other jurisdiction's elective or mandatory entity-level income tax on partnerships and S corps.
• Tax Foundation (https://taxfoundation.org/blog): Favorite opening of the week: "Utah's taxes are unusually earmarked." Seems most of the state's individual and corporate income tax collections, along with revenues from intangible property, are earmarked for public education and more than a quarter of sales tax revenue is earmarked as well for priorities from transportation to water and natural resources. Utah is the only state to earmark the entirety of one of its major taxes; this November, voters might change that.
• Avalara (https://www.avalara.com/blog/en/north-america.html): Recent tax laws it pays to know.
• Don't Mess with Taxes (https://dontmesswithtaxes.typepad.com): In 2027, the Saver's Credit will become a contribution made by the U.S. Treasury to qualifying taxpayers' designated accounts — the filer's workplace 401(k)-type plan or their personal traditional IRA. The IRS wants our thoughts.
• Marcum (https://www.marcumllp.com/insights): The SEC director of the Division of Corporation Finance released the "Disclosure of Cybersecurity Incidents Determined To Be Material and Other Cybersecurity Incidents," which clarifies the distinction between mandatory disclosure and voluntary disclosure for public companies under Form 8-K.
• Summing It Up (http://blog.freedmaxick.com/summing-it-up): In November, New York's Department of Financial Services amended its Cybersecurity Regulation. The rule is aimed predominantly at the banking and insurance industries, but many other organizations will still be required to adhere.