Highlights of some of our favorite tax-related blogs from the past week.
All in the numbers
- Tax Vox: Whether the economy is surging ahead depends who you ask. “Ahead of the Midterms, State Economic Trends Present Mixed Signals” looks at how bucks in everyone’s pockets may alter the coming short-of-the-White-House elections.
- Tax Policy: A look at a recent NPR breakdown of the top 10 jobs for each income bracket. As if you didn’t know, physicians, managers, chief execs and lawyers top the list, raking in more than $207,000 a year.
- Rubin on Tax: A look at recent IRS FAQs relating to the new streamlined procedures for offshore compliance and Delinquent International Information Return Submission Procedures. Also, the latest applicable federal rates.
How they doin’?
- Don’t Mess With Taxes: In the misty past, the IRS decreed that e-filing needed to rise big time by 2007. “Targets are all well and good, but as anyone who has dealt with Uncle Sam knows, he tends to run on its own, usually slower, timetable.” How biz-e-filing is finally catching up (Accounting Today).
- Backtaxeshelp: Some people just don’t know how to threaten. “IRS Falls Short on Collecting Delinquent Tax Debts” looks at a new TIGTA report showing that Uncle Sam sometimes falls stunningly short in collecting what’s due.
- Income Tax School: Looks like another way to spell “P-T-I-N” might be “S-U-I-T.” How a pair of CPAs have decided to sling their stone at every preparer’s favorite Goliath with a class-action lawsuit against the IRS for ID number fees.
- Mauled Again: Echoing last summer’s criticism of New Jersey Gov. Chris Christie passing tax credits to the Philadelphia 76ers in return for the team moving its practice facility to the Garden State, a look at Jersey’s now preparing to give more than $100 million in similar breaks to Lockheed Martin and others.
Carry me back
- Tax Litigation Survey: Guest blogger Melanie Migliaccio, a clerk for the Virginia Court of Appeals, examines Morehouse v. Commissioner, in which the court held that federal payments made under the Conservation Reserve Program to non-farmers constitute rental income for the purposes of IRC § 1402(a)(1) and are excluded from the self-employment tax.
- Bond Beebe’s It’s Taxing: A look at Virginia’s recent recognition of same-sex marriages for tax purposes.
Those who can do also teach
- Tax Break: The TurboTax blog: Half a dozen great tips to help your clients save more and better. Also, the 20-something’s guide to the ACA (so at least someone will know what’s going on).
- Musings of a Burbank CPA: First graders may show off by telling you that three plus three equals six, but grill the little smart alecks on dollar cost averaging and they just come apart. A look at a recent US News and World Report piece on kids’ apps that teach financial literacy.
- The Tax Times: Ihre Name und Adresse is now free game after Deutsche Bank becomes the latest financial institution to give the IRS and Justice Department account info of Americans holding more than $10,000 in offshore financial assets.
- Procedurally Taxing: How the Treasury Department’s recent proposed rules requiring U.S. financial institutions to conduct due diligence to ensure that they identify the beneficial owners of U.S. accounts have hidden tax consequences in the same way FACTA imposes obligations on foreign financial institutions.
- Due Diligence: In this week’s roundup: “FINRA: Stockbroker Improperly Marketed Private Placement”; “Never Pay Tax!”; “New Details Emerge in Weil’s FBAR-Tax Fraud Trial”; “IRS Requires Filing of All Missing Returns As CDP Condition?”; “Abusive Tax Shelters: Lawyers Have Higher Duty Than CPAs”; and “Doc Faces 175 Years in Tax, Medicare Fraud.”
- Tax Girl: Brrr: Tech companies offering the benefit of freezing female employees’ eggs for use later in the work life. Employees’ tax consequences from such perks and bear in mind the office refrigerator is cleaned out every Friday.
- Solutions for CPA Firm Leaders: Women, success and the secret lost to many of us of being “relentlessly” pleasant. Sad to say, even in tax prep the adage holds true that “demanding men are often admired and aggressive, demanding women are not.”
- A Taxing Matter: Blogger Linda Beal returns. All our good wishes, and onward.
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