Cash for enforcement; lessons in fraud; when a deduction isn’t a subsidy; and other highlights from our favorite tax bloggers.
The fun side
- Sikich (
https://www.sikich.com/insights/ ): Do you want to be “rich” or “wealthy”? - Financial Cents Accounting Blog (
https://financial-cents.com/blog/ ): Strategizing for expansion, networking with forward-thinkers in the industry, and creating meaningful relationships with clients are all part of the fun side of running a business — unlike, in most people’s opinions, the number-crunching. How cloud tech has ushered in an age when accountants can move on from being stuck with the books to true business advisors. - Turbotax (
https://blog.turbotax.intuit.com ): What to tell them about the new Child Tax Credit. - Sagenext (
https://www.thesagenext.com/blog ): A breakdown on inventory management software. - Avalara (
https://www.avalara.com/us/en/blog.html ): The latest on accelerated or advance sales tax payments for high-volume taxpayers.
Put some teeth in it
- Tax Vox (
https://www.taxpolicycenter.org/ ): Nowhere is President Biden’s ambitious policy agenda more in conflict than in his triple aim of funding a major infrastructure initiative, attacking climate change and never raising taxes on households making less than $400,000. - Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): President Biden is seeking more than $1 billion dollars in additional funding for the IRS, a move touted as showing his administration’s grit about getting the agency the resources it needs to audit more wealthy individuals and large corporations. - Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Treasury Secretary Yellen added that the administration’s FY22 budget will support a fair and equitable tax system — poli-speak for beefing up the IRS so that it can do its job better. The idea is to bump IRS resources $900 million for enforcement. - Taxable Talk (
http://www.taxabletalk.com/ ): The IRS recently reminded us that the FBAR deadline remains April 15 — leaving out that there’s an automatic extension until October.
Quite an education
- Taxbuzz (
https://www.taxbuzz.com/blog ): How this year scammers are trying to teach a lesson to those unfamiliar with the ins and outs of the refund process by targeting students and staff who have a .edu address. (Watch for subject lines saying, “Tax Refund Payment” or “Recalculation of your Tax Refund Payment.”) - Mauled Again (
http://mauledagain.blogspot.com/ ): Though most of the indictments and such against preparers rest on tax fraud, several involve other types of schemes. A look at the case of an Illinois preparer charged with four counts of wire fraud involving relief measures. - The Tax Times (
https://www.thetaxtimes.com ): Any Passport in a Storm Dept.: How the Tax Court determined in a recent case that the IRS properly certified to the Treasury Secretary that a taxpayer’s tax debt was “seriously delinquent.” The Tax Court found that Code Sec. 7345 does not run afoul of the Fifth Amendment Due Process Clause or the Universal Declaration of Human Rights because it merely provides for the certification of certain tax-related facts and does not restrict the right to international travel.
Reverse and forward
- Canopy (
https://www.canopytax.com/blog ): A look at the lookback period and deposit schedules for the federal 941. - Taxing Subjects (
https://www.drakesoftware.com/blog ): The requirement that taxpayers report and repay any excess advance payment of the Premium Tax Credit on their income tax return has been suspended, but only for tax year 2020. - Tax Foundation (
https://taxfoundation.org/blog ): At the beginning of the year, Sen. Jeanne Shaheen (D-N.H.) introduced the “End Taxpayer Subsidies for Drug Ads Act,” which would prohibit companies from deducting the costs of prescription drug advertisements directed at the public. But the deduction is not a tax subsidy; here’s why. - Boyum & Barenscheer (
https://myboyum.com/blog/ ): Many nonprofits are just emerging from the pandemic, but now’s no time for them to get too comfortable. Warning signs of the newest financial obstacles for these clients. - Surgent Income Tax School (
http://www.theincometaxschool.com/blog/ ): After that year of all years, why change can be good.
