A bad CDP hearing; a key point when giving stock; fat o’ the land; and other highlights from our favorite tax bloggers.
Pain in the gas
- Tax Foundation (
https://taxfoundation.org/blog ): Favorite opening of the week: “No policy idea is ever truly gone.” As a trip to the gas pump becomes more like a root canal, federal proposals have again bubbled up targeting profits of big oil. The blogger contends that the proposal is really for an excise tax resembling one from 42 years ago that resulted in economic pain we can’t afford. - Tax Vox (
https://www.taxpolicycenter.org/ ): A first step toward taxing oil profits more progressively would be eliminating existing income tax breaks for the industry, which cost about $3.5 billion a year and don’t stimulate production. - Mauled Again (
http://mauledagain.blogspot.com/ : Blanket vehicle subsidies ease a burden that isn’t shared equally right now. - AICPA Insights (
https://www.aicpa.org/blog ): One headline casualty of COVID was the supply chain, and here’s why a vendor risk management process and related controls is key to managing those now-apparent risks.
Ask away
- National Association of Tax Professionals (
https://blog.natptax.com/ ): The recent “Ask Me Anything” webcast fielded some interesting questions, from whether to declare innocent spouse or amend a return to what exactly is IRS Fresh Start? - Tax Warriors (
https://www.taxwarriors.com/blog ): The Gen Z series continues with two topics the young approach with different degrees of enthusiasm: marriage and taxes. - Turbotax (
https://blog.turbotax.intuit.com ): Favorite headline of the week, for a primer on what to remind them about making money on social media: “Friends with Benefits.” - Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): A recent survey reveals how the Tax Cuts and Jobs Act did, and especially did not, change Americans’ views about taxes. - Strategic Advisor (
https://www.liveplan.com/strategic-advisors/blog/ ): What to remind them about the differences between business budgeting and forecasting. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): An Arizona court has struck down a voter-approved surcharge on higher-earning taxpayers that would’ve gone toward education. - Sovos (
https://sovos.com/blog/?region=united-states ): Registering for Insurance Premium Tax with tax authorities across Europe can be challenging and complex, particularly when multiple territories are involved. Five tips to make the process easier. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): What constitutes a CDP hearing — and, more important, when is one “defective?”
Only fair
- Sikich (
https://www.sikich.com/insights/ ): What to remind them about using retirement plans to retain talent, including some lesser-known aspects of these tools. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): Stock does make a wonderful gift — passing a bit of reasonably hard-earned wealth on to the next generations to teach them lessons in generosity, thrift and compounding all at the same time. Advise your open-hearted senior clients to add one more gift, in writing: the date of purchase and the fair market value. - Taxbuzz (
https://www.taxbuzz.com/blog ): What to remind them about (legit) ways to avoid capital gains. - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): Five warning signs of complacency. - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): A look at multiple states’ tax incentives for small farms.
