SALT benefits; taxing blockchain tech; how to onboard; and other highlights from our favorite tax bloggers.
Hurry up and wait
- University of Illinois Tax School Blog (
https://taxschool.illinois.edu/blog/ ): Two days after the season opened, the House passed the Tax Relief for American Families and Workers Act of 2024, which could impact 2023 returns. Should preparers wait to file? Depends. - Taxable Talk (
http://www.taxabletalk.com/ ): The question on many clients' minds: "Do I Really Have to Wait for That $10 K-1 to Arrive?" - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Despite the headline delay of the 1099 earlier this year, the -K version of the form can still cause confusion. A look at the new IRS FAQ page on the subject. - Mauled Again (
http://mauledagain.blogspot.com/ ): Who's responsible for unjustified deductions: the client or the preparer? - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): More than 90% of the benefits of a House proposal to temporarily amend the $10,000 cap on SALT deductions would accrue to households making $200,000 to $1 million, according to a new analysis. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): A recent paper examines how the government's transition away from Section 8 disproportionately harms low-income communities of color. - The Tax Times (
https://www.thetaxtimes.com ): How IRS ROI estimates have changed after that cash infusion from the IRA.
States and elsewhere
- Marcum (
https://www.marcumllp.com/insights ): Recent challenges to Tennessee's franchise tax alternative have raised the argument that the measure violates the dormant Commerce Clause of the U.S. Constitution's internal consistency test — meaning double taxation would occur if another state adopts a similar tax. - Global Taxes (
https://www.globaltaxes.com/blog.php ): On the heels of beneficial ownership information reporting, New York has greenlit its own law that will make it easier to find out who owns a building in the state. - TaxConnex (
https://www.taxconnex.com/blog- ): The "Hot Topics" series continues with the annual American merry-go-round of sales tax rates. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Should blockchain technology be taxed? Should local governments tax it or should tax policies be left to the feds or the states? Currently, the issue of location taxation is up for debate in Arizona. - Taxbuzz (
https://www.taxbuzz.com/blog ): What to remind them about avoiding IRS penalties and violations as an American expat.
Hearing a PIN drop
- The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Tips and tricks for onboarding include checklists, pacing, a no-ghosting policy — and recognizing that the process goes beyond mere orientation. - National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): What to remind them about how the IP PIN Program can fight the ever-mushrooming problem of taxpayer ID theft. - HBK (
https://hbkcpa.com/insights/ ): What manufacturing clients can look forward to through the rest of 2024. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Nine pointers for clients who are new sole practitioners, including health insurance costs and a possible pass-through income deduction. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): There might still be a lot of confusion over what e-invoicing is, but the automation and digital transformation that e-invoicing brings can help raise the value and output of a tax team.
