Avoiding double taxation; memorable marketing; the United mess; different kinds of returns; and other highlights from our favorite tax bloggers.
Insults to injuries
- AG Tax (http://agtax.ca/tax-tips-and-articles): The long arm of Uncle Sam sometimes reaches out even to those already tapped by other governments, such as Canada. “How U.S. Citizens Can Avoid Double Taxation” looks at the U.S. Foreign Tax Credit and Foreign Earned Income Exclusion.
- Liberty Tax (http://www.libertytax.com/tax-lounge): Owing taxes kind of stinks, but penalties on top can be downright odorous. What to remind clients about avoiding this insult to injury.
- The Income Tax School (http://www.theincometaxschool.com/blog/): You can’t file for a client what you don’t know: A recent media interview over a prep client who went from a RAL to owing taxes only stresses the importance of thorough tax backgrounders. A quick guide to a good prep interview.
- Rubin on Tax (http://rubinontax.floridatax.com): In addition to the new FBAR filing date (April 18), Form 5472 reporting is now expanded to nonresidents with interests in U.S. single-member limited liability companies that are otherwise treated as disregarded entities and that have transactions between the LLC and related people. (Such LLCs are now treated as a domestic corporation for purposes of Sec. 6038A and Form 5472 reporting.)
- Tax Girl (http://blogs.forbes.com/kellyphillipserb): Tax Girl fields a question about the sale of a primary residence, specifically on what date such a residence rings the bell as exclusion of $250,000 in capital gains.
- Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): Remember “The king of beers”? “Because I’m worth it”? “The ultimate driving machine”? (We admit that “The happiest place on earth” stumped us.) A bit of post-season memory fun also raises the question of what’s in a good tagline.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): Not Just for the Big Boys Anymore: Even small start-ups that have already filed can still take advantage of a potentially big R&D credit.
- Due Diligence (http://www.mahanyertl.com/mahanyertl/): In this week’s collection: “United Airlines Gets Millions of Gov’t $$$”; “United Airlines Deep Dark Secret”; “Can You Be Removed From an Overbooked Flight?”; “Medicaid Fraud Leads to Prison for Assisted Living Owner”; and “Hackers Hijack Banrisul Bank?”
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): The election may be history, but despite the president’s insistence to the contrary and his ongoing refusal to comply, citizen demand for him to release his tax returns seems far from finished.
- IRS Tax Trouble (http://www.irstaxtrouble.com/category/tax-blog/): If the IRS says an independent contractor is taxed as an employee, the employer bears responsibility to show that that determination as incorrect. The recent Mescalero Apache Tribe v. Commissioner looks at whether an employer has access to an employee’s IRS records to show that the employer is not liable for taxes it failed to withhold.
- Taxjar (http://blog.taxjar.com/): Is there finally space in the head for another kind of return? “How States Deal with Returns on Sales Tax Filings” looks at refunded sales tax can be reclaimed when a customer is dissatisfied.
If you plan to try and account for revenue recognition (RevRec) under the new accounting standards ASC 605 and ASC 606/IFRS 15 using a spreadsheet, be aware that this is going to introduce more complexity to your financial processes, not less. It’s a significant consideration. Learn more now.