Tax cuts and Mickey's slice; avoiding FBARs; COLA wars; and other highlights from our favorite tax bloggers.
Through the roof
- Tax Vox (
https://www.taxpolicycenter.org/taxvox ): Kamala Harris has released an ambitious economic agenda that includes expanding family credits, an exemption for tip income and a commitment not to raise taxes on those earning less than $400,000. Can she pay for all that? - MeyersBrothersKalicka (
https://www.mbkcpa.com/insights ): Insurance is generally headed through the roof (in no small part because so many roofs are blowing off), so your biz clients might find the coverage they need too expensive. What to consider in a captive insurance company, including the tax benefits. - HBK (
https://hbkcpa.com/insights/ ): Businesses can and should be appraised regularly. "Qualified appraisals" (as defined under the Internal Revenue Code) are commonly sought by higher-income taxpayers and estates. And it might not come as a surprise that some of the IRS's favorite items to audit are private business and valuations of closely held entities. A recent U.S. Tax Court case highlights the importance of keeping these facts top-of-mind. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Several states are getting an early start at writing new tax policy. West Virginia has agreed on an additional tax cut; Louisiana may soon follow suit. Meanwhile, one Florida county may be on the hook for millions in refunds to Disney for taxes that a court says were improperly collected.
It couldn't hurt
- Tax Notes (
https://www.taxnotes.com/procedurally-taxing ): In prior posts regarding attorney's fees and the federal tax lien, attorneys won; that streak continues in the recent Jason A. Imes v. Fox Rothschild LLP et al. Not mentioned in the caption of the case, the taxpayer — a non-party in the lien priority case — nevertheless deserves some attention. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The state corporate income tax may be a flawed instrument, but here's why calls to eliminate it should be reconsidered. - Virginia – U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): One possible method to avoid FBAR filings. - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): The Un-Cola Dept.: A deeper look into the latest (and grumble-igniting) Social Security cost-of-living-adjustment bump. - Tax Foundation (
https://taxfoundation.org/blog ): Though energy prices have declined from their recent peak, Spain is one of the few European countries continuing to rely on windfall profits taxes to fund relief measures for consumers. Will that become permanent?
Independent thinking
- Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): What to remind them about making donations strategic from a tax and portfolio perspective. - CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): What to remind them about the basics of trusts. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Sales tax and excise tax: What to remind them about the differences and how to best handle both. - Taxjar (
https://www.taxjar.com/resources/blo ): November's sales tax due dates. - TaxConnex (
https://www.taxconnex.com/blog- ): What's it like searching for "sales tax" on every state's website? - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Nonprofit board independence goes beyond merely avoiding conflicts of interest. A look at the IRS's four-part definition of independence.
