In the blogs: Sales afurl

Return of an audit; transforming tax proposals; virtual guidance; and other highlights from our favorite tax bloggers.

Keeping busy

• National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): A once-hot trend is about to appear again: the Earned Income Tax Credit audit.
• HBK (https://hbkcpa.com/insights/): Idaho has joined the ranks of states that have adopted single-sales factor and market-based sourcing for taxing multistate income.
• CPA Growth Trends (https://www.cpagrowthtrends.com/): Maybe it seems like everybody’s bustling these days at your firm — except the marketer. One productive way for them to stay busy is a content audit. Here are four tips.
• Sikich (https://www.sikich.com/insights/): You’d be surprised how many clients don’t know the mandated limits for IRA contributions. They might be surprised, too, when their contributions hit the fan.
• Procedurally Taxing (https://procedurallytaxing.com): A look at O’Donnell v. Commissioner, in which the IRS rejected the taxpayer’s offer as not in the best interest of the government, “a policy-based decision but one separate from public policy rejection according to the Internal Revenue Manual.”
• Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): Wildly despairing, acutely miserable, racked with sorrow: Try through yet another crazy season to appreciate being alive.
• Bloomberg Tax and Accounting (https://pro.bloombergtax.com/news-insights/): No it’s true: There is joy in the profession.

Funny things

• Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): You Don’t Hear This Everyday Dept.: In United States v. Lucidonio, Lucidonio was charged with conspiracy counts of aiding and assisting. The court denied his motion to dismiss those counts, and the short denial addresses major themes in tax crimes — so much so that the blogger recommends “that tax crimes fans read the opinion. Perhaps read even more than once.”
• Eide Bailly (https://www.eidebailly.com/taxblog): All the news that fits on recent IRS doings, from backlogs to refund timing to the Employee Retention Credit “fiasco.”
• Tax Vox (https://www.taxpolicycenter.org/): Favorite opening of the week: “A funny thing happened to the trillions of dollars of proposed tax increases on corporations and high-income households that were high on the agendas of President Biden and congressional Democrats just a year ago: They seem to have, at least for now, fallen into a deep Capitol Hill hole.” All is not lost for activity on Capitol Hill, though, as those proposals have been replaced by talk of billions in tax cuts for corporations and high-income households.
• Mauled Again (http://mauledagain.blogspot.com/: How tax reductions and suspensions will discourage people from taking steps to reduce demand for gasoline. As demand is an element in the cost of anything, the result may be prices moving in an unintended direction.

Questions, class?

• Taxbuzz (https://www.taxbuzz.com/blog): Stims, infrastructure, confusion: What does the tax scene look like going forward?
• Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): In the cloud or in your closet? What goes into deciding the best tech solution for your firm?
• Taxing Subjects (https://www.drakesoftware.com/blog): New information on the updated IRS FAQs page regarding 2020 unemployment compensation exclusion revolves around delayed payments of unemployment compensation. For example, if a taxpayer was unemployed in 2020 but payments were delayed until 2021, does the taxpayer still qualify for the exclusion?
• Canopy (https://www.getcanopy.com/blog): Offering client accounting/advisory services is essentially rebranding the relationship with your clients. Evolving tech and a remote workforce make it easier to advise proactively. Should you?
• National Association of Tax Professionals (https://blog.natptax.com/): In this week’s “You Make the Call,” does a taxpayer who did not previously qualify as a real estate professional but who now does under Sec. 469(c)(7)(B) report long-term rental income on Schedule C instead of on Schedule E?

Sales afurl

• Taxjar (https://www.taxjar.com/resources/blog): April sales tax due dates.
• TaxConnex (https://www.taxconnex.com/blog-): The sales tax impacts for your clients who sell online and use a marketplace facilitator.
• Avalara (https://www.avalara.com/blog/en/north-america.html): April sales tax rate changes.
• Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Token Response Dept.: A recent panel discussion of the American Bar Association’s Virtual 2022 Midyear Tax Meeting decided that in terms of the tax treatment of cryptocurrency, there’s “still much to be determined.” The big questions hinge on such terms as “commodity,” “security,” “currency” and “trade or business.”
• Gordon Law (https://gordonlawltd.com/blog/): Speak of the Ethereum devil: Turns out the Howey Test can be used to determine if a transaction qualifies as an investment contract/a “security” — and the SEC relies heavily on it to determine whether a crypto company or product is subject to SEC law. A look at the test’s questions.
• Henry+Horne (https://www.hhcpa.com/blogs/): Everything else to tell them, at least so far, about crypto and taxes.