BOI on hold; the Tax Cuts and Jobs Act and future budgets; using private equity; and other highlights from our favorite tax bloggers.
- HBK (
https://hbkcpa.com/insights/ ): Corporate Transparency Act/beneficial ownership information reporting hits a snag (with days to go before the deadline): an injunction from a federal district court in Texas. - TaxConnex (
https://www.taxconnex.com/blog- ): How to advise ecommerce clients about the sales tax pitfalls of a boom holiday shopping season. - Mauled Again (
http://mauledagain.blogspot.com/ ): Now Streaming Dept.: "When Tax Fraud Is Admitted in a Civil Arbitration Proceeding Known as a Television Court Show." - Withum (
https://www.withum.com/resources/ ): What to remind them about the lesser-known cousin of sales tax: use tax. - Taxable Talk (
http://www.taxabletalk.com/ ): "In a move that surprises absolutely no one," the feds have appealed the preliminary injunction against CTA and BOI reporting. The appeal can leave the injunction in place until the court rules or it can suspend the injunction and re-ignite BOI reporting. So, for companies and clients, what next?
Fine points
- Avalara (
https://www.avalara.com/blog/en/north-america.html ): Covering more stuff and instituting higher rates, Louisiana recently made major changes to its state taxes. - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): This detailed look at the IRS past, present and future stair-stepping those 1099-K thresholds is a handy way to explain the mess to your eBaying clients. - U of I Tax School (
https://taxschool.illinois.edu/blog/ ): Details to remind them about end-of-year giving. - Virginia – U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): The details of civil FBAR penalties and why it's become more difficult for the IRS to enforce collection. - Tax Foundation (
https://taxfoundation.org/blog ): If Congress doesn't act, taxes will rise for millions of Americans on Jan. 1, 2026, as individual provisions of the TCJA expire. Lawmakers are discussing ways to address this coming cliff, but one seemingly insignificant issue could shape the debate: the budgetary impact of extending the tax cuts. - The National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at Maeve, who marked National Pearl Harbor Remembrance Day by donating her family's World War II artifacts to the city of Honolulu for public display. Will this gift be eligible for a charitable deduction on Maeve's return?
Too much of a good thing?
- CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): A reminder of the new IRS special per diem rates for the transportation industry for 2025, including a significant increase in rates and that per diems are now 80% deductible. - Parametric (
https://www.parametricportfolio.com/blog ): How to tax-loss harvest in a market that just keeps going up. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Should your firm consider private equity (a growing consideration for practices of all sizes)? The pros, the cons and the key questions. - Taxjar (
https://www.taxjar.com/resources/blog ): January's sales tax due dates state by state. - Tax Notes (
https://www.taxnotes.com/procedurally-taxing ): A past bankruptcy court decision denied the debtors general discharge because they elected to carry forward a tax overpayment and failed to report the tax overpayment on their bankruptcy schedules. The litigation regarding the discharge continued, and now the Sixth Circuit has weighed in. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): For small and midsize businesses such as golf courses, country clubs and the like, the right operational system is a critical decision. One common dilemma is choosing between a niche, industry-specific platform and a comprehensive ERP solution. Both options have merits, but understanding the strengths and limitations of each is essential. - AICPA & CIMA Insights (
https://www.aicpa-cima.com/blog ): Congrats to CIMA Fellow Mohomed Bashir, first Pakistani president of the International Cotton Association.
