In the blogs: Danger! Danger!

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Payroll rigmaroles; bloggers’ taxes; the most out of seasonal staff; and other highlights from our favorite tax bloggers.

Danger! Danger!

  • TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Robots and other AI-based technologies are increasingly outperforming humans in jobs previously thought safe from automation. This has led to growing concerns about the future of jobs, wages, economic equality and government revenues. Hence multiple calls worldwide to tax the robots. (“Alexa, how exactly did you rack up T&E expenses?...”)
  • Boyum & Barenscheer (https://myboyum.com/blog/): How to remind them that filing early might actually help head off ID theft.
  • Procedurally Taxing (https://procedurallytaxing.com): The end of November brought three designated orders where (spoiler warnings) the petitioners did not prevail. In two collection due process cases, the petitioners were non-compliant. The last involves a bench opinion concerning the premium tax credit and income limitations to qualify.
  • TaxMama (http://taxmama.com): A common reason that small businesses fail (other than ineptitude, bad planning and lack of funds) is that the owner thinks it’s okay to use the money withheld from employees’ paychecks to pay their own bills, as a short-term loan. Enter a pet project of Darren Guillot of the IRS Small Business/Self-Employed Division, who wants to help businesses that start to get behind on payroll tax deposits. (Note: Most of the money the IRS collects is from payroll taxes, not income taxes.)
  • Turbotax (https://blog.turbotax.intuit.com/): What to tell clients who are social media influencers or bloggers about income taxes — and the recordkeeping that can greatly influence them.
  • Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): The House Ways and Means Committee this week was to revisit the toughest part of crafting a major infrastructure package: figuring out how to pay for it.

State your business

  • Tax Vox (https://www.taxpolicycenter.org/taxvox): In FY2020, Georgia will spend nearly $500 million in film and television tax credits in return for the promise of new jobs and economic growth (notice the Georgia peach in the closing credits of feature films?). That’s one small example of how states use tax expenditures, or forgone tax revenues, to supposedly benefit specific activities or taxpayers. A recent study looks at how tax expenditures work for California, Massachusetts, Minnesota and the District of Columbia.
  • Taxbuzz (https://www.taxbuzz.com/blog): Monetizing an owned home by hanging up a “For Rent” sign and pocketing the extra cash isn’t as straightforward as it sounds. What to remind clients about the tax consequences of converting a home into a rental.
  • Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): Blogger’s Words Not Ours Dept.: “Accountants are masters at procrastination...” You’d think people who are deadline-driven would avoid procrastination (maybe they’ll avoid it tomorrow). Procrastination is practiced throughout tax season and, as due dates near, fire drills begin. The common excuses and how to overcome them.
  • Canopy (https://www.canopytax.com/blog): Want to get more out of your seasonal staff this tax season? Aside from grog and gratings, here are a few suggestions, starting with pre-season training sessions (even for the vets of your practice).

New to us

  • Tax Warrior Chronicles (https://www.taxwarriors.com/blog): The Philadelphia firm Drucker & Scaccetti has this fine blog we add this week. Recent topics include tax tips for law firm partners, “Is Your W-4 Optimized for You?” and “Rogue One: A Single Tax on Foundation Investment Income Story.” Welcome!
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Tax tools IRS Tax preparation Tax season Tax-related ID theft