In the blogs: The year that will be

New forms’ questions; taxpayers behaving badly; why people leave; and other highlights from our favorite tax bloggers.

The year that will be

• AICPA Insights (https://future.aicpa.org/blog): What are the effective dates of the provisions in the big tax bill? Critical question when planning for clients. But maybe the first question should be: “When will the big tax bill be enacted?” Or even will it be enacted?
• Taxable Talk (http://www.taxabletalk.com/): “Buried on page 23” of the draft instructions for the new 1040, the IRS appears to add a requirement of a statement on Paycheck Protection Program loan forgiveness for 2021 personal returns….
• John R. Dundon II EA (http://johnrdundon.com/): Rev. Proc. 2021-48 addresses PPP loans reporting and inspires the understatement of the week: “There seems to be quite a bit of misinformation on the internet about how to report this loan forgiveness.”
• Sovos (https://sovos.com/blog/?region=united-states): How the IRS added the 1099 NEC to the Combined Federal State Filing program, as well as the latest on that program.
• The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): A review of what’s new on the 1040, 1040-SR and Schedules 1, 2 and 3 — except for Schedule A, held up due to the change to the SALT limitation that may be included in the final Build Back Better legislation.
• Tax Vox (https://www.taxpolicycenter.org/): How and why a $25,000 SALT deduction cap would be only a modest improvement over the House’s $80,000 version.
• Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The IRS is requiring partnerships that have international tax information to prepare and attach Schedules K-2 and K-3 to partnerships whose tax year begins in 2021. Yet final versions of these forms are not available currently — a potential problem for a fiscal year partnership that began operations in 2021 but whose year-end for its first income tax return is before the end of 2021.
• Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Highlights from the recent AICPA/CIMA Conference include an update from the IASB and staff from the SEC’s Division of Corporation Finance discussing a number of topics related to SEC accounting and disclosure requirements.
• Procedurally Taxing (http://www.procedurallytaxing.com/): The recent 35th Civil and Criminal Penalties Conference featured the deputy commissioner for SBSE (Collection), Darren Guillot, covering numerous topics, including almost 10 million non-filers in 2019 and how Collection is looking to artificial intelligence for help in responding to taxpayers.

Almost the year that was

• Eide Bailly (https://www.eidebailly.com/taxblog): How it could well be the Grinch’s dream Christmas in Congress.
• TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): When cows become trees and nonsense is neatly typed: This year’s roundup includes a half-dozen instances of taxpayers behaving especially badly.
• Taxbuzz (https://www.taxbuzz.com/blog): What to remind them about still squeezing in those year-end chestnut tax moves.
• Boyum & Barenscheer (https://myboyum.com/blog/): A credit card-use policy can help nonprofit clients avoid fraud this holiday season.
• Taxing Subjects (https://www.drakesoftware.com/blog): What to remind them about the looming RMD deadline.
• HBK (https://hbkcpa.com/insights/): Another look at the new — and ever-changing — environment of nexus and sales tax compliance for remote sellers post-Wayfair.
• Taxjar (http://blog.taxjar.com/): A look at overall sales tax changes in 2021.
• TaxConnex (https://www.taxconnex.com/blog-): Manufacturers may face special wrinkles with sales tax and nexus when selling from their website.

Marked absent

• Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): What a scream: Property taxes just went up again on the “Home Alone” movie house.
• Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): People Who Don’t Need People Dept: Great Resignation-wise, “people don’t leave companies. They leave people.”
• Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Fields, the Fifth Circuit affirms a defendant’s waiver of counsel conflict of interest but punts on a claim of ineffective assistance of counsel.
• National Association of Tax Professionals (https://blog.natptax.com/): In this week’s “You Make the Call,” Haruto’s Aunt Akira made him the sole beneficiary of her estate after learning she is terminally ill. Hearing this sad news, Haruto immediately gifted some of his assets to Aunt Akira. When gifted, the assets’ basis was $5,000 and the fair market value was $200,000. Aunt Akira’s illness killed her within three months and all her assets passed to Haruto, including the assets he gifted to her. What’s the basis of those assets to Haruto?
• Tax Warriors (https://www.taxwarriors.com/): What to remind them about the right business entity and the tax advantages therein.