In the blogs: Form and dysfunction

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Biz loss limits; 1040 re-redux; looming legislation; and other highlights from our favorite tax bloggers.

Form and dysfunction

  • Intuit Proconnect (https://proconnect.intuit.com): Details on reform’s new limitation on excess business losses introduced by Sec. 461.
  • Taxbuzz (https://www.taxbuzz.com/blog): We’re now all getting a better picture of what changes happened in the wake of reform. Some said that this would be the biggest benefit to taxpayers to come along in a generation; others predicted doom and gloom. So what ended up happening, specifically?
  • The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): An ongoing tale of penalties, withholding tables, reform, and tax savings both real and imaginary.
  • Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): If the changes to the 1040 this season frustrated you, there’s good news and some bad news. The good news is that the IRS is revising the 1040 for 2019. The bad news is that much of the schedules still won’t revert back onto the 1040.
  • Tax Girl (https://www.forbes.com/sites/kellyphillipserb/): And a good op-ed on the new form? “Still determined to inspire tax professionals to kick their copy machines, the first page of the [2019] 1040 doesn’t fill the page. Instead, as last time, it takes up just two-thirds of the page. It just feels like a congressional compromise.”

Disaster master

  • Summing It Up (http://blog.freedmaxick.com/summing-it-up): Despite the hurricanes, wildfires and other tantrums of Mother Nature that frequently plow through our country, companies still fail to acknowledge the risks of these disasters and the harm they can cause to business operations. A look at business impact analysis.
  • Wolters Kluwer (http://news.cchgroup.com/): How a recent webinar, “3 Key Audit Challenges Solved by Technology,” discussed evaluating firms’ processes, accessing client data for testing and automating processes.
  • The Income Tax School (http://www.theincometaxschool.com/blog/): Favorite opening of the week: “If you’re doing it right, a lot goes into setting up your own tax preparation business...” The three most misunderstood parts of setting up your prep business begin with managing the risk.

Incoming and outgoing

  • TaxMama (http://taxmama.com): Pending and potential tax legislation fashions a memorable ALL CAPS word out of The Setting Every Community Up For Retirement Enhancement Act, as well as addresses performing arts, gigs, extenders, college admissions and other disasters.
  • Procedurally Taxing (http://www.procedurallytaxing.com/): Ted Afield, professor and director of the Philip C. Cook Low-Income Taxpayer Clinic at Georgia State Law School, offers perspective and recollection of Nina Olson.
  • Taxable Talk (http://www.taxabletalk.com/): What does the Taxpayer Advocate’s recent roadmap of what happens with a return have in common with the L.A. freeway system? Apparently they both look the same from space.
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Tax tools Tax preparation 1040s Nina Olson IRS