That regulation question; ARP can’t enforce tax cuts; email protection; and other highlights from our favorite tax bloggers.
Headline news
- The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): “What the Tax Preparation Industry Really Needs” is a lengthy but detailed and smart analysis of tax prep regulation proposals from the perspective of decades’ hard work in the field. Take time to go through this one carefully, and the blogger welcomes feedback. - Tax Vox (
https://www.taxpolicycenter.org/ ): When the Tax Code aims to deliver benefits for kids, expect complexity. “Whose Child Is It Anyway? The Ways & Means Definition Makes It Harder for The IRS To Know.” - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): If you’re looking for a change, “Loyola-New Orleans Seeks to Hire an Entry Level or Lateral Tax Prof.” - Avalara (
https://www.avalara.com/us/en/blog.html ): Favorite opening of the week: “Peanut butter on pickles…” Similar ingenuities have started to propagate in the business world as companies pair disparate services into combo packages. Though the diverse options might look good to the consumer — well, not the pickles — how will the odd new combos be taxed? - Mauled Again (
http://mauledagain.blogspot.com/ ): Another favorite opening this week: The things that tax return preparers do to get in trouble are as varied as there are tax return preparers who get in trouble.” Though often the same “technique” for helping clients evade taxes or for defrauding clients gets repeat use. Here’s a look at one that was new to the blogger. - Tax Foundation (
https://taxfoundation.org/blog ): Kentucky and Tennessee have just scored a big legal win when a federal court ruled that the American Rescue Plan’s restrictions on state fiscal autonomy were unconstitutional and blocked the enforcement of those provisions against both states. The judge held that the ARP provision, which limited states’ authority to cut taxes if they accepted their share of the $195.3 billion in state fiscal recovery funds provided under the bill, was unduly coercive. - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): The IRS has streamlined filing compliance procedures for the Code Sec. 965 Transition Tax. - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): The latest on yet another filing season that won’t die.
Give ’em credit
- Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): Healthcare clients should know that the federal Heath and Human Services Department announced the availability of an additional $25.5 billion of funding for health care providers. Included in the package is $17 billion of additional provider relief funds for a Phase 4 tranche, as well as $8.5 billion in ARP funding. - Tax Pro Center (
https://proconnect.intuit.com/taxprocenter/ ): What to remind them about the recent extension of the Work Opportunity Tax Credit. - Taxjar (
http://blog.taxjar.com/ ): What financial professionals really think about e-commerce — and their own understanding of and confidence concerning it. - CPA Growth Trends (
https://www.cpagrowthtrends.com/ ): Roll’em: Tips for incorporating video into your marketing strategy include where to get equipment, where to get ideas and how to get ROI. - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): On Your Mark Dept.: A look at a recent article about the “interesting phenomenon” of wealthy Germans, fearing higher taxes, looking to move and hide assets and related taxable income. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind them about property taxes.
Thorns in the side
- Tax Warriors (
https://www.taxwarriors.com/ ): No matter how good your company’s email filtering system is, bad emails make it through. How can you tell a legitimate email from one that isn’t? How can you be sure the person sending you that PDF is who they claim to be and isn’t trying to slip malware into your system? The weeding out can actually be simple. - Canopy (
https://www.canopytax.com/blog ): Tracking hours, reviewing timesheets, custom monthly billing, accounts receivable, writing down or off time, collections, inconsistent cashflow, exchanging time for money, putting out client fires: thorns in accounting industry’s side for decades. Is a membership-based subscription business model one answer? - Parametric (
https://www.parametricportfolio.com/blog ): Two words may set off more alarm bells with investors than any others: taxes and tracking error. Investors in separately managed accounts find themselves hearing those hot-button words from their advisors regularly. It’s vital to help clients manage their taxes while also understanding the role that tracking error plays in potentially lowering their tax burden. - Procedurally Taxing (
https://procedurallytaxing.com ): The decision of the district court in IRS, et al v. Starling reverses a bankruptcy court decision — regarding discharge of taxes following an SFR assessment — that followed the authority created in the 8th Circuit long ago. Though the district court’s finding realigns the outcome with most courts that have looked at the issue, “a significant split of authority continues to exist, crying out for a legislative or judicial resolution.”
