In the blogs: Sledgehammer questions

Replacing corporate income tax; multigenerational challenge; new blog on the block; and other highlights from our favorite tax bloggers.

Sledgehammer questions

• CLA (https://www.claconnect.com/en/resources?pageNum=0): The Inflation Reduction Act's cloudy future concerns the renewable energy sector; changes to tax credit policies and transferability could impact project financing and market stability. But as repeal would also impact voters who supported Trump in big numbers last fall, is it likely "that the government is going to take a sledgehammer" to the whole act?
• Virginia – U.S. Tax Talk (https://us-tax.org/about-this-us-tax-blog/): New legislative efforts seek to repeal the Death Tax and the generation-skipping transfer tax. What are the implications for wealthy U.S. taxpayers and foreign investors?
• TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Could, and should, Trump's sovereign wealth fund replace the corporate income tax?
• Tax Notes (https://www.taxnotes.com/procedurally-taxing): The Taxpayer Assistance and Service Act needs a tweak over the Tax Court's overpayment jurisdiction in collection due process cases.
• Don't Mess with Taxes (http://dontmesswithtaxes.typepad.com/): A roundup of where to find the recent news and analysis of Elon Musk and IRS data.
• Avalara (https://www.avalara.com/blog/en/north-america.html): How to prepare, as much as we can, for tariffs.
• Taxable Talk (http://www.taxabletalk.com/): Beneficial ownership information reporting is dead for (and here comes that slippery phrase) the foreseeable future.

The fun's in the challenge

• The Rosenberg Associates (https://rosenbergassoc.com/blog/): How to work through the challenges of a practice's multigenerational workforce.
• Vertex (https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0): As tax authorities worldwide mandate real-time e-invoicing, businesses must digitize and automate invoicing, which brings both benefits and problems. How to navigate the latter.
• Tax Foundation (https://taxfoundation.org/blog): Oregon is one of 12 states that impose an estate tax, which in that state applies to a deceased taxpayer's estate if its value exceeds $1 million (the lowest such threshold in the nation). This potentially hits many upper-middle-income families whose assets have simply appreciated recently. Do proposed changes in the tax constitute long-overdue reform?
• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Mississippi may be on the verge of wrong moves with tax cuts.

Never worry

• The National Association of Tax Professionals (https://blog.natptax.com/): This "You Make the Call" looks at John, a U.S. citizen who died on Nov. 17 last year. His will names three beneficiaries to his estate, each of whom is a U.S. citizen. John's final 1040 will report all income attributable to him while he was alive, with the income received after death allocable to the estate. The estate's only income for the year is $450 of taxable income from gross proceeds from the sale of stock and $200 of tax-exempt interest. Is the estate required to file a 1041 for its initial year?
• TaxConnex (https://www.taxconnex.com/blog-): What to remind e-commerce clients about Etsy and sales tax.
• Taxbuzz (https://www.taxbuzz.com/blog): What to remind them about the hidden costs of mixing business and personal finances.
• Dean Dorton (https://deandorton.com/insights/): Digital assets in estate planning can go beyond crypto to include domains, storefronts, social media and even email accounts. What to bear in mind, especially as the Revised Uniform Fiduciary Access to Digital Assets Act governs fiduciary access to digital assets in most states.
• HBK (https://hbkcpa.com/insights/): Favorite headline of the week: "The Hidden Cost of DIY Accounting: Why Entrepreneurs Should Focus on Growth, Not Spreadsheets."

New to us

• Yeo & Yeo (https://www.yeoandyeo.com/resources): This Michigan-based firm, more than a century in business and counting, is another active and timely blog on wide-ranging topics. Recent entries cover managing limits on the business expense deduction, estate planning for the single and child-free, and what to know about the Secure 2.0 IRS proposed regs on catch-up contributions. Welcome!