Good points to the IRS; avoiding partnership; sharpen your marketing; and other highlights from our favorite tax bloggers.
While we’re on the subject
- Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): A recent poll found the top five reasons for employee burnout — and four “almost describe the way of life in public accounting.” - AICPA Insights (
https://www.aicpa.org/blog ): While we’re on the subject, “4 Ways to Harness Stress without Burning Out.” - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): Some interesting items from United States v. VanDemark, the latter “a millionaire car salesman who tried to hoodwink the IRS,” skimming cash “in the time-honored way that many cash retail businesses do.” - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): Mr. Hoodwink also tried to argue that he didn’t have to report cash deposits he received as income due to lack of “some guarantee” the business would keep the funds — an argument the appellate panel did not find persuasive. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Remember in “Groundhog Day” when Phil asks, “Is it snowing in space?” Well, will there be a sales tax holiday in the metaverse? - EideBailly (
https://www.eidebailly.com/taxblog ): Remember how “The Sting” had painted stills telling you about the next scene (“The Players”)? Well, The Set-Up: Congressional Democrats want to pass two bills before August, Build Back Better and semiconductor legislation; the latter will need Republican support to clear the Senate. The Hurdle: Senate Republican leader Mitch McConnell has threatened lawmakers in his party will oppose the semiconductor bill if Democrats pass BBB. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): President Biden can’t enact BBB tax reform measures without at least 50 votes in the Senate. “But acknowledging the need to negotiate with recalcitrant senators does not require us to pretend that their demands make any sense when they do not.” - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): Whatever you may think of the Internal Revenue Service (“thanks to the excessive 2020 shut-down in reaction to COVID, the service today is totally” [abbreviation of bad word, followed by “up”]), how IRS.gov remains an excellent resource for tax planning and prep. - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): And though the pandemic hammered the IRS Independent Office of Appeals as it did the rest of the agency, “The experience has also created opportunities for how appeals officers are able to interact with taxpayers, something that is expected to continue after the pandemic is in the rearview mirror.”
Doing the digital
- National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): The IRS makes no distinction between electronic and digital signatures but taxpayers who choose to paper file “should carefully consider the differences in these types of signatures when relying on an authorized representative or paid preparer.” - Taxing Subjects (
https://www.drakesoftware.com/blog ): Where the IRS stands on bot use for taxpayer service and info, and where it might stand in the future. - Sovos (
https://sovos.com/blog/?region=united-states ): A quarterly blog series continues with tax information reporting and unclaimed property issues impacting businesses facilitating transactions involving digital assets. - HBK (
https://hbkcpa.com/insights/ ): A look at Pennsylvania’s updated Notice of Taxable and Exempt Property, including a couple trios of big new letters: NFTs and CBD. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): Crypto once made headlines for the fortunes it created. Now it makes them for the fortunes it’s cost. Where do tax losses come into play? - Taxbuzz (
https://www.taxbuzz.com/blog ): New York City-based YouTube rapper Heather Morgan and her husband, Ilya Lichtenstein, a startup founder, have been accused of pulling off history's biggest Bitcoin heist.
Making sense
- Mauled Again (
http://mauledagain.blogspot.com/ ): Favorite opening of the week: “The story is a tale of catastrophe, sadness, frustration and finally joy.” How a property owner, already injured in a car accident, had a tree fall from an abandoned lot next door, damaging her fence and deck. When attempts to contact the property owner and get help from the authorities proved equally fruitless, a news story brought a flood of offers to remove the tree and, eventually, repair her property. Lingering question: What are the tax consequences to the whole mess? - Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Staff often acknowledge how great it would be to make partner — just before most add that they don’t want the job. Why? - CPA Growth Trends (
https://www.cpagrowthtrends.com/ ): Many accounting firms know they need to grow with little idea of what exactly that will look like. Hoping and wishing is not a strategy. Neither are “random” marketing plans. - Peisner Johnson (
https://peisnerjohnson.com/blog/ ): Colorado has a new retail delivery fee. Speaking of deliveries, where’s the money going? - Taxjar (
https://www.taxjar.com/resources/blog ): A look at the Senate Finance Committee’s recent examination of Wayfair and its growing impact on small businesses that are trying hard to do right by sales tax. - John R. Dundon II EA (
https://www.johnrdundon.com/ ): Is a government pension from Japan taxable in the U.S.? Koto ni yorikeri desu (according to Google). - Procedurally Taxing (
https://procedurallytaxing.com ): A full lineup of recent blogs that discussed the distinction (if any) between legislative and interpretative regulations. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): As the election season heats up, what to remind your nonprofit clients about what they can and can’t do regarding races. - TurboTax (
https://blog.turbotax.intuit.com ): California families are getting a one-time payment up to $1,050 to help ease through-the-roof gas prices and inflation. What to tell affected clients.
