Highlights of some of our favorite tax-related blogs from the past week.
Woo-hoo
The Tax Times : How the “Panama Papers,” referring to the recent hemorrhage of some 11 million documents from a big Panamanian law firm, ignited global requests from officials from around the world to convene a special meeting of the Joint International Tax Shelter Information and Collaboration Network.Taxjar : “Selling stuff is the fun part” compared to getting a handle on sales tax and how the whole package works in WooCommerce.BNA blogs : Adjustments or taxpayer amendments to federal income tax returns can trigger a myriad of state administrative burdens for multistate taxpayers. How an imminent survey will address each state’s notion of adequate notice for a reportable adjustment made at the federal level.Rubin on Tax : New Code Sec. 7874 seeks to remove the U.S. tax benefits that can apply by inserting a non-U.S. holding company into the ownership structure of businesses formerly conducted through a U.S. holding company. Like many things this year, “a big political issue.”Roth & Co. : Joe Kristan concludes examination of passive losses, “your last K-1 loss hurdle” enacted as part of the 1986 reforms to shut down the retail tax shelters.
Cake, anyone?
Tax Policy : The EITC sure raises its share of questions in tax prep, but does the credit also actually reduce savings among the poor? Blogger Alex Durante examines a recent University of Oregon research showing that nearly 40 percent of the decline in saving from 1988-2006 for those who claim the credit can be explained by recent expansions in the EITC.Mauled Again : How the mantra that tax cuts for the wealthy create jobs created a knot now tricky to undo in Kansas. One good point that would’ve prevented this mess: “If the American middle class and those living in poverty or near-poverty don’t have money, they don’t make purchases. In fact, they cut back on purchases.”
And finally
Don’t Mess With Taxes : To-dos come Monday, including a look at new (see “higher”) penalty for missing filing by more than 60 days, along with reminders to pay 2016 estimated tax and any really late 2012 returns. Not to run too negative, other reminders include contributing to or opening an IRA and contributing to HSAs.TaxMama : Today Mama reflects on the notion of wasted refunds and the clients that may (unwittingly and unknowingly) have them coming.Tax Girl : Taxes From A to Z concludes with “Z is for Zero Return.”TurboTax : Just because you and your clients can’t immediately deduct Fido and Fifi doesn’t mean that pets spell no tax advantages if certain IRS criteria are met.H&R Block : What to tell them – and they’re sure to ask this time of year, if not soon after – about “How Long to Keep Tax Records.” First up: the golden rules of taxpayer responsibility and an idea of how a return’s complexity can alter the answer.
