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In the blogs: Hope is gone

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Headline indictment; moonshines; how to take care of yourself; and other highlights from our favorite tax bloggers.

Hope is gone

  • Taxing Subjects (https://www.drakesoftware.com/blog): Johnny We Felt We Kinda Knew Ye Dept.: Omnipresent anti-virus king, capital crime suspect in Belize and crypto promoter John McAfee “can now add another title to his job description: defendant” in a tax-crime indictment.
  • Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): When hope is gone — check Dale Carnegie — your mental attitude is most important. In this awful year, how to cultivate peace between your ears.
  • Tax Girl (https://www.forbes.com/sites/kellyphillipserb/): Favorite opening of the week: “‘I drunk his liquor,’ said one potential juror. ‘And honestly, I really like moonshine,’ said another.” How in a 2018 North Carolina trial, the “non-tax-paid alcohol” was problematic (among other things, we’re sure).
  • Mauled Again (http://mauledagain.blogspot.com/): Will the story never end of the former Seminole County, Florida, tax collector? “Claims against him include stalking and impersonating a political opponent, impersonating a student, manufacturing fake IDs...sex trafficking a minor using information accessed through his office, and spending public funds on a private enterprise he had formed.” He remains busy, it seems.
  • Mahany Law (https://www.mahanyertl.com/blog/): The lure of gold? Well, for one, rip-offs.
  • Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): How some countries could see big annual corporate income tax revenue under an OECD-led effort to revamp international tax rules.

Whatever you want

  • National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at the complications of an outstanding debt and Section 121 exclusion to report the sale of the home.
  • Wolters Kluwer (http://news.cchgroup.com/): How the Small Business Administration and the Treasury “simplified” forgiveness for Paycheck Protection Program loans of $50,000 or less “requires fewer calculations and less documentation for eligible borrowers,” among other relief.
  • Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): A new IRM provision on offers in compromise including FBAR penalties says, “An offer may be submitted which includes FBAR assessments or a taxpayer who submitted an offer to compromise their tax liabilities also has assessments based on FBAR. Since the IRS does not have authority to compromise assessments based on FBAR, the taxpayer should be requested to submit an amended offer to remove FBAR liabilities which are included on the Form 656.”
  • Boyum & Barenscheer (https://myboyum.com/blog/): And “once you’ve fully satisfied the PPP loan either by submitting and receiving approval of forgiveness, or by repaying the note in full, you can do whatever you want with ownership changes without worrying about the SBA because of your PPP loan.” Except few businesses have submitted forgiveness applications yet, much less received an answer. How this might have broad application to anyone considering a business sale, ownership changes, asset sales, mergers or “anything along those lines.”

Guaranteed

  • Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): A look at the occasional collision of tax deadlines and lesser-known federal holidays.
  • Avalara (https://www.avalara.com/us/en/blog.html): Oh Yeah You Are In Kansas Anymore Dept.: The state’s soon going to make good on a longtime promise to go after every remote seller, no matter the size.
  • Turbotax (https://blog.turbotax.intuit.com): During Breast Cancer Awareness Month, what to remind them about donations and deductions.
  • Procedurally Taxing (https://procedurallytaxing.com): Guest contributor Monte Jackel discusses guaranteed payments and how differing regulations inconsistently approach whether such payments are indebtedness.
  • Tax Foundation (https://taxfoundation.org/blog): An overview of European carbon taxes.
  • Tax Pro Center (https://proconnect.intuit.com/taxprocenter/: In light of National Savings Day just passed, here’s what to remind them about socking away for life’s big moments. Which are?
  • Eide Bailly (https://www.eidebailly.com/taxblog): The IRS has extended the January deadline for getting health insurance Forms 1095-B and 1095-C to employees.
  • Taxbuzz (https://www.taxbuzz.com/blog): The latest chat features Kelly Phillips Erb (a.k.a. the Forbes “Taxgirl”) on pros taking care of themselves during tax season. Subjects include communicating deadlines to clients; short-term goals for yourself; staying caught up with the latest tax news and updates; and the one thing you wish that clients knew about your job that would make it easier.
  • Sikich (https://www.sikich.com/insights/): Despite the pandemic, digital transformation remains big.
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