The pass-through tax bite; online holiday shopping and scams; assessing perk plans; and other highlights from our favorite tax bloggers.
A new four-letter word
- Tax Policy (http://taxfoundation.org/blog): Enter four new potentially important letters in stock sales, courtesy of the Senate reform bill: FIFO, or first-in, first-out, which would require sellers of stock in any one company to dispose of shares in the order in which they were acquired — robbing sellers of the choice of blocks of shares to sell to minimize capital gains.
- Avalara (https://www.avalara.com/blog/): What happens in North Dakota doesn’t necessarily stay in North Dakota: South Dakota hopes the Supreme Court will take up a case involving its remote-seller compliance law. If it does, the high court could revisit its decision in Quill Corp. v. North Dakota.
- Mauled Again (http://mauledagain.blogspot.com/): Just what is one of the shortest opinions in tax court history?
- Houston Tax Blog (http://www.irstaxtrouble.com/category/tax-blog/): God knows the IRS has a number of collection tools at its disposal, including the ability to take the taxpayer’s property without court intervention. And as United States v. Sims reminds us, our fed friends generally cannot use the courts to collect from third parties located in another state.
- Tax Vox (http://taxvox.taxpolicycenter.org): The president, who insisted throughout his campaign that Congress lower tax rates on income earned by pass-through businesses such as partnerships, S corporations, and sole proprietorships, “may be surprised to learn that the Senate Finance Committee version of the TCJA would impose marginal tax rates above 70 percent on some of those business owners.” Maybe.
‘Life is deductible’
- TaxBuzz (https://www.taxbuzz.com/blog): What to tell them about the tax implications of selling a home this year, including the home-sale gain exclusion and whether any portion of a home is used as a daycare or home office, among other factors.
- Dinesen Tax Times (http://dinesentax.com/blog): Can a college professor’s deductions include costs of materials for general knowledge? Details of such — and, as a tax amateur once told us, “Life is deductible.”
- TurboTax (http://Blog.turbotax.intuit.com): What to tell them, amid end-of-year giving, about business donations, including for sole proprietorships, S corps and partnerships.
- H&R Block (http://blogs.hrblock.com/): The top seven questions about IRS transcripts and how they can help a client in trouble. First thing to tell them: “There’s one simple answer for getting all your records of tax filings, income, and account activity from the IRS — tax transcripts. But it’s not that simple at all ...”
- Liberty Tax (http://www.libertytax.com/tax-lounge): “Excitement for holiday bargains doesn’t hold a gift candle to that of criminals trying to get their hands on your sensitive consumer information.” Happy holidays in our marvelous modern age.
- Tax Girl (http://blogs.forbes.com/kellyphillipserb): Holidays mark a lot of things. This year’s may be your last chance to deduct sales taxes.
- Rubin on Tax (http://rubinontax.floridatax.com): December’s APRs.
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): Smart online security moves this season include buying only from familiar retailers, bypassing unfamiliar sites or pop-up links, only using sites beginning with “https,” avoiding unprotected Wi-Fi, and other similar best wishes.
- Taxjar (http://blog.taxjar.com/): December sales tax due dates, in order of state.
All in their minds
- Bloomberg BNA (http://www.bna.com/news/#!topic=istax&type=isblogpost): In this first of a two-part series, we’ll learn just how exactly the mind of a corporate leader works. Just two parts?
- Intuit Proconnect (http://taxprocenter.proconnect.intuit.com/): A great benefits package can be one of your most powerful tools in attracting and retaining talent, and the end of the year marks a fine time to assess your plan. A look at legal and regulatory requirements, financial constraints and other factors.
GRC is relevant for organizations across the spectrum, from Fortune 100 multinationals to fast-growing companies aiming for international expansion, an IPO or a buyout. The traditional approach of managing risk in silos across different functions—internal audit, internal controls and compliance— and reacting to risks as they occur puts many companies at a disadvantage. Today’s environment demands a more agile and innovative approach to GRC.