Attorneys and leeches; poker, pro sports and debt; effects of IRS tardiness; other highlights from our favorite tax bloggers.
- Tax Policy (http://taxfoundation.org/blog): U.S. Supreme Court justices recently declined to hear several challenges to a retroactive tax law passed by Michigan. As noted, the high court is asked to hear more than 8,000 cases a year but only takes 70 to 80 of them. Blogger Joseph Henchman likely speaks for many when he writes, “As much as I wished retroactive tax laws went away, without a clear standard, this problem will only continue to proliferate.” (The Tax Foundation will also soon launch a project to bring greater awareness to retroactive tax increases.)
- Bloomberg BNA (http://www.bna.com/news/#!topic=istax&type=isblogpost): A look at Bloomberg BNA’s Survey of State Tax Departments “on the gray areas of state taxation,” in this case the tax treatment of nonresidents whose only connection with the state is an ownership interest in a pass-through entity operating there.
- Backtaxeshelp (http://www.backtaxeshelp.com/tax-blog/): It can be hard to know which flapping question to knock down in the dark room that this administration seems to be becoming, but here’s one: “Will Trump’s New Healthcare Bill Impact Your Taxes?”
- Dinesen Tax (http://dinesentax.com/blog): What do we mean when we say, “Consult an attorney”? Seems the blogger once mentioned the idea a few times during a tax and biz entity presentation to a group of entrepreneurs and met with a lengthy deposition about wasting “thousands of dollars” on attorneys, a.k.a. “money-sucking leeches” not worth a dime in retainer fees. The big difference in retainers and relationships.
- Sageworks (https://www.sageworks.com/blog/default.aspx): Better and higher-paying clients can be more than a dream — as can avoiding the destiny of being just a mini-H&R Block. Blogger Melinda Crump and HaydenRock Solutions co-founders Ian Welham and Bryan Eberle relate how the addition of advisory services starts with your clients.
- ClientWhys (http://www.clientwhys.com/blog.iml): Who cares if some guy in his underwear writes a good online review of your firm at three in the morning? Turns out a lot of your prospects might, according to a recent survey: “84 percent of people trust online reviews as much as personal recommendations.”
- Taxable Talk (http://www.taxabletalk.com/): This year’s update on the World Series of Poker and taxes.
- Tax Vox (http://taxvox.taxpolicycenter.org): You might not think Oklahoma and the District of Columbia have much in common, yet soon both might kill scheduled tax cuts. The reasons differ, but “both show tax cut schedules are only as good as their schedulers.”
- Mauled Again (http://mauledagain.blogspot.com/): More cautionary tales for taxpayers who think they want to pay for a pro sports team.
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): A recent economic analysis that said Americans were more in debt than they’ve been in almost a decade. A look at modern borrowing, the modern inability to pay the money back, and what we hope isn’t the modern road to Scrooge’s question, “Are there no prisons?”
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): And to top it all off, you’ll have to break your own kneecaps! How borrowing from your 401(k) is only slightly better than a loan shark.
- M&A (http://taxaid.com/blog/): The British Virgin Islands’ government has signed new legislation aimed at improving the exchange of beneficial ownership information between U.K. and BVI law enforcement for taxation rulings. In other words, even Americans need to get ill-gotten and hidden funds out of this particular tropical paradise.
- Due Diligence (http://www.mahanyertl.com/mahanyertl/): In this week’s collection: “Costco TCPA Junk Fax Lawsuit Moves Forward;” “Ocwen Fraud Investigations”; “Vikshara Trading Fabricates Strike to Block FDA Inspectors”; and “Whistleblower Suit Against Quicken Loans Proceeds.”
Very important dates
- Tax Girl (http://blogs.forbes.com/kellyphillipserb): Seven moves to remind your clients about to save on taxes this year, from reviewing last year’s return to checking retirement contributions to ensuring proper retirement withdrawals. Remember: You don’t know what they don’t know… .
- IRS Problem Solver Blog (http://www.getirshelp.com/irsblog/): Delayed refunds do more than make your phone ring and e-mail box fill up, a new report claims: They actually also slow down the entire U.S. economy. (Ironic, considering how the IRS treats people who are late … .)
- Roth & Co. (http://rothcpa.com/blog-index/): A look at the 2018 maximum contributions for HSAs.