Paycheck Protection Program misrepresentation; rebuilding clients' basis; what you're doing wrong; and other highlights from our favorite tax bloggers.
Of increasing influence
- Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): The IRS is getting tougher regarding possible taxes and penalties about "misrepresentations" for PPP loan forgiveness. - Henry+Horne (
https://www.hhcpa.com/blogs/ ): Crowdfunding is a popular way to raise cash online. But is it taxable income? - Tax Vox (
https://www.taxpolicycenter.org/ ): Last year's temporary expansion of the Child Tax Credit took a big bite out of child poverty across the U.S., but federal outreach struggled to connect immigrant families with their tax benefits. What we can learn from more-regional approaches to the matter, most recently in Boston. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): A look at Revenue Procedure 2022-19's "taxpayer assistance procedures" to resolve certain issues involving S corporations and their shareholders without a private letter ruling. - Gordon Law (
https://gordonlawltd.com/blog/ ): Kim Kardashian's recentrun-in with the SEC is a warning for other influencers. - AICPA Insights (
https://www.aicpa.org/blog ): A quote to learn from: "Don't wait to address mental health because these issues aren't going to go away on their own. If you don't do something about this, it's going to hurt your succession planning and the future of your firm." - Tax Foundation (
https://taxfoundation.org/blog ): After the IRA, many of the tax increases considered over the last two years have been shelved. That doesn't mean they're going to vanish from debate about whether and how to tax high earners and how to reform the Tax Code.
Statesmen and kings
- Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): The one thing some states can bank on is that their hot economies will eventually cool off. So, are deep and long-term tax cuts really a good move? - HBK (
https://hbkcpa.com/insights/ ): Sales taxation of services in Kentucky is about to expand. - TaxConnex (
https://www.taxconnex.com/blog- ): Deep into an M&A is no time to discover past liability for sales tax. What to look for beforehand. - Sovos (
https://sovos.com/blog/?region=united-states ): His (new) Majesty's British government has announced a new penalty regime to replace the default surcharge regime for VAT periods starting on or after this Jan. 1. A look at how the new regime will affect U.K. VAT-registered businesses that submit late returns or make late payments and a look at changes to how VAT interest is calculated.
None but the brave
- Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Amid all the scarelines about increased IRS funding, what to remind them about preparing for an audit. - Canopy (
https://www.getcanopy.com/blog ): What gives the muskrat his musk? In "10 Things Accountants Should Know About Marketing," the last item alone is worth taking to heart. - CPA Growth Trends (
https://www.cpagrowthtrends.com/ ): Little word, big meaning: Selling is not something you do to someone. It is what you do for someone. - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): Where a durable power of attorney fits into plans for tax representation — and plans for the inevitable march of time. - National Association of Tax Professionals (
https://blog.natptax.com/ ): A recent webinar looks at a frequent (and, often just as frequently, bothersome) task facing preparers: reconstructing a client's basis records. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): Plenty can be in a name: What to remind them about the tax and other importance of picking the right business entity.
Favs
- The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): Headline of the week: "I Hate K-1s!" - Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Another favorite head: "What Does It Mean to Build a Profitable Firm and What Are You Doing Wrong?" - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): And another: "Are Your Team Members Average?"
