Highlights of some of our favorite tax-related blogs from the past week.
- Rubin on Tax: Taxpayers who fail to file FBARs can of course incur a 50% penalty on the balance of the unreported accounts. In one of the largest penalties in this blogger’s experience, a New York business administration prof has been subjected to a $100 million civil FBAR penalty. We quote: “Ouch.”
- IRS Tax Trouble: Fitzpatrick v. Commissioner examines the IRS ability to assess a trust fund recovery penalty against those who are responsible for withholding payroll taxes for employees if they fail to withhold and pay over the taxes to the IRS, and the “the common situation where a stay-at-home mom was assessed a trust fund recovery penalty for her husband’s business.”
- Mauled Again: Funny thing about petitioning the Tax Court: An entity has to be real to do so. Urgent Care Nurses Registry, Inc. v. Comr. takes us into “the tax world into a twilight zone of entities that don’t exist existing for purposes of being told that they don’t exist.”
- The Income Tax School: The 2016 presidential candidate tax plans. By this moment, you need read half this entry, unless you’re interested in historical footnotes.
- Don’t Mess With Taxes: Our favorite – and timely – opening of the week: “Americans vote tomorrow for our 45th president. Finally!” Of 162 statewide ballot measures in 35 states, eight measures were decided in pre-November elections, leaving 154 measures until this past Election Day.
- Tax Vox: Conditionally Huge Dept.: “Donald Trump’s proposal to slash tax rates on unincorporated businesses would create huge incentives for income tax avoidance and evasion, and his own behavior illustrates why.”
- Roth & Co.: Joe Kristan looks at a provision in Sec. 501(c)(3) that could cause problems for both the Clinton and Trump Foundations. Like they don’t have enough problems.
Know When to Hold’em
- Taxable Talk: The winner of this year’s World Series of Poker in Las Vegas sure filled an inside straight when it came to the taxman: “This year’s winner’s tax burden was nearly 10 percent less than the second-place finisher.” Why?
- Tax Policy: Lunch Links include a tax calculator you should’ve consulted before voting for a president, EU nations debating a definition of a tax haven, and how the Empire State actually beats Nevada in biggest casino taxes.
Been a while
- Musings of a Burbank CPA: Have clients keep in mind that ever-pesky auto-mileage log.
- Philadelphia Estate and Tax Attorney Blog: Fallout – including potential headaches for nearly 250,000 workers and thousands of employers in two states – of the end of a reciprocal tax withholding agreement between New Jersey and Pennsylvania.
- Tax, Society & Culture: The idea of the Border Tax Equity Act is simple: Tax American consumers on imports and give the money to U.S. companies that export things. The rhetoric and wrangle behind a notion that failed multiple times in the U.S. Congress over the years.
- Tax Analysts: Distortion of facts, confusion reigning, panic in the tax codes: a typical episode in “a referendum system run amok,” such as California.
- Dinesen Tax Times: “A brief overview” of the tax treatment of charitable contributions made by an S-corporation, starting with the basic rule.
- Intuit Proconnect: What you have to do in the wake of establishment of the IRS Security Summit Identity Authentication Standards for Tax Year 2016.
- Tax Girl: We just love this: “13 Uses For Leftover Halloween Candy & The Resulting Tax Consequences.” Dental expenses, maybe?
- Taxing Subjects: Some surprising answers await readers of WalletHub’s new annual Corporate Tax Rate Report for companies on the S&P 100. One note: “The average S&P 100 company pays a tax rate that’s 22 percent higher than the top 3 percent of individual taxpayers.”
- Taxjar: What to tell them about making their eCommerce Web site better. First, make it mobile-friendly.
- Solutions for CPA Firm Leaders: Another favorite opening of the week: “Don’t take your individual tax clients for granted.” Ways to keep in touch (even in our oft-onerous digital age).
- Turbotax: Tips on how to teach your children about money, from a dad in the trenches.
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