In the blogs: Really big shows

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French lessons; our tax system, by the numbers; return of the 1099-NEC; and other highlights from our favorite tax bloggers.

Really big shows

  • Mahany Law (https://www.mahanyertl.com/blog/): A jaw-dropping story of wealth and privilege starring Kevin Costner, Russian oligarch Igor Olenicoff, cosmetic billionaires Leonard and Estée Lauder, Abdul Aziz Abbas (“a shady character with direct ties to Saddam Hussein”), Hillary Clinton and porn stars. Oh, and the all-time champ of IRS whistleblower rewards.
  • Tax, Society & Culture (http://taxpol.blogspot.com/): Voici un google translate côte à côte du DST français. In other words, here’s a side-by-side Google translation of the French digital services tax.
  • Musings of a Burbank CPA (https://briantstonercpa.com/blog/): The blogger unveils his top 50 science fiction, sports and superhero movies of all time.
  • Rubin on Tax (http://rubinontax.floridatax.com/): In 2016, only 802 individual income tax returns reported cryptocurrency transactions out of the 132 million filed electronically — a suspicious shadow of non-compliance dark enough for the IRS to send 10,000 warning letters to taxpayers.

How to succeed in business

  • Intuit Proconnect (http://taxprocenter.proconnect.intuit.com/): One of the most impactful Tax Cuts and Jobs Act changes for businesses: the Sec. 163(j) interest expense deduction.
  • Sikich Insights (https://www.sikich.com/insights/): Business owners, in the context of today’s strong M&A market, enjoy a wide range of strategic options as they consider the future of their companies. The choice between an outright sale of the business and pursuing an employee stock ownership plan often places the goal of maximizing closing cash at odds with promoting employee ownership. A look at the pros and cons.
  • Wolters Kluwer (http://news.cchgroup.com/): Doing traditional audits has been transformed by technology. The American Institute of CPAs’ recently published “Audit Data Analytics Guide” enables auditors to enhance audit quality by using new technologies, skills and capabilities. Next? Leveraging technologies to test an entire dataset versus relying on traditional sampling techniques of yesteryear.

Plain talk

  • The Income Tax School (http://www.theincometaxschool.com/blog/): Favorite opening of the week: “In a straightforward, plain-talking news release (which is refreshing from the IRS), the Taxpayer Advocate Service…released two important items.” One is a special report on how to better administer the Earned Income Tax Credit, the other the “subway map” of mushrooming fame.
  • Taxbuzz (https://www.taxbuzz.com/blog): Additional fun fact: Search “Why are taxes so complicated in the U.S.?” and Google will return almost 35 million results.
  • Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): Almost every problem the blogger encounters in CPA firms, whether it’s an issue of partner groups, procedures or people management, can be traced back to poor communication. Open, honest communication should be part of your culture.
  • Turbotax (https://blog.turbotax.intuit.com/): What to tell them about student loans being deductible.
  • Procedurally Taxing (https://procedurallytaxing.com): Guest blogger Cindy Charleston-Rosenberg, past president and a certified member of the International Society of Appraisers, discusses the 9th Circuit’s affirmation of the Tax Court decision to recognize the primacy of the personal property appraisal profession.

Stayin’ alive

  • Tax Girl (http://blogs.forbes.com/kellyphillipserb): The year 1982 marked the end of disco, the Great Society and Form 1099-NEC, “Nonemployee Compensation,” the latter replaced by the everything-but-the-kitchen-sink 1099-MISC. But hold on to your white leisure suits, because the NEC is back.
  • IRS Mind (https://www.irsmind.com/): Penalty abatement can be done in as little as a phone call to the IRS — or it can take months, even years. Following the right procedures can put a little time on your client’s side.
  • Sagenext (https://www.thesagenext.com/blog): What to tell your healthcare clients about HIPAA compliance.
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Tax tools Tax preparation Cryptocurrencies Tax audits Student loans HIPAA regulations IRS