S-corp boom; cash management to-dos; how to spend the season before the season; and other highlights from our favorite tax bloggers.
Submitted for your confusion
- A Taxing Matter (http://ataxingmatter.blogs.com/tax/): Just how far back does the GOP want to twirl the clock? One theory: “Their primary goal is to return to a time when owners of property held all the keys to the kingdom and workers were just serfs expected to do as told and whose lives didn't really matter much to the boss capitalists.”
- H&R Block (http://blogs.hrblock.com/): What to remind them about mortgage interest, SALT and medical deductions now that the sideshows have struck their tents and reform is our way of life.
- Rubin on Tax (http://rubinontax.floridatax.com): The new Code Section 199A, which provides a 20 percent deduction for qualified business income earned through pass-through entities and features in its 22 pages some 20 defined terms, more than two dozen each of cross-references within Section 199A and cross-references to other code provisions and numerous “lesser than” or “greater than” computations. The Tax Code has entered the Twilight Zone.
- Taxable Talk (http://www.taxabletalk.com/): Tax changes fly like fruitcakes this holiday season, of course, but one of the biggest is the new Section 199a deduction, allowing a 20 percent write-off of net income for sole proprietors, owners of S corporations and members of partnerships/LLCs. Speaking of flying like fruitcakes, there will likely be no shortage of S corps in the future.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): “There’s no secret that the new tax plan approved by Congress and sent to President Trump is very generous to many different types of companies and industries, including those that have foreign income producing activity.” What to tell your biz clients about readying for significant change to their tax situation.
Remind and retire
- Procedurally Taxing (http://www.procedurallytaxing.com/): Another look at the Tax Court reversing a position and agreeing with the Second Circuit’s decision in Chai v. Commissioner.
- Taxjar (http://blog.taxjar.com/): What to remind them about the basics of sales tax compliance, starting with determining where one has nexus.
- Sageworks (https://www.sageworks.com/blog/): Tips on what to remind your biz clients about cash management, including influencing factors such as AR and AP, balances in the bank and drawing on lines of credit.
- Smith & Gesteland (https://sgcpa.com/resources/focus-blog/): Retirement plan contribution limits, manacled to the inflation rate, remain unchanged for 2018 with the modest exception of the 401(k) limit.
- Tax Girl (http://blogs.forbes.com/kellyphillipserb): The 12 Days of Charitable Giving for 2017 continue with Maggie’s Place, which provides houses of hospitality and ongoing support to help pregnant and parenting women in need.
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): A listing of states that offer Christmas tree tax relief, such as waiving of sales tax for home-grown trees in Mississippi or local farm tannenbaums in Arkansas.
- The Income Tax School (http://www.theincometaxschool.com/blog/): The importance of holiday parties — especially if you’re an employer — to morale and teamwork.
- Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): From an entry regarding taking a moment to pause amid the bustle comes our favorite opening quote of the week: “I became insane, with long intervals of horrible sanity…” (Poe).
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): No matter the time of year, do something similar with this: “Every year on Christmas Eve I spend the day typing W-2s, mine and for my clients. Tonight — a leisurely and bountiful meal at my favorite local restaurant...”