Substantial presence; not in the floor but in ourselves; confusion and complexity; and other highlights from our favorite tax bloggers.
Getting your hands dirty
- National Association of Tax Professionals (
https://blog.natptax.com/ ): Farm income averaging is a strategy that allows eligible farmers to redistribute income across the three prior tax years, often with healthy savings when income spikes. How many tax pros overlook or misapply this opportunity. - U of I Tax School Blog (
https://taxschool.illinois.edu/blog/) : What farm clients need to know about S corps and self-employment. - Massey and Company CPA (
https://masseyandcompanycpa.com/blog/ ): Best practices (and we mean a lot of them) on how to determine land value for depreciation. - Withum (
https://www.withum.com/resources/ ): The list begins to emerge on what jobs qualify for tax-free tips.
Far and wide
- Taxnotes (
https://www.taxnotes.com/procedurally-taxing ): Can other countries' approach to ensuring the competence and integrity of tax preparers improve U.S. tax administration? Let's start with Australia. - Virginia - U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): Just how much time on American soil constitutes "substantial presence" and ignites U.S. tax obligations? - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Manufacturers are grappling with a host of indirect compliance challenges, including mounting regulatory requirements, rapidly changing tax rates and rules, complex new fee structures in the U.S., new e-invoicing and digital reporting rules in Europe and other parts of the world, and more. "In today's manufacturing environment," says one observer, "the biggest unmanaged risk isn't on the factory floor. It's buried in your indirect tax processes." - The Tax Times (
https://www.thetaxtimes.com ): Many of us have prepared 706s, the estate return for U.S. citizens and domiciliaries. This tome can take a while to fill out but there are very few mysteries beyond schedule E: What percentage of an asset might be includable in an estate, the value of an annuity, what debts and expenses are deductible, the calculation of the marital deduction and the generation-skipping tax computation. The 706NA, preparation of the return for the estate of the non-resident alien owning property in the United States, can present a more daunting task. - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): The Supreme Court will decide whether the International Emergency Economic Powers Act designed as an emergency foreign policy tool authorizes the across-the-board tariffs imposed by the White House. The outcome of this case could reshape the balance of power between Congress and President Trump, and with it, the stability of U.S. tax and trade policy.
Still perfect
- CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): How ESOPs have penetrated the professional services world — and how one can benefit your firm. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): CPA firms' succession planning often involves misunderstanding, confusion and complexities until many firms simply don't know how to start. A recent conversion from Rosenberg's "CPA Firm Succession Planning: Still a Perfect Storm."
