In the blogs: Yes, you May

Possibly more on stretch IRAs; addressing the gap; the SALT cap and progressive taxation; and other highlights from our favorite tax bloggers.

Don’t go away, kids!

• Tax Warriors (https://www.taxwarriors.com/): An entry most arresting for its Important Update: “Unofficial word” from several sources including the AICPA and NAIFA that the IRS intends to correct their confusing guidance in Publication 590-B on Stretch IRAs and the SECURE Act. “We have been informed that the recent IRS publication update did not reflect the views of IRS officials drafting new regulations or some congressional committee staff members who assisted in the writing of the SECURE Act.”
• Taxable Talk (http://www.taxabletalk.com/): The annual and beloved rundown of Bozo Tax Tips (“strategies that you really, really, really shouldn’t try…”) kicks off with a repeat for the eighth year in a row: sending tax documents by email.
• Financial Cents Accounting Blog (https://financial-cents.com/blog/): How to shake up that work routine, starting with starting your morning differently.

Three little letters

• Taxing Subjects (https://www.drakesoftware.com/blog): Partnerships and S corporations that will have to report “international tax matters” in 2022 can now review the new draft releases for Schedules K-2 and K-3.
• National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” examines how “before the 2020 tax year’s filing deadline, you filed the tax return of Jiang and Kwan that included unemployment compensation and used MFJ filing status.” But before the deadline, they have come back to you because of new guidance regarding the portion of unemployment income being nontaxable income and ask you to change their filing status to MFS because overall it’s more beneficial. Can they change their filing status?
• The Tax Times (https://www.thetaxtimes.com): The IRS is expanding its temporary deviation from regular procedures that will allow electronic or digital signatures on various forms that currently require handwritten signatures. The decision stemmed from taxpayer representatives’ concerns about securing handwritten signatures during the pandemic.
• Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): The IRS has a new page, “Impacting the Tax Gap,” that’s a summary of Commissioner Rettig’s comments. Here’s which ones are most relevant to readers of this blog.
• Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): Former IRS Chief Counsel Michael Desmond has taken a gig as a partner in a prestigious law firm, where he’ll focus on tax controversy. Desmond was the chief legal adviser to the IRS commissioner and was involved in a broad range of guidance and enforcement actions, including overseeing publication of more than 100 sets of proposed and final regs on the 2017 overhaul.

Personal notes

• Canopy (https://www.canopytax.com/blog): Who to follow among the profession’s influencers.
• Mauled Again (http://mauledagain.blogspot.com/): The tricks and traps when subheads disagree with headlines in tax stories (not that we’d know anything about that).
• Sovos (https://sovos.com/blog/?region=united-states): High time: “Evolution Towards a Better Beer Distribution System for All.”

Best of intentions

• Tax Foundation (https://taxfoundation.org/blog): A look at how relaxing the SALT cap would make the Tax Code “less progressive.”
• Tax Vox (https://www.taxpolicycenter.org/): How Biden’s effort to close the tax gap is well-intentioned but flawed.
• Boyum & Barenscheer (https://myboyum.com/blog/): If your nonprofit client periodically prepares internal financial statements for a board, they may have noticed that auditors propose adjustments to these interim statements at year end. How to help minimize the need for such adjustments.

Yes, you May

• Avalara (https://www.avalara.com/us/en/blog.html): Gator see, gator do: Florida adopts economic nexus and a marketplace facilitator law, leaving only one state with a sales tax (Missouri) to go.
• Sikich (https://www.sikich.com/insights/): When a deal is underway, what communications should teams prioritize?
• Taxbuzz (https://www.taxbuzz.com/blog): What to tell them about incoming stimulus money and filing for 2020.
• Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): This month’s list of recommended tax and compliance deadlines for tax pros and clients.
• Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): What else to remind them about taxes in May, including whether the 17th is in fact their deadline.