E-services “upgrade”; state sales taxes; potential Equifax filing fallout; and other highlights from our favorite tax bloggers.
- Taxable Talk (http://www.taxabletalk.com/): Any preparer who makes major use of the IRS’s e-Services system can sympathize with this blogger’s entry about the recent “upgrade” of the system (blogger’s quotes). What the problem in the delay seems to be, and what preparers must do in the meanwhile.
- IRS Problem Solver Blog (http://www.getirshelp.com/irsblog/): What to remind your clients who owe about the dogged, occasionally very public nature of IRS liens.
- Liberty Tax Blog (http://www.libertytax.com/tax-lounge): Clients may think the headache is gone with that forgiven debt – and they’re largely right. Just not always so right when it comes to taxes.
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): Cue the balcony scene and ask, “Tax Reform, Tax Reform, Wherefore Art Thou, Tax Reform?”
- Tax Vox (http://taxvox.taxpolicycenter.org): Don’t mistake busy-ness for business, no matter what Washington says: how tax reform affects the level of economic output but not the long-run growth rate.
- Mauled Again (http://mauledagain.blogspot.com/): A new survey reveals that contrary to what we’ve all believed since the Boston Tea Party, Americans are actually starting to favor higher taxes — if the cause is just.
Art of the sale
- Procedurally Taxing (http://www.procedurallytaxing.com/): Designated orders for Sept. 4 to Sept. 8, including whether an issue flagged in an IDR is considered a new issue at trial, whether Coca-Cola’s closing agreement in a transfer pricing dispute is relevant in a dispute covering years not covered in the agreement, and the importance of letting the court know if there is a change in address.
- Bloomberg BNA (http://www.bna.com/news/#!topic=istax&type=isblogpost): In Corporate Executive Board v. Virginia Department of Taxation, the court holds that a corporate executive board failed to demonstrate that it was entitled to use an alternative method of apportionment, clarifying one burden some taxpayers must meet to determine Virginia income tax liability.
- Tax Policy (http://taxfoundation.org/blog): Forty-five states and the District of Columbia levy a statewide sales tax. Ever wonder how yours stacks up per capita? (To get you started, “Hawaii and North Dakota collect the most in statewide sales tax per capita at $2,090 and $1,835 respectively, but both states’ sales tax base is extremely broad and includes many services…”)
Hungry for credit
- TurboTax (http://Blog.turbotax.intuit.com): Marriage, home buying, having a baby: You know, all that stuff clients forget to tell you about until the last possible second of filing season because they think it has nothing to do with taxes.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): Among many industries potentially qualifying for the R&D credit that just don’t realize they can take advantage of this break: agriculture, from food production to shipping to market.
- Intuit Proconnect (http://taxprocenter.proconnect.intuit.com/): Industry guru Scott Cytron offers tips for advising e-commerce clients. First up: “While tax planning and preparation are not necessarily different than the same services you offer for brick-and-mortar clients, you could go a step further to help your e-commerce clients by providing various resources to help them find more customers, improve cash flow and manage inventory and expenses ...”
- Backtaxeshelp (http://www.backtaxeshelp.com/tax-blog/): Now that the headlines have cooled, how might the Equifax breach affect next year’s returns? Consider that 143 million people were potentially affected. That’s a lot of Social Security numbers to feed the Dark Web, and some are almost sure to pop up next season to redirect refunds to the wrong hands.
New to us
- TaxBuzz (https://www.taxbuzz.com/blog): This newsy site offers a heap of information useful to both you and your clients for personal and business finances. First up, a clarifying of EBITDA’s effects on the value of a business. Welcome aboard.