When everybody wants returns; future CPAs; the lure of Tinseltown; and other highlights from our favorite tax bloggers.
Time enough at last
- Wolters Kluwer (
http://news.cchgroup.com/ ): The very latest updates. - Eide Bailly (
https://www.eidebailly.com/taxblog ): “This extension is absolutely necessary to give Americans some needed flexibility in a time of unprecedented crisis,” said two lawmakers, after their colleagues and accounting organizations made repeated calls for Commissioner Charles Rettig to delay the filing deadline. Note: “It also comes as the IRS has fallen behind schedule from prior tax seasons.” - Taxable Talk (
http://www.taxabletalk.com/ ): Delays, backlog, goofy mailings? IRS, cut the B.S. PDQ! - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov ): Speaking of cuts, here’s a look at the IRS problems that stem from years of hiring freezes and slashed budgets. Fact one: In FY19 the agency had 73,554 FTE positions, down more than a fifth from FY10. - Turbotax (
https://blog.turbotax.intuit.com ): What is the federal tax deadline not only for all taxpayers but for those hit by disasters in Texas, Oklahoma and Louisiana? Plus, what are likely every client’s biggest questions. - Canopy (
https://www.canopytax.com/blog ): The state deadlines so far. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): Sorting out who has to do what by April 15 in New York, New Jersey and Pennsylvania.
Oh the possibilities
- Tax Foundation (
https://taxfoundation.org/blog ): As part of a possible reform of the European Union business tax system — the European Commission considers the system ill-equipped to face the challenges of globalization, climate change, digitalization and population aging — taxes could one day appear that raise general funds for the union rather than for individual member states. - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): President Biden quickly penned an executive order acknowledging the toll of structural racism in the United States and initiating a data-driven approach to advancing racial equity. As part of this approach, a high-level Equitable Data Working Group will work to improve federal data available “to measure equity and capture the diversity of the American people.” Critical to the membership and success of this working group is the U.S. Treasury Department’s assistant secretary for tax policy.
Practice questions
- Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): While many small-business owners have a heart for service and started their business to do what they love, tax and accounting is uncomfortable for them. Can you turn tax return problems into business lifecycle engagements? - Surgent Income Tax School (
http://www.theincometaxschool.com/blog/ ): Outside of preparing taxes for your clients, how involved are you in the community? How giving back can help your bottom line, starting with meeting people outside your bubble. - Sikich (
https://www.sikich.com/insights/ ): Who was that masked advisor? “How to Remain a Trusted Source When the Information Keeps Changing.” - Taxing Subjects (
https://www.drakesoftware.com/blog ): When it comes to taxes, recent changes to retirement plan rules shouldn’t go unnoticed. For one, how did SECURE affect RMDs? - AICPA (
https://blog.aicpa.org/ ): Do colleges prepare future CPAs? Key insights on what’s needed before entering such a dynamic profession — and how firms can help in the preparation. - Rubin on Tax (
http://rubinontax.floridatax.com/ ): Taxpayers and planners love to use valuation reductions for partial interests in entities as a method for reducing transfer taxes. Such reductions and discounts can be a two-edged sword, however, as shown in two cases. - Mauled Again (
http://mauledagain.blogspot.com/ ): When preparer fraud goes beyond just returns. - Boyum & Barenscheer (
https://myboyum.com/blog/ ): How to conduct interviews before a fraud expert comes on the case. - Sagenext (
https://www.thesagenext.com/blog ): Data drives all business these days. Some of the top methods through which you can reduce accounting data and start automating, starting with a basic understanding of the data entry process. - Financial Cents Accounting Blog (
https://financial-cents.com/blog/ ): Three benefits of investing in client management software for your firm.
Roll the credits!
- Avalara (
https://www.avalara.com/us/en/blog.html ): A bill that would assess an impact fee on internet sales has been introduced in the West Virginia Legislature. Its aim: a 2-percent tax to raise revenue to support in-state retailers. Yet it could also hurt West Virginia businesses that make online or phone sales for delivery in the state. - Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): Frustrated at losing movie and television production to other states with rich tax breaks, California is looking to expand its own incentives to keep its flagship industry at home. - Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Where to look if a client’s latest Economic Impact Payment isn’t direct-deposited. - Tax, Society & Culture (
https://www.allisonchristians.com/blog ): Favorite title of the week (and what the blogger thinks might be their finest work yet): “Tax Return of the Jedi.”
