Little steps with tech; getting rid of clients; cuts and holidays; and other highlights from our favorite tax bloggers.
Retention tension
- EideBailly (
https://www.eidebailly.com/taxblog ): The Employee Retention Credit is getting congressional attention. And it isn't praise. - Meyers Brothers Kalicka (
https://www.mbkcpa.com/insights ): The IRS Office of Chief Counsel has issued a memorandum about applying the ERC to businesses that navigated supply chain disruptions. Included: five scenarios of supply chain challenges and how they align with provisions of COVID-19-related ERCs. - Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): The long arm of the NIIT (the thresholds of which are not indexed to inflation) reaches steadily abroad. - Armanino (
https://www.armanino.com/articles/ ): While we're tossing around letters, the CFOs' guide to the future of finance is undoubtedly spelled with an A and an I. - AICPA Insights (
https://www.aicpa-cima.com/blog : A new series of four papers explores trends in finance, the current state of the hybrid workplace and the race to digital adoption and tech. - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): For many firms, sweeping tech changes are not practical or even necessary. Baby steps can help more traditional tax firms adapt to new market conditions while supporting prep workflows. - Solutions For CPA Firm Leaders (
https://ritakeller.com/wordpress/ ): There are more than 60 IRS Appeals offices in 40 states with 11 jurisdictions that have limited or no Appeals presence; not all taxpayers are able to travel to an office to present their case in person. The American Institute of CPAs recommends a change. - Global Taxes (
https://www.globaltaxes.com/blog.php ): The IRS will no longer routinely reduce the penalty for non-willful failure to file FBARs following a major Supreme Court decision. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): Agency revenue officers won't just be popping in anymore, either.
Complications
- National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at Troy, Chuck and Adam, general partners in a domestic partnership. Each quarter, they each receive a $10,000 guaranteed payment for services to the partnership. This quarter, they agreed that the partnership will transfer property to Adam instead of paying cash to him for his guaranteed payment. The property has a fair market value of $10,000 and an adjusted basis of $6,000. How will this transfer of property to Adam be treated, and where on the Form 1065 should it be reported? - Sikich (
https://www.sikich.com/insights/ ): Spotting a phishing scam is becoming tougher than you might think. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Environmental "green" fees touch an expanding collection of products — plastic shopping bags, batteries, mattresses — and, along with other mushrooming fees such as those on retail deliveries, complicate the job of indirect tax teams. - Peisner Johnson (
https://peisnerjohnson.com/blog/ ): "Marketplace Seller vs Remote Seller: What's the Difference and Why Does It Matter" to your e-commerce clients? - University of Illinois Tax School (
https://taxschool.illinois.edu/blog/) : Where Did I Leave That Airlock? Dept.: Eleven signs when it's time to tell a client good-bye. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): Probably Not the First Thing on Their Minds Dept.: What to remind folks who are separating or divorcing about the tax implications. - Canopy (
https://www.canopytax.com/blog ): "You're good with numbers. That's great. Crucial, even. But how are you at … communicating?" A recent webinar offers pointers on differentiating your firm.
Making things easier
- TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): A recent paper argues that tax incentives such as a charitable deduction and special Holocaust recovery legislation would be useful to help settle disputes arising from art separated from owners during the Holocaust and would make settlements between claimants and museums more likely and efficient. - Marcum (
https://www.marcumllp.com/insights ): What to remind them about the taxability of credit card rewards. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): From allowances to co-signed plastic, how to teach kids about building credit.
That time of year again
- Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Sweet mown grass, a dusk breeze and a cool one in the shade: This year's Dog Days have also seen a bevy of tax cuts coast to coast. - Tax Foundation (
https://taxfoundation.org/blog ): How to advise e-commerce clients on that boon to consumers and knot of bookkeeping for online sellers: states' sales tax holidays. - Surgent Income Tax School (
http://www.theincometaxschool.com/blog/ ): In this economy, millions of Americans are falling behind on their tax payments or prioritizing more pressing matters over filing their tax returns. How EAs can build an off-season pipeline with tax resolution services.
