Readying for next season; AP goofs; timely look at the BBA; and other highlights from our favorite tax bloggers.
Hard choices
- National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You Make the Call” looks at Lidia, who acquired stock that meets the requirements of small-business stock but who didn’t purchase the stock. She got it from her dad in 2019; he got it in 2011; and she plans to sell it this month. Will she be able to claim the small-business stock gain exclusion under Sec. 1202? - Don’t Mess With Taxes (
http://dontmesswithtaxes.typepad.com/ ): A look at the Bureau of Labor Statistics Consumer Price Index (so many holiday wishes begin with those words…) and how it applies to procuring 12 gifts from a True Love. Our favorite follow-up line of the week: “The PNC Financial Services Group had to make some hard choices.” Bonus detail: social distancing’s impact on the 2020 price tag. - IRS Mind (
http://www.irsmind.com/blog/ ): A look at the Taxpayer Relief Initiative, the next step in providing more options and relief to taxpayers with financial troubles from the pandemic. - Taxjar (
http://blog.taxjar.com/ ): Favorite opening of the week: “Quick: What’s the sales tax rate for small businesses in New Hampshire?”
Calling all bluffs
- Solutions For CPA Firm Leaders (
http://ritakeller.com/blog/ ): Whining while lost? Don’t. - Taxable Talk (
http://www.taxabletalk.com/ ): Raise, call, guilty: A poker player and his tax trouble. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): Five common accounts payable errors to look out for include bogus invoices, lost items and other pleasures for your probably struggling small-business clients.
Windows on thinking
- Tax Girl (
https://www.forbes.com/sites/kellyphillipserb/ ): A look at the new 1040. - Turbotax (
https://blog.turbotax.intuit.com ): What to tell first-time investors about taxes. - Income Tax School (
http://www.theincometaxschool.com/blog/ ): 2021 will likely be a befuddling season for clients (not to mention that tax pros have had to swing on a lot of curveballs in recent innings, from tear-down reform to endless pandemics). A look at what will be top of mind for clients this coming season, both businesses and individuals. - TaxPro Center (
https://proconnect.intuit.com/taxprocenter/ ): All of us could benefit from sharing our firms’ best practices, especially when it comes to having a productive season. Here are some tips that have worked for the bloggers regarding team, clients and workflow. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The times they are a-taxin’. - Procedurally Taxing (
https://procedurallytaxing.com ): Guest blogger Rochelle Hodes examines proposed regulations under the centralized partnership audit regime enacted by the Bipartisan Budget Act of 2015. It is unclear how finalizing these proposed regulations will fit into the new administration’s priorities and whether policy decisions embedded in the proposed regulations will be reconsidered. The regulations still give a window into the IRS’s thinking on the BBA rules as the agency increases focus on partnership reporting and compliance.
