ERC red flags; moving to the cloud; security and the holidays; and other highlights from our favorite tax bloggers.
Hidden costs
- Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): FinCEN and the IRS Criminal Investigation Division have issued an alert concerning schemes associated with the Employee Retention Credit — including 10 handy-dandy red flags of fraud. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): How much will IRS 1099-reporting and other postponements cost the U.S. Treasury? - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Race was front and center in a lot of state policy debates this year. Less visible but also important were the racial implications of tax policy changes, from refundable credits to top-heavy tax breaks. - Taxbuzz (
https://www.taxbuzz.com/blog ): Omnipresent homeowners' associations have a key aspect to their financial management: reserve funds. How HOAs typically manage them, along with an examination of potential tax implications for both the association and the homeowners. - Virginia – U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): A look at the international implications of Rev. Proc. 2023-34's annual inflation adjustments. - Tax Foundation (
https://taxfoundation.org/blog ): Full expensing for some plants and machinery will be made permanent in the United Kingdom. What's the expected economic impact across several categories? - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): What international clients need to know about Brazil's recent monumental steps to revamp its consumption tax.
The business of business
- Meyers Brothers Kalicka (
https://www.mbkcpa.com/insights ): A recent court case makes plain the pain of not properly substantiating business expenses. - Canopy (
https://www.getcanopy.com/blog ): Most (and counting) businesses have turned to the cloud to run processes — though accounting seems to remain divided on making the switch. Best practices should you opt to take your practice in that direction, including due-diligence questions for providers and how to determine your test clients. - National Association of Tax Professionals (
https://blog.natptax.com/ ): Your biz clients may sometimes have to vacate properties, leading to foreclosures or bankruptcies. Enter you, the tax pro, to play a crucial role in comprehending 1099-As and 1099-Cs. A few of the top questions from a recent webinar on the topic and accompanying answers. - Sikich (
https://www.sikich.com/insights/ ): Recent Department of Labor and IRS guidance for employers and plan sponsors and the Form 5500. - Withum (
https://www.withum.com/resources/ ): Accounting best practices when transitioning from development or rehabilitation to placed-in-service when dealing with affordable housing entities.
Holly jolly write-offs
- Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Lucky or coincidence? National Tax Security Awareness Week happens at the same time this year as holiday online-shopping season ignites. Remind 'em to watch what they click. - Turbotax (
https://blog.turbotax.intuit.com ): What to remind them about opening hearts and wallets without endangering their tax deductions this holiday season. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): On a ballyhooed and awaited holiday price index, two turtle doves jumped the most in price this year. - Taxing Subjects (
https://www.drakesoftware.com/blog ): What to remind them about still claiming the Recovery Rebate Credit. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): From the Great Lakes to Honolulu, a sample of the standout tax changes coming Dec. 1.
