In the blogs: Room for improvement

What’s wrong with the IRS?; lessons from court; a new blog; and other highlights from our favorite tax bloggers.

Room for improvement

• Taxbuzz (https://www.taxbuzz.com/blog): It’s been no secret that the IRS has been underfunded — not to mention understaffed — for quite some time. All of this seemed to come to a head earlier in 2021, when unprecedented delays and enormous backlogs prevented millions of people from getting critical refunds. So the only question is an ongoing one: What’s going on at the IRS?
• Procedurally Taxing (https://procedurallytaxing.com): In the wake of a TIGTA report on Earned Income Tax Credit audit procedures’ “room for improvement” in the IRS communication and education strategy, guest blogger Anna Gooch highlights ongoing discussions of the IRS’s communication and education strategy between TIGTA, the IRS and stakeholder groups.
• Mauled Again (http://mauledagain.blogspot.com/: The latest lesson courtesy of sleezeballsville? In addition to being careful in selecting a tax return preparer, be just as careful when getting tax advice from someone who is not a tax expert.
• Parametric (https://www.parametricportfolio.com/blog): How tax-loss harvesting can also be applied to fixed income separately managed accounts.
• Taxpro Center (https://proconnect.intuit.com/taxprocenter/): Mapping your advisory workflow is the key to recognizing gaps and opportunities for automation and client collaboration. Your mileage may vary, but the goal is to standardize the process.
• Strategic Advisor (https://strategicadvisor.liveplan.com/): Value-based pricing for advisory services has grown from a buzzword into an important (and profitable) strategy for accountants. But switching from an hourly or fixed price model to value-based pricing can be a challenge. Two industry veterans help explore the benefits of value-based pricing and navigate the challenges throughout the transition.
• CPA Growth Trends (https://www.cpagrowthtrends.com/): Zooming in to see a prospect now won’t cut it in many cases. That’s led to increased demand for tools to help facilitate the sales cycle. Here are some that savvy firms and business development execs are using to increase their effectiveness.
• Taxing Subjects (https://www.drakesoftware.com/blog): The months leading up to filing season are packed with studying tax law changes, learning software updates, training seasonal staff, and — of course — the holidays. It’s easy to forget one of the most important ingredients for a tax business: an up-to-date data security plan. This webinar will help dot this critical I.
• The Tax Times (https://www.thetaxtimes.com): FinCEN has issued proposed regs implementing the beneficial ownership information reporting provisions of the Corporate Transparency Act. They address, among other things, who must report beneficial ownership information, when it must be reported and what it must include.
• TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): A chronological listing of all the “Lessons From The Tax Court” posted in 2021.

The game’s afoot

• Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Jammed for gifts at the last minute? These financial presents offer instant delivery and potentially years of tax breaks.
• Tax Foundation (https://taxfoundation.org/blog): As 2021 comes to a close, countries are moving toward harmonizing tax rules for multinationals. Enter the stalled BBB and new uncertainties for a global agreement — and for taxpayers.
• Canopy (https://www.canopytax.com/blog): Five New Year’s resolutions for accountants (our favorite: “Reduce Work Stress”).
• AICPA Insights (https://future.aicpa.org/blog): Institute president and CEO Barry Melancon “reflects on “another extraordinary year” and how the profession is preparing for 2022.
• Sagenext (https://www.thesagenext.com/blog): The big trends coming next/soon/before you know it in accounting.
• Avalara (https://www.avalara.com/us/en/blog.html): What to expect next year from the sales tax world.
• Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): An early-release draft of the 2021 instructions for Form 1065 clarify reporting for self-employment taxes, family and sick leave payroll credits, tax shelter elections and other subjects.

Forks in the road

• Eide Bailly (https://www.eidebailly.com/taxblog): This “put a fork in it” roundup looks at the latest on the Build Back Better bill.
• Sovos (https://sovos.com/blog/?region=united-states): The Massachusetts legislature has swiftly (and surprisingly) adopted a new law easing the sales and use tax compliance burden of their new “Advance Payment” requirement that was imposed on certain large taxpayers.
• Rubin on Tax (http://rubinontax.floridatax.com/): In 2000, the blogger wrote about a case where a taxpayer did not report multiple foreign accounts on an FBAR. The question for the court was whether the $10,000 penalty for a non-willful failure to file meant $10,000 per return not filed or $10,000 per account not reported on the return. The court held the penalty is based on a per return, not filed, basis. The 5th Circuit Court of Appeals has reversed the trial court and allowed the penalty to be imposed per account — and vastly increased the penalties for the taxpayer.
• TaxConnex (https://www.taxconnex.com/blog-): The month’s roundup of sales tax news.
• Sikich (https://www.sikich.com/insights/): State tax entity election updates for year’s end, with a focus on Illinois.
• Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): Subjects to remind them about as filing season looms already include required minimum distributions and the alphabet soup of credits out there.

New to us

• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): This nonprofit, non-partisan organization conducts analyses of tax and economic proposals and recommends “how to shape equitable and sustainable tax systems.” Recent blog entries cover Child Tax Credit and EITC provisions before Congress, the state tax naughty or nice list, and how pandemic policies show the government can address income inequality if it wants to. Welcome!