Highlights of some of our favorite tax-related blogs from the past week.
In this corner
- Mauled Again: Some hard questions for Trump (he appears to answer no other kind), including whether he’s read the IRC, the U.S. Master Tax Guide and “a considerable portion” of the Treasury regs and local statutes and ordinances. We’re pretty sure we know the answer, yet it seems to make no difference.
- Tax Girl: On this fall’s bill: Trump vs. Block, plus the opening act of Block and the EITC.
- The Wandering Tax Pro: Politics makes strange bedfellows: “Donald Trump for President is a lot like Obamacare.”
You must comply
- Federal Tax Crimes: A look at the United States v. Soong, in which the district court held the taxpayers in contempt in a summons enforcement case for foreign account records.
- Procedurally Taxing: Courts love flexing their muscles, especially over the validity of regulations. A look at some recent high-profile cases, including McDonald v Commissioner.
- The Income Tax School: How servant leadership -- putting the needs of others first and nurturing growing abilities -- can benefit your practice.
- Taxing Subjects: Take time out of the seasonal blizzard – and preparation for next spring’s blizzard – to pay attention to the value of employee evaluations. Those “that do get done tend to be informal, short, and built on the question of who will stay on after tax season, who will be re-hired for next year and who will be let go after April 15. The subject becomes even trickier for those who will not be invited back, since you may not wish to present that information until the season is over.”
Masters of disaster
- Liberty Tax: How you can help clients prepare for the worst when it comes to Mother Nature.
- Due Diligence: In this week’s roundup: “Puerto Rico Bonds – JUNK!”; “Rearranging Deck Chairs on the Titanic (Bank of America)”; “Medicare Fraud Charges Against Home Health-Care Agency”; “UBS Tagged (Again) Puerto Rico Bond Scandal”; and “Lowlife of the Year.”
- Backtaxeshelp: Remind them again about their work-related deductible expenses.
- Rubin on Tax: Tell clients to use care with Sec. 166(a)(2), which allows for a deduction for partially worthless debts for business debts. “One of the requirements to be able to deduct is that the amount deducted ‘was charged off’ on books during the tax year.”
- H&R Block blog: Connecting the dots on Obamacare coverages.
- Tax Vox: “Amazon still gets a prime deal in Illinois.” Plus, Apple’s bitter aftertaste in Ireland and how voters oppose a California gas tax proposal.
- Tax Analysts: In the last month blogger Cara Griffith has “spent more time than I’d like to admit trying to figure out how, when, and with whom state tax authorities share confidential taxpayer information and what safeguards are in place to avoid its misuse.” Worthy question.
Just due it
- Roth & Co.: The deadline looms for filing for extended partnership, corporation or trust returns. Reasons to file on time.
- Musings of a Burbank CPA: “Even if no tax is due,” adds blogger Brian Stoner, “the penalty is $195 a month per partner, so for an S Corporation the penalty will be $1,170 per shareholder, for a partnership it will be $975 per partner … This penalty does not apply to Trusts or C Corporations.”
- Our Taxing Times: Even this blogger and preparer needed an extension – and heeds the coming due date.
Keep calm and labor on
- Don’t Mess with Taxes: In honor of the holiday weekend just passed, how union dues might be deductible. And a note: “The popularity of labor unions ebbs and flows, based on the economy, politics and even popular culture.”
- Tax Policy: Exactly how high is the tax burden on American Labor?
- TurboTax blog: How little bundles of joy can save clients another kind of bundle come tax time.
New to us
- BNA blogs: The weekly roundup of Bloomberg reports features, this week, eight key estate planning opportunities arising from the Supreme Court’s decision on same-sex marriage. Great addition and welcome aboard.
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