Chief obstacles; tax illiteracy; what makes a great preparer; and other highlights from our favorite tax bloggers.
Acting badly
- Mauled Again (
http://mauledagain.blogspot.com/ ): A thrilling Super Bowl is one thing, sales tax another: the Kansas City Chiefs' choices now that they came up short in a recent voter referendum. - Virginia – U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): The Corporate Transparency Act aims to prevent bad actors from hiding behind opaque corporate entities to engage in illicit activities, which leads to our favorite question of the week: "Why wouldn't a bad actor provide false CTA information?" Heretofore notwithstanding, how the CTA impacts foreign investors in the U.S. - The Tax Times (
https://www.thetaxtimes.com ): A "great example" of how mishandling an audit can morph into a criminal proceeding.
What they don't know
- Tax Foundation (
https://taxfoundation.org/blog ): Kind of Why You Have a Job Dept.: A recent survey shows that most Americans are confused by and dissatisfied with the federal Tax Code. - Turbotax (
https://blog.turbotax.intuit.com ): From plastic surgery to pets, what to remind them about deductions they cannot claim. - Taxable Talk (
http://www.taxabletalk.com/ ): This year's Bozo Tax Tips continue with the dangers of procrastination and the terrible preconceptions of clients who have an online business and so feel they don't have to file a state return. - Global Taxes (
https://www.globaltaxes.com/blog.php ): Arguments in Farhy, concerning IRS authority to assess and collect after an owner of foreign companies failed to file, could play out in many similar, future cases. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): "A myriad of regulations, classifications and definitions" — navigating the Communication Service Tax. - National Association of Tax Professionals (
https://blog.natptax.com/ ): Some top questions from a recent webinar on the SEHI deduction and the new Form 7206. - TaxConnex (
https://www.taxconnex.com/blog- ): Are states' transaction thresholds for sales tax nexus on the way out? - Withum (
https://www.withum.com/resources/ ): "Most clients have no way of knowing whether their tax preparer is good or not, whether the fees paid are worth it, or what value they can expect." A case study in how a great tax preparer is also a collaborator with the client in financial affairs.
Just what we needed
- University of Illinois Tax School Blog (
https://taxschool.illinois.edu/blog/ ): Just what practitioners needed: a May deadline. The three-year statute of limitations on 2020 returns — the 2021 deadline for which was automatically pushed to May 17 of that year due to the pandemic — runs out about a month after this coming Tax Day. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Some of the key tax-related Q2 2024 deadlines for businesses and other employers. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Among the latest state-level developments, Nebraska put to bed plans for a regressive swap of sales tax revenue for property tax cuts; Wisconsin Gov. Tony Evers vetoed yet another income tax cut passed by the GOP-controlled legislature; Idaho Gov. Brad Little signed a cut into law, dropping the state's income tax rates; Virginia Gov. Glenn Youngkin vetoed legalizing recreational cannabis sales; and Georgia Gov. Brian Kemp was sent several property tax cut bills by the state's legislature. - Canopy (
https://www.getcanopy.com/blog ): AI in the accounting profession has a lot of potential — and, right now, still a lot of limitations.
