In the blogs: Learning curves

Forgiveness; large sums of money; shell game; and other highlights from our favorite tax bloggers.

Learning curves

  • Taxable conversation ( How will the IRS tax exempt portions of student loans? How the states? When do the guidelines arrive and when should taxpayers file? We have answers to some of them, but certainly not all.
  • Henri+Horne ( And two words of warning about planning too much on the above: “Republicans” and “Courts”.
  • canopy ( How can accountants benefit from practice management software? Three points: Learn what accounting firm management software is and what it can do; start using it. What is number three?
  • Taxed subjects ( Other than someone suddenly calling you Ginger or Mary Ann, what are the signs that you’ve been a victim of identity theft?
  • Parametric ( As portfolios and investor needs change, tax management strategies must evolve beyond tax loss harvesting. Here are four other opportunities to minimize tax liability.
  • Palm Beach Accounting and Financial Services ( How to think about your kids’ finances when your kids are 30.
  • Tax Pro Center ( What to remind them about business trips and deductions.
  • HallCPA ( Should your real estate clients consider an outsourced CFO?
  • Solutions for CPA firm leaders ( Remember in “Monsters, Inc.” how they got scared because they cared? In your office, “confront” for the same reason.
  • Taxation ( Immigrant parents were less likely to have heard of the 2021 expanded child tax credit than U.S.-born parents, according to a recent survey. They also put the money for different purposes.

not stupid

  • National Taxpayer Advocate ( The IRS has made what some call the unprecedented decision to forgiving non-filing charges and other penalties of certain 2019 and 2020 returns.
  • Tax foundation ( There has been much debate about funding the IRS, “one of the biggest winners” from the recently enacted Cut Inflation Act. Much discussion focused on the agency’s budget, staffing, and efficiency. It appears that has a considerable amount of data to help clarify these questions.
  • The wandering tax pro ( BTW, “there’s no big bucks to be found auditing average middle-class taxpayers. Whatever you think of the IRS, the service isn’t stupid and it knows it. ”
  • tax time ( The Treasury Inspector General for Tax Administration found, in a review of background accounts for sample taxpayers, no instance in which the field collection employee violated the rights of a taxpayer. Yet, although most field collection employees “appear to be familiar with the direct contact provisions and fair tax collection practices”, not all tax officials are familiar with the requirements of the provisions.
  • Gordon’s Law ( A look at the novelty, supposedly improved but certainly longer crypto question on the 1040 to come.
  • National Association of Tax Professionals ( The idea that Free File will kill the tax preparation industry is about as valid as a client trying to deduce Tagalog lessons for his cat. Here’s why.
  • Institute on Taxation and Economic Policy ( With four key tax policy provisions, the IRA takes a big step towards a fairer tax code and fairer economy. But as always, there are more steps lawmakers should take.

What a shock

  • Don’t Mess With Taxes ( A look at a recent Senate Finance Committee report that outlines the “surprisingly easy” process involving offshore shell companies.
  • Federal tax crimes ( An overview of the key steps in the aforementioned simple process.
  • Current Federal Tax Developments ( How two too many picks caused a charitable remainder trust to lose both.
  • TaxConnex ( Continuity is important in many aspects of life. Why sales tax services are one of them.
  • Boyum and Barenscheer ( Nonprofit organizations are like you and me. They are stronger with more sources of income.
  • sikich ( It is not uncommon for non-profit organizations to be allowed to use real estate or equipment without payment (or de minimis) or for amounts below market rents. This can make it difficult, however, to understand how a nonprofit organization should apply the new lease accounting guidance in ASC 842.

Favorites of the week

  • Rosenberg Associates ( First opening: “Common choices aren’t always the best choices….” Three bags of Doritos aside, an example from the industry is a common decision of multi-partner small businesses – “this sinking train of a compensation system called a formula for distributing partner income.” Why it’s flawed and what to use instead.
  • TaxProf Blog ( Second opening: “To say that the Internal Revenue Code is complex is like saying that a virus is difficult to see.” How the Tax Court taught us a consequence of this complexity: the meaning and scope of a law modified by the subsequent addition of another.
  • Rubin on tax ( Headline: “Florida Supreme Court’s landmark decision on homestead protections was struck out of law by two appeals courts, and no one seems to have noticed.”

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