Highlights of some of our favorite tax-related blogs from the past week.
- Don’t Mess With Taxes: How ha ha Allgreens, a Denver medical marijuana dispensary, has won a cash payment battle with the IRS. Seems the feds want electronic payroll tax deposits but Allgreens’s bank, “leery of working with a business that Uncle Sam deems illegal,” closed the dispensary's account, resulting in penalty charges despite the dispensary meeting its federal tax obligations in full and on time.
When chips actually fall
- Taxable Talk: Blogger Russ Fox has a history with the now-shuttered firm Chipco: He actually got to design a set of the company’s high-quality poker chips in 2002, and many casinos in Fox’s Las Vegas still use the chips of the Maine-based manufacturer. As Fox reports, “Those in the poker community thought that their closing was mostly due to the end of the poker boom. Another factor was Chipco’s method of paying employees: off the books.” Fox will see that move and raise Bozo Tax Tip #11: Pay your employees that way and don’t send withholding to the government.
- Due Diligence: In this week’s roundup: “Cheap Steel and Whistleblowers”; “Medicare Fraud Most Wanted List”; “Biggest Ponzi Scheme In History?”; “U.S., Korea to Exchange Account Data”; “Home Health Company Charged with Medicare Fraud”; “Russian Mob, Big Banks and Whistleblowers”; and “Next Stockbroker Fraud Scam Shale Bonds.”
To their credit
- H&R Block: The Bermuda Triangle, car washes and rainstorms, credit: Amazing what a hotbed of misconceptions some things can be. A few key myths about maintaining good credit.
- Liberty Tax Lounge: Oh, and add to the carousel of wrong beliefs the need to not pay taxes in retirement.
- TaxMama: Mama advises what to do when a client files and then receives another W-2, 1099 or a corrected 1099.
- Taxjar: Sales tax due dates for April, the “sales tax perfect storm” when almost every online seller has a sales tax filing to make. Also, “Is Shipping Taxable in Massachusetts?”
- Tax Girl: Today’s lesson: “Understanding Your Forms: 1098-T, Tuition Statement.”
The far horizon
- Taxing Subjects: The only problem with the paradise known as about a month from now? Your prep revenue mostly evaporates. A look at expanding your profits by preparing 990s.
- Solutions For CPA Firm Leaders: Tired of the same old walls of your office (definitely not a fair question this time of year, but try to think ahead)? What to consider when remodeling your professional space, with a nod to Rex Miller’s Change Your Space, Change Your Culture. One note: “Today’s average worker is working in a space with a 1960s design ”
Haven and have not
- The Tax Times: A look at a recent agreement between the U.S. Department of Justice and the Swiss Federal Department of Finance “that essentially ends Swiss bank secrecy and the renown of Switzerland as a tax haven.”
- Rubin on Tax: An abstract of the Estate Planning Journal’s recent article, “Can Post-Valuation Events Impact Estate Tax Valuation?”
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