New digital advertising tax; ripping off PPP; careful with prenups; and other highlights from our favorite tax bloggers.
Defining characteristics
- Procedurally Taxing (
https://procedurallytaxing.com ): At least the latest IRS correspondence problem does not implicate statutory time frames the way earlier misdated notices did. Instead, this problem simply involves the IRS sending 109,000 taxpayers a notice with wrong information, including a typo. We counter you shouldn’t be so quick to judge the Unite States government. - Financial Cents Accounting Blog (
https://financial-cents.com/blog/ ): Some of the most successful and thriving small businesses have a common defining characteristic: a healthy, productive pace. Being focused, productive, hitting deadlines and managing a plethora of tasks is a hidden skill that you can use to elevate your practice. - Solutions For CPA Firm Leaders (
http://ritakeller.com/blog/ ): How many misconceptions flourish in your firm? Partners don’t care about people and just want to make a lot of money. Staff don’t care about the firm but just want to put in eight hours and then go home. How to start correcting these and their like. - Wolters Kluwer (
http://news.cchgroup.com/ ): A look at the International Accounting Standards Board’s recent narrow-scope amendments to IFRS that improve accounting policy disclosures and clarifies distinction between accounting policies and accounting estimates.
Oh, the places we’ll tax
- Mauled Again (
http://mauledagain.blogspot.com/ ): A look at the shock and reality of real property tax reassessments. - Avalara (
https://www.avalara.com/us/en/blog.html ): Wave of the future? Maryland has become the first state to adopt a digital advertising tax. - Taxjar (
http://blog.taxjar.com/ ): Can you pay sales tax with a credit card? How about paying sales tax with good old cash? Here’s a look at every state’s accepted payment methods. Trend one: Many states are moving toward EFT-only sales tax payments. - Eide Bailly (
https://www.eidebailly.com/taxblog ): What went into the House tax-writing committee signing off on the latest COVID rescue plan. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): Rethinking how we score capital gains tax reform. - Tax Foundation (
https://taxfoundation.org/blog ): A recent report on tax revenue sources shows the extent to which OECD countries rely on different tax types, with this latest drill-down looking at the “relatively small share” kicked in by corporate incom e tax.
Nupped in the bud
- Mahaney Law (
https://www.mahanyertl.com/blog/ ): The Department of Justice has criminally prosecuted more than 50 fraudsters for ripping off the Paycheck Protection Program. On Jan. 12, the U.S. Attorney in Sacramento announced the first civil PPP fraud prosecution brought under the federal False Claims Act. Under that law, whistleblowers with inside information about fraud involving government funds or programs can receive large cash rewards for reporting the fraud. - Boyum & Barenscheer (
https://myboyum.com/blog/ ): It generally pays to regularly review your not-for-profit client’s accounting function for inefficiencies and oversight gaps. Here’s what to consider in your review. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): What to remind them about expenses during retirement that they will not have had during their working years. - Tax Warriors (
https://www.taxwarriors.com/blog ): What vehicles qualify and other important details about the Plug-in Electric Drive Motor Vehicle Credit. Aspiring Tesla owners, pay close attention. - Sikich (
https://www.sikich.com/insights/ ): By many analysts’ measures of digital technology transformation progress by industry, manufacturing, including equipment manufacturers, generally lags. What to ask clients in this industry regarding their key business applications. - Rubin on Tax (
http://rubinontax.floridatax.com/ ): Practitioners seeking to enhance the likelihood of an enforceable prenup should manage the objective and verifiable facts that mitigate against coercion and duress. One objective fact that can usually be managed: when the prenuptial agreement is signed (hint: avoid signings the day before or of the wedding). A look at a recent Florida case. - National Association of Tax Professionals (
https://blog.natptax.com/ ): What COVID-19 expenses can teachers deduct on 2020 returns? - Canopy (
https://www.canopytax.com/blog ): Do Not Turn Into a Cat Dept.: The tricks to having effective virtual meetings with clients.
Related conduct
- Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): In United States v. Derman, the district court in a 54-page opinion denied Derman’s post-trial motions regarding his conviction “of ten counts of various offenses arising out of his participation in a conspiracy to defraud the United States government of renewable tax credits and launder the proceeds of the fraud.” Although a tax-related crime, Derman was not convicted of a tax crime but for his conduct relating to tax crimes that violated other criminal provisions. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): The Federal Reserve has announced several changes and requirements to enhance security of its payment and settlement platforms. Many of these requirements are highly technical, so here are some layman’s terms. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com ): Yet another taxpayer has had a bad experience with his failure to properly report all his foreign accounts on his annual FBAR filing in United States v. Collins. The court found no issue with the IRS assessment of penalties on the willful failure to file reports on these accounts for 2007 and 2008, despite the taxpayer’s attempt to argue that he’d acted reasonably in failing to report these accounts and the amounts of the penalty were excessive.
