Trump dividend; tax ballot season; compliance challenges; and other highlights from our favorite tax bloggers.
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Did you hear the one about?
Financial Cents : A good joke will not reconcile the books or collect a missing document, but it can make the workday feel lighter. This blog compiles a list of the top 75 rib-cracking jokes for accountants. So put all debits and credits aside, sit back, relax and prepare for a good laugh!TaxProf Blog : September's two-day Republican midterm convention may not have moved the needle among voters, but it did yield an interesting (and incredibly expensive) policy proposal from President Trump. "It will be called the Trump dividend," said the president, as he floated a $5,000 government payout for all adult Americans, if Republicans retain control of both houses of Congress in November. Reception has ranged across the five stages of grief, stopping short of acceptance, with plenty of ambivalent pushback from House and Senate Republicans.National Taxpayer Advocate : Knowing where to turn for reliable information before and after a disaster can make navigating the tax system one less thing to worry about during recovery. Every year, disasters change lives in an instant, and when that happens, taxes are understandably one of the last things on anyone's mind.Tax Pro Center : Some clients who experienced a disaster may need to reconstruct vital records that were lost. Having these records is important for tax purposes, federal assistance or insurance reimbursement. Here are a few steps to pass along.
Tax ballot season
ITEP : Tax ballot season started early this year, with Missouri voters overwhelmingly rejecting Amendment 5 last month. The measure, which would have set the state on a path toward eliminating its income tax and replacing it with much higher sales taxes, was defeated by a staggering 83% of voters. This fall, voters in other states across the country will consider a host of ballot measures that could reshape the fairness and adequacy of their states' tax systems.Dean Dorton : For many successful investors and families, real estate is more than an investment. It is a cornerstone of wealth creation, preservation, and legacy. Whether the asset is a premier commercial property, a multifamily portfolio, prime agricultural land or a cherished family retreat, real estate often carries both financial value and personal significance. As holdings grow in size and complexity, however, ownership challenges extend far beyond property management.U of I Tax School Blog : Tax planning should not be treated like pumpkin spice: something saved for fall. The longer practitioners wait to begin planning conversations, the fewer options clients may have. By November or December, clients often have already made decisions that limit their choices, leaving practitioners to respond, rather than plan proactively.Avalara : Tensions between the United States and Canada are escalating, and the situation could worsen before it improves. The renewed uncertainty surrounding U.S.-Canada tariffs creates compliance challenges for cross-border businesses. Here's what we know today.Berkowitz Pollack Brant : The IRS recognizes that mistakes happen and has long offered qualifying taxpayers relief from certain penalties through its First-Time Abatement Administrative Relief program. Historically, however, many taxpayers did not receive this relief because they did not know it existed or they failed to reach the IRS to request it. This changes immediately with the introduction of the IRS's new Automatic Exemption from Penalty and the phase-out of the agency's FTA Relief program.
A million years ago!
Canopy : Remember when the conversation surrounding accounting and artificial intelligence centered around whether firms should use AI at all? Feels like a million years ago! Now the only question accounting leaders are asking is, "How do we use AI effectively?"Boyum & Barenscheer : Choosing the right retirement plan can affect employees, a business' annual costs and overall tax strategy. Defined contribution plans, such as 401(k) and profit-sharing plans, offer predictable costs and relatively straightforward administration. Defined benefit and cash balance plans can allow business owners and key employees to build retirement savings more quickly while potentially providing significantly larger tax deductions.Current Federal Tax Developments : For federal income tax professionals advising high-net-worth clients, dealers and corporate entities engaged in informal joint ventures, the line separating taxable gross income from nontaxable receipts is a critical compliance boundary. In Tunkl v. Commissioner, the U.S. Tax Court addressed whether $16.5 million received by an art dealer's S corporation for an intended artwork acquisition constituted unreported gross income under Internal Revenue Code Sec. 61(a) or a nontaxable financial flow.Global Taxes : A $1,000,000 foreign capital gain can now leave a U.S. citizen in Canada or France with up to $38,000 of U.S. Net Investment Income Tax that foreign tax credits cannot erase after the Federal Circuit's Aug. 31, companion decisions in Bruyea and Christensen. The rulings reverse two taxpayer victories and restore the government's position: Treaty language aimed at avoiding double taxation does not override the Internal Revenue Code's limits on foreign tax credits for NIIT purposes.National Association of Tax Professionals : Choosing the correct filing status can have a significant impact on a client's return, affecting not only the client's standard deduction but also eligibility for key tax benefits and, ultimately, their refund. While the answer may appear straightforward, marital status, living arrangements and special rules can require a closer look.
Not all cash is the same
Parametic : For many investors, cash has traditionally served one primary purpose — liquidity — and money market funds have been a natural destination — offering daily access, limited interest rate sensitivity and the potential to earn income while waiting for the next investment opportunity. Not all cash is the same, however, and every dollar doesn't need to be available tomorrow. For investors with liquidity that can remain invested for 12 months or longer, extending modestly beyond traditional cash vehicles offers the potential opportunity to earn meaningfully more income.Sikich : Distributors have access to more data than ever before. ERP, CRM, warehouse, ecommerce, procurement, finance and other systems continuously generate information about customers, products, inventory, sales and operations. In theory, forecasting for distributors should be easier. But more data may actually be part of the problem.TaxConnex : Mergers and acquisitions involve many moving pieces. From financial due diligence and legal reviews to operational planning and integration strategy, buyers have a lot to evaluate before a deal closes. Sales tax should definitely be a part of that evaluation.Taxjar : Need a reminder of when sales tax is due in October? This blog is here to help. Find your state (or states) to see your October 2026 sales tax due date.The Tax Times : On Sept. 10, the Treasury Department and the IRS released proposed regulations under REG-117273-25. The guidance addresses how domestic corporations allocate and apportion deductions to foreign source Sec. 951A category income for purposes of the foreign tax credit limitation, and how those same corporations calculate deduction eligible income for the Sec. 250 foreign-derived deduction.
