Fighting scope creep; QCDs as the year ends; advising ministers; and other highlights from our favorite tax bloggers.
Questions for the moment
- CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): One major question of the moment: What can nonprofits expect from future federal tax policies? - Mauled Again (
http://mauledagain.blogspot.com/ ): Not long ago, about a dozen states would seize property for failure to pay property taxes and, instead of simply taking their share of unpaid taxes, interest, and penalties and returning the excess to the property owner, they would pocket the entire proceeds of the sales. Did high court intervention stem this practice? Not so much. - TaxConnex (
https://www.taxconnex.com/blog- ): What are the best questions to pin down sales tax risk and exposure? - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): In Surk LLC v. Commissioner, the Tax Court was presented with the question of basis computations related to an interest in a partnership. The taxpayer mistakenly deducted losses that exceeded the limitation in IRC Sec. 704(d), raising the question: Should the taxpayer reduce its basis in subsequent years by the amount of those disallowed losses or compute the basis by treating those losses as if they were never deducted?
Creeping
- Canopy (
https://www.getcanopy.com/blog ): A great phrase to swear by (and make them sign to) as clients demand more and more: the "90-day Scope Check Clause." - Tax Pro Center (
https://accountants.intuit.com/taxprocenter/ ): Essentials of updating your written information security plan to make sure it aligns with PTIN renewal requirements and the latest security best practices. - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): How data analytics — sifting mountains of information for patterns and nuggets that can fuel insights, preferably useful ones — fit into auditing.
On the table
- Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): What to remind them, as end-of-year planning looms, about this year's QCD numbers. - Parametric (
https://www.parametricportfolio.com/blog ): If your clients are using more traditional commingled products for their passive exposures, they may not know how much tax money they're leaving on the table. A look at possible advantages of a separately managed account. - Turbotax (
https://blog.turbotax.intuit.com ): Whether they're talking diversification, gainful hobby or income stream, what to remind them about the tax benefits of investing in real estate. - The National Association of Tax Professionals (
https://blog.natptax.com/ ): Q&A from a recent webinar on day cares' unique income and expense categories. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): For larger manufacturers, compliance under IRC 263A is essential. And for all manufacturers, effective inventory management goes beyond balancing stock levels. Key factors affecting inventory accounting for large and small manufacturing businesses. - U of I Tax School (
https://taxschool.illinois.edu/blog/ ): What to remind them — and yourself — about the taxation of clients who are ministers. - Withum (
https://www.withum.com/resources/ ): A look at the recent IRS Memorandum 2024-36010 that denied the application of IRC Sec. 245A to dividends received by a controlled foreign corporation.
