Preparers' fault; lucky or otherwise; maybe; and other highlights from our favorite tax bloggers.
Lame old, lame old
- Eide Bailly (
https://www.eidebailly.com/taxblog ): A crowded legislative agenda could push a year-end tax bill off the lame duck to-do list. - Tax Vox (
https://www.taxpolicycenter.org/ ): This Congress will spend the next several weeks arguing the fate of several key provisions of the Tax Cuts and Jobs Act and the 2021 American Rescue Plan that either have expired or will disappear at the end of this year. New analysis finds that extending them all would reduce federal revenues by about a trillion dollars from 2023 to 2032 — but distribution of benefits could vary widely.
'Fun' back in 'refund'
- Taxbuzz (
https://www.taxbuzz.com/blog ): Tell your folks to get ready for smaller refunds. - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): And issues in 2022 that contribute to why. - Mauled Again (
http://mauledagain.blogspot.com/ ) No, it in fact is not always the preparer who's at fault. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): The IRS has revised the K-2 and K-3 instructions with changes to the domestic filing exception. Watch for similar changes to those instructions. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): EARN and SECURE 2.0, bipartisan retirement bills working through Congress, are "major disappointments." They'd mainly provide more tax breaks for the well-off who will likely retire comfortably regardless of what policies are enacted.
Lucky or not
- University of Illinois Tax School (
https://taxschool.illinois.edu/blog/ ): For pass-through entities in states other than New York and California, there's still time to reduce S corp shareholders' and partners' 2022 tax burdens through the deduction. - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): Carlos Kepke, a Houston lawyer, was prosecuted as an enabler of offshore tax evasion for Robert Brockman and Robert F. Smith. Kepke was set to go to trial on tax crimes charges but died. One issue hanging: Who paid his fees? - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): First your nonprofit clients had to deal with the pandemic; then came inflation and recession. Where do operating reserves fit into planning? - AICPA Insights (
https://www.aicpa.org/blog ): How heritage influences the profession — in this case, for a member of the Samish Indian Nation, a small tribe in the San Juan Islands of Washington. - Sovos (
https://sovos.com/blog/?region=united-states ): The Great Resignation may be behind us but more than ever people pursue a side gig. What does that mean for 1099s and tax reporting?
Let me breathe
- HBK (
https://hbkcpa.com/insights/ ): Your construction clients might not get paid for 90 days after the job — yet costs for supplies, labor et al add up. How to help them understand how to improve a cash-flow process. - Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): Fav opening of the week: "Foreigner asks: 'Can I breathe American air without being subject to U.S. tax?' The answer to that question is a big, fat 'MAYBE.'"
Long-term, baby
- Tax Foundation (
https://taxfoundation.org/blog ): The European Union is expected to soon release a new Tobacco Tax Directive, the first update in more than a decade. Early reports indicate that the EU will propose a significant increase to the existing minimum cigarette tax rates and expand the product categories that are taxed, including a vaping tax. - Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): Four basics to remind them about required minimum distributions. - TaxConnex (
https://www.taxconnex.com/blog- ): What happened in October in the world of sales tax. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): And in November, too.
Questions?
- The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Remote work has affected the CPA profession in recent years — challenges unseen in the profession's history. A survey looks at how remote work has impacted firms. Productivity and client relationships haven't suffered, but.... - Global Taxes (
https://www.globaltaxes.com/blog.php ): This year brought tax changes for international investors, many rippling into 2023. An overview. - Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): Does never saying "No" to an employee sound like a long-term plan? - Canopy (
https://www.getcanopy.com/blog ): Are you looking for accounting software or practice management software?
