QBI; rental pitfalls; the letdown of the TCJA; and other highlights from our favorite tax bloggers.
Cue the clowns
- Taxable Talk (
http://www.taxabletalk.com/ ): Bozo Tax Tip No. 10, to kick off this year’s series, a repeat for the sixth year in a row but one that bears repeating: “I have some clients who are incredibly smart...Yet a few of these otherwise intelligent individuals persist in Bozo behavior [and] consistently send their tax documents by email.” Would you post your Social Security number on a billboard? - Boyum Barenscheer (
https://myboyum.com/blog/ ): It should come as no surprise that cash is the most popular target of fraud perpetrators. After all, once stolen, cash itself is virtually untraceable. But that doesn’t mean forensic accounting professionals can’t unearth cash fraud schemes — and the crooks behind them.
Hit the showers
- Don’t Mess With Taxes (
http://dontmesswithtaxes.typepad.com/ ): April is the proverbial month of showers — by which the blogger means tax-time tears. Some will cry when they discover how much they owe; others will shed tears of frustration as they struggle to decipher the Tax Cuts and Jobs Act. And for others it will be tears of joy because they planned well. Which are your clients? - SageNext (
https://www.thesagenext.com/blog ): Small businesses need to gear up and embrace what technology has to offer for a stronger foundation and long-term growth. How to get your small-biz clients ready. - IRS Mind (
https://www.irsmind.com/ ): What to remind them about what IRS tax returns qualify for first-time penalty abatement relief. - Tax Girl (
https://www.forbes.com/sites/kellyphillipserb ): The annual Taxes from A to Z series tackles a relatively new Q: qualified business income. - Income Tax School (
http://www.theincometaxschool.com/blog/ ): Favorite opening of the week: “One procrastinating client is bad enough. More likely, you have at least a dozen really bad procrastinators. But when 80 percent or more of your clients turn in their shoe boxes of receipts to you on April 1 — or later — you’re going to have problems.” Fortunately there are techniques you can use for managing clients and client expectations during a busy season. And this one sure qualifies. - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): Get your practice a courtesy policy — even during, especially during, this time of year — and it’ll pay in the long run. - Taxbuzz (
https://www.taxbuzz.com/blog ): Tax cautions to remind clients of if they rent out part of their house or home to vacationers. - Intuit Proconnect (
https://proconnect.intuit.com/taxprocenter/ ): Reform, technology automation, a growing economy and clients seeking greater financial insights have cleared a path for tax professionals to flex their financial acumen through advisory services. Your “3 Steps to Increase Advisory Services” starts with workflow.
Orange crush
- Tax Foundation (
https://taxfoundation.org/blog ): Recently, the Florida State Senate Committee on Infrastructure and Security approved a bill that makes peer-to-peer car sharing firms liable for the state’s $2 per day rental car excise tax and related taxes and fees. But the Florida legislature should consider the lead taken by states like Oregon and create a separate regulatory and tax structure for peer-to-peer car-sharing firms. - Rubin on Tax (
http://rubinontax.floridatax.com/ ): Many a Florida taxpayer has disagreed with the state’s interpretation of a tax statute, and a recently approved Amendment 6 to the Florida Constitution adds new Section 21 to Article V to clear up the matter, with any luck. - Avalara (
https://www.avalara.com/us/en/blog.html ): Sales tax developments you need to know include California on track to tax remote sales starting April 1, certain remote sales of digital products now subject to tax in Pennsylvania, and Idaho considering a new tax on remote sales, among others.
Promises, promises
- Procedurally Taxing (
http://procedurallytaxing.com/ ): Guest blogger Tom Greenaway, a principal in KPMG’s tax controversy services practice, tries to answer the question, “So how will the IRS and taxpayers deal with the administration’s newfound view that the entire ACA is unconstitutional?” - National Taxpayer Advocate (
https://taxpayeradvocate.irs.gov/about/nta-blog ): According to the Treasury Department, the FY 2018 Earned Income Tax Credit improper payment rate is approximately 25 percent, a main cause being complexity of the rules for claiming the EITC. But does focus on “a number” mask both the successes and challenges in improving EITC compliance? - Mauled Again (
http://mauledagain.blogspot.com/ ): “Broken Tax Promises Should No Longer Be Accepted”: Americans who pay attention already knew that the promised minimum annual increase in household wages of $4,000 hasn’t happened, the promised reduction or reversal of jobs moving offshore hasn’t materialized, an explosion of employment hasn’t shown up, companies tossed one-time bonus amounts of $1,000 or less in efforts to dampen the criticism of the tax legislation failures and so on right up to companies continuing to see increases in profits even aside from the tax break windfalls.
