ERC questions; rethinking revenue; Ozempic and Wegovy; and other highlights from our favorite tax bloggers.
Storm clouds
- Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): As hurricane season cranks up, a reminder of the three areas that need pre-disaster attention: physical preparation, financial readiness and dealing with tax implications afterwards. - University of Illinois Tax School (
https://taxschool.illinois.edu/blog/) : The industry's burning question lights up this webinar: "Why Tens of Thousands Got ERC That Did Not Qualify." - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): By the way, who can claim the ERC not because of restricted travel or lockdowns, but because of supply chain disruptions? - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Revenue growth has historically been a safe path to bettering your firm. No more. - Canopy (
https://www.getcanopy.com/blog ): A webinar too hard to resist: "Lies Accountants Tell Themselves." - Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): In recent years, one of the most hotly debated tax issues has been the Sec. 965 "transition tax" or "mandatory repatriation tax." The Supreme Court's recent decision to review the 9th Circuit Moore v. United States has brought this contentious issue back into the spotlight. - Tax Vox (
https://www.taxpolicycenter.org/taxvox) : As their governments began legalizing sports betting (a pastime mostly prohibited outside of Nevada until 2018), policymakers in 18 states sat with representatives of the sports betting industry. ("Let's just say the industry found the game to its advantage, and it cost states tens of millions of tax dollars.") At issue: the tax treatment of those "Your first $100 bet is on us!" promos on betting apps. - Solutions For CPA Firm Leaders (
https://ritakeller.com/wordpress/ ): In partners we don't always trust — and, because of that, are the gems among your team starting to look elsewhere? - EideBailly (
https://www.eidebailly.com/taxblog ): From Free File to "where did we leave that taxpayer data?", there's nothing quite like an IRS "debacle roundup."
Looking ahead
- Taxable Talk (
http://www.taxabletalk.com/ ): Part one of what could be a long story deals with Mr. Smith, a victim of IRS "help" when they changed the EIN without his knowledge. That got resolved, but now he's suffering through an Identity Protection Unit saga with no end in sight. - Peisner Johnson (
https://peisnerjohnson.com/blog/ ): Your e-commerce clients likely enjoy looking forward more than they do looking back. Who doesn't in business? They still ought to watch for trailing nexus. - TaxConnex (
https://www.taxconnex.com/blog- ): Sales tax is complex for many of your potential niches — and construction contracting is sure one of them. What to know to help your clients in this industry. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): And by the way, make sure those exemption certificates are in order.… - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): A look at IRS proposed regs on reporting requirements for digital assets by brokers and other parties involved in arranging sales and/or exchanges of these assets. Originally slated to kick in this year, reporting obligations are now proposed to cover transactions in 2025. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): Applications are now open for the Doctoral Meeting of Researchers in International Taxation and Postdoctoral International Tax Forum next June in Amsterdam. - Procedurally Taxing (
https://procedurallytaxing.com ): As part of a transition to Tax Analysts, the blog bids good-bye.
Talked about and not talked about
- Turbotax (
https://blog.turbotax.intuit.com ): Two drugs in headlines right now — for various reasons — are Ozempic and Wegovy. Is either deductible and, if so, when? - Taxbuzz (
https://www.taxbuzz.com/blog ): What to remind them about the seldom-mentioned General Welfare Exclusion. - Armanino (
https://www.armanino.com/articles/ ): What to remind them about estate plans — especially accurate ones.
