Planning for increases; this year’s bumps; better notes in meetings; and other highlights from our favorite tax bloggers.
Take a hike
- Bloomberg Tax (
https://pro.bloombergtax.com/news-insights/ ): Dial M for Threshold: President Biden intends to raise capital gains taxes for those earning more than $1 million a year. Officials as of this writing haven’t specified whether that means for individuals or for households, but it’s expected to affect “three-tenths of a percent of taxpayers.” - The Tax Times (
https://www.thetaxtimes.com ): How to help clients plan for the looming tax hikes. - Procedurally Taxing (
https://procedurallytaxing.com ): So who exactly will complain about pro-taxpayer ultra vires guidance? Guest contributor and tax attorney Monte Jackel discusses IRS guidance that provided a safe harbor for taxpayers who, for their 2020 tax year, followed the guidance then applicable and did not claim its Paycheck Protection Program expenses as deductions for that year.
Season’s greetings
- National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): Debate rages over whether the IRS backlog is more myth or fact — but one concrete fact is that the 2021 season has been challenging at best. A look at this year’s bumps, and the first in a series. - Tax Vox (
https://www.taxpolicycenter.org/ ): Are IRS security tools blocking millions of people from e-filing? The IRS is rejecting legitimately e-filed returns because they are failing its security verification system. (Full disclosure: This actually happened to the blogger.) A look at the two issues that, combined, are leading to these needlessly rejected returns. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com ): The IRS has once again extended its special relief for the temporary use of e-signatures on specified tax documents. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ): The conditions under which you should advise them that “THERE IS ABSOLUTELY NOTHING YOUR TAX PREPARER CAN DO TO EXPEDITE THE RECEIPT OF A REFUND” (and yes, we know we’re shouting). - Eide Bailly (
https://www.eidebailly.com/taxblog ): Only Going to Get Longer Dept.: A news roundup of stories discussing delayed refunds. - National Association of Tax Professionals (
https://blog.natptax.com/ ): Find the mistake on this hypothetical W-2.
Ya gotta believe
- Financial Cents Accounting Blog (
https://financial-cents.com/blog/ ): Technology may evolve but the structure and needs of meetings go on forever. Here’s how to take better notes. No. 1: Pick up a pen and ditch your digital devices. - Sikich (
https://www.sikich.com/insights/ ): A look at the returns of stewardship, volunteering time, resources and knowledge to others in circumstances less fortunate than yours. What the blogger has learned about stewardship in years as a business leader. - AICPA (
https://blog.aicpa.org/ ): In yet another new world, here are the new skills finance professionals will need. - Solutions For CPA Firm Leaders (
http://ritakeller.com/blog/ ): In your firm, do you believe your partners? Example: “We will be completely and absolutely paperless before the end of the year.” They said that three years ago. “We are going to add a few more employee benefits so we can attract the most talented people.” They said that two years ago. Most important, perhaps, do you believe what your clients tell you?
Reckless and unclaimed
- Taxjar (
http://blog.taxjar.com/ ): State by state May 2021 sales tax due dates. - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): In United States v. Rum, the Eleventh Circuit has joined the consensus that reckless conduct is subject to the FBAR civil willful penalty. - Sovos (
https://sovos.com/blog/?region=united-states ): With the backdrop of more than 1.5 million entities incorporated in Delaware and only one in five companies in compliance with unclaimed property laws, Delaware recently introduced, but has not yet passed, two bills that could have a significant impact on unclaimed property in the state. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): Talk about a revenue goldmine: A recent paper looks at taxing employers for imposing mandatory arbitration, class action waiver, and nondisclosure of dispute provisions.
