In the blogs: Serious, summer and series

Don’t wait for a succession plan; ID.me looms; what the CBO sees for the next decade; and other highlights from our favorite tax bloggers.

Expectations

• Henry+Horne (https://www.hhcpa.com/blogs/): When honesty is the policy: “Periodically, IRS will report on ‘What You Can Expect’ when you interact with them for certain things” this blog begins, adding at the end, “high expectations these may not be.”
• Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): A crash course (so to speak) on the tax basics of cryptocurrency.
• Gordon Law (https://gordonlawltd.com/blog/): Everybody knows a lot of folks fail to file their 1040 every year, but here’s what to remind them about FBAR.
• National Association of Tax Professionals (https://blog.natptax.com/): While we’re on the subject, this week’s “You Make the Call” looks at Zoe, child of Theo and Camille. All three have bank accounts in the foreign country where Camille grew up. The parents have been adding to Zoe’s bank account every year, and it now exceeds $10,000. Zoe, a minor, isn’t required to file a 1040; Theo and Camille want to know if they can report Zoe’s foreign bank account on their own FBAR FinCEN Form 114. What do you tell them?
• Tax Vox (https://www.taxpolicycenter.org/): Corporate tax revenues boomed last year, and some supporters of the Tax Cuts and Jobs Act maintain that the big tax reductions in the bill deserve the credit. A much better explanation: Last year’s strong economic growth, high inflation and pandemic-related relief legislation increased both corporate profits and the taxes businesses paid.
• Sovos (https://sovos.com/blog/?region=united-states): Your retail clients might be wading pretty far into the weeds when it comes to sales tax compliance. What to remind them about and how to help them with the process.
• John R. Dundon II EA (https://www.johnrdundon.com/): A look at one state’s “euphemistically” named SALT Parity Act, including quite a bit of detailed drilldown.

Serious, summer and series

• Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): The Spotlight series continues with Bill Colgin, partner at law firm Holland & Hart, who litigates complex, high-stakes federal tax controversies typically in international tax, transfer pricing, economic substance and other high-profile areas of tax dispute.
• Rosenberg Associates (https://rosenbergassoc.com/blog/): This latest in the series on practice management blunders kicks off with waiting until the last minute to create a succession plan.
• Canopy (https://www.getcanopy.com/blog): This summer, the IRS will transition its online services for tax professionals to third-party authentication software company ID.me. What does that mean for accountants?
• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Even as the temps tick up, the temperature in state legislatures has fallen slightly. Still, several states still dealing with ongoing tax and budget issues could make this summer a scorcher for tax debates. Here’s a preview, starting with South Carolina, Minnesota and California.
• Procedurally Taxing (https://procedurallytaxing.com): McAuliffe v United States puts serious limits on what the IRS could get away with just because of the pandemic.

Inconvenient truths

• Taxing Subjects (https://www.drakesoftware.com/blog): IRS hoops to remind your clients about if they want tax-exempt status.
• TaxConnex (https://www.taxconnex.com/blog-): Your clients who sell through multiple channels face some extra-special wrinkles in sales tax compliance. A look at retailers, wholesalers and drop-shippers.
• Taxjar (https://www.taxjar.com/resources/blog): International sellers have a few steps to take regarding sales tax before they try their wares in the U.S. of A.
• Tax Foundation (https://taxfoundation.org/blog): Three takeaways from the recently released, long overdue Congressional Budget Office report on the nation’s budget and economic outlook for the next 10 years. 
• Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Taxpayers aren’t the only ones that can take it on the fiscal chin if they fail to double-check the math. Just ask one taxing district in Lexington, Kentucky, which lost about $200,000 in tax revenue over eight years when the paperwork transfer of 53 homes wasn’t right.
• Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): Blogger Rita Keller conveys a hard but unavoidable reality: “Too many people working in public accounting think they are very important to the firm, that the firm can’t possibly go on without them. Then they leave for one reason or another and, in about a week or two no one even gives them a second thought.” Develop your transition plan — and follow it.
• Boyum & Barenscheer (https://www.myboyum.com/blog/): Another potential minefield for your nonprofit clients: quid pro quo donations, which can ignite reporting obligations and unwelcome IRS attention.

Get smart

• Summing It Up (http://blog.freedmaxick.com/summing-it-up): A short blueprint on how your biz client can counter the staffing crunch with smarter use of technology — and people.
• HBK (https://hbkcpa.com/insights/): Chemical Imbalance Dept.: A look at the Superfund chemicals excise tax, reinstated as part of the Infrastructure Investment and Jobs Act and kicking in July 1. Congress established the “Superfund” 42 years ago to finance the cleanup of hazardous waste sites, and it expired in 1995 — meaning manufacturers and importers have nobody to handle the tax.
• CPA Growth Trends (https://www.cpagrowthtrends.com/): Turns out that both talent and clients might be attracted to the same marketing. How to dovetail your strategies.
• Tax Warriors (https://www.taxwarriors.com/blog): A look at recently published IRS regs requiring aggregate treatment for Subpart F and 956 inclusions and proposed Passive Foreign Investment Company regs extending the aggregate treatment to partnerships holding stocks in PFICs.
• EideBailly (https://www.eidebailly.com/taxblog): The Wall Street Journal reports an unprecedented gush of income tax revenue flowing into the federal government at a size and speed that’s surprised fiscal-policy experts. Where the money came from, though, “is kind of a mystery."