Voices

In the blogs: It’s a date

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Waiting for refunds; EIP debit cards; using state-level OICs; and other highlights from our favorite tax bloggers.

Good examples

  • Taxable Talk (http://www.taxabletalk.com/): The tale of two clients waiting for refunds this turbulent season, with the apt title “Patiently.”
  • The Income Tax School (http://www.theincometaxschool.com/blog/): A few technology tools to help make remote teamwork and management that much easier.
  • Turbotax (https://blog.turbotax.intuit.com): A look at the relatively large number of deductions available to professional photographers.
  • National Association of Tax Professionals (https://blog.natptax.com/): In the latest “You Make the Call,” based on the GSA per diem allowance for M&IE for a pair of wheelchair racers, will the amount for meals be limited to the meal allowance on their Schedule C or be totally deductible?
  • Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): In honor of the holiday just passed, how donating to veterans’ groups helps society and the taxpayer’s deductions.
  • Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): The power of a good example.
  • Sagenext (https://www.thesagenext.com/blog): Nine signs you (or your business client) has outdated accounting software.

Capital improvements

  • Tax Vox (https://www.taxpolicycenter.org/taxvox): The HEROES Act stands to trim taxes an average of about $3,300, according to a new analysis by the Tax Policy Center. For most households, the biggest benefit would come from a new round of recovery rebate payments. Two-thirds of the benefit would go to those making $91,000 or less.
  • Boyum & Barenscheer (https://myboyum.com/blog/): As of May 22, the Small Business Administration was estimating that approximately $140 billion are still available in the Paycheck Protection Program for small businesses.
  • Sikich (https://www.sikich.com/insights/): SBA reports indicate that the construction industry received the most significant share of the PPP loans. Assuming most of these loans are eligible for forgiveness, borrowers can utilize the short-term liquidity available through PPP loans. Recent legislation, the declaration of a federal disaster and existing tax law provide opportunities for construction and real estate companies hit by the pandemic.
  • Tax Foundation (https://taxfoundation.org/blog): As policymakers wrangle with the fourth phase of relief for businesses and individuals, here’s why CARES rules for businesses, including net operating loss carryback deductions, constitute a vital source of relief for struggling companies.
  • Taxing Subjects (https://www.drakesoftware.com/blog): The Treasury has pumped out an additional $41 billion in EIPs since May 8. Plus, a state-by-state breakdown.
  • Taxbuzz (https://www.taxbuzz.com/blog): In passing the CARES Act, Congress had to come up with solutions to numerous problems, including how to send stimulus payments to the many Americans who lack bank accounts or who receive their refunds via a check rather than by direct deposit. The answer to that question will come to some four million Americans soon, as the Treasury prepares to send out prepaid EIP debit cards.
  • Summing It Up (http://blog.freedmaxick.com/summing-it-up): In response to the pandemic, the Financial Accounting Standards Board voted to defer implementation dates, providing organizations additional time to comply with the revenue recognition and lease standards. Details on each standard.
  • Canopy (https://www.canopytax.com/blog): A crash course in state-specific offers in compromise, useful tools for practitioners since generally clients will also have state and local tax issues along with their federal ones.

Spikes

  • Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Brannum, the Ninth Circuit reversed and remanded a case because of the prosecutor’s violation of the plea agreement as to the amount of the tax loss — a massive bump that ignited a much stiffer sentence.
  • Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): A collision of two big events — COVID and an accounting change — is making bad-debt spike at U.S. telecom companies.

It’s a date

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