What pros are making; getting clients to pay; keeping the SALT cap; and other highlights from our favorite tax bloggers.
No pain no gain
- Boyum & Barenscheer (
https://myboyum.com/blog/ ): The Association of Certified Fraud Examiners’ Report to the Nations: 2020 Global Study on Occupational Fraud and Abuse provides ample evidence that some fraud-detection methods are a whole lot better than others. - Taxjar (
http://blog.taxjar.com/ ): For many, Peloton’s at-home fitness classes have been a lifeline during a pandemic. But a sales tax snafu recently landed the fitness company, which sells not only at-home stationary bicycles but fitness classes for a monthly subscription fee, in hot water. - Avalara (
https://www.avalara.com/us/en/blog.html ): September’s sales tax news developments.
Heads for business
- Solutions for CPA Firm Leaders (
http://ritakeller.com/blog/ ): Interesting reading from the latest Rosenberg Survey includes that firms in cities with more than 2 million in population have partner billing rates that range from $474 down to $277. What are the critical differences between firms with lower rates and those with higher? - Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): How firms can use business intelligence (and we don’t mean just knowing how to work the Keurig machine…). - Canopy (
https://www.canopytax.com/blog ): If threats have failed, here are eight strategies you can implement to get your clients to pay on time. - Taxable Talk (
http://www.taxabletalk.com/ ): “Prepare to Panic!” as Oct. 15 looms, is the blogger’s advice for procrastinating taxpayers. Let’s hope “Prepare to Relax!” finally looms for tax pros. - Mauled Again (
http://mauledagain.blogspot.com/ ): Funny things to wonder about “sin” excise taxes: Who really gains and loses? Are they consistent with the philosophy behind taxes? Do they work? And if they do work well enough, don’t they eventually put themselves out of business?
The ‘fun’ in ‘funding’
- Eide Bailly (
https://www.eidebailly.com/taxblog ): Hurry Up and Wait to Vote Dept.: All the latest news on the great snail’s pace of Biden’s agenda. - Tax Foundation (
https://taxfoundation.org/blog ): How restoring the SALT deduction now would be more regressive than under prior law, strengthening the case for keeping the cap. - Taxbuzz (
https://www.taxbuzz.com/blog ): Though you may cringe at the idea of more funding for the agency that everybody loves to hate, there is more to the proposal than meets the eye. - Sikich (
https://www.sikich.com/insights/ ): This second part of a look into changes under the new lease accounting standards covers each specific tax implication, starting with accounting and tracking.
Family ties
- Palm Beach Accounting and Financial Services (
https://www.pbafs.com/blog ): If your clients sometimes come in pairs, here are four big financial topics to help keep spouses on the same page — and in the same marriage. - Taxing Subjects (
https://www.drakesoftware.com/blog ): Every day seems to be Child Tax Credit Day in tax policy stories right now, but what about those credits for other dependents? - Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): Looking at the stepped-up basis back-and-forth with particular focus lately: families that own farmland. - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You make the call” looks at Gina, a non-resident alien and Italian citizen who resides in Italy and is eligible for Italy-U.S. treaty benefits. Gina worked for years with an Italian-based company with no fixed base in the U.S. In 2020, she worked 300 days total: 150 days in Italy and 150 in the U.S. Does she need to file a 1040-NR to report her U.S. wages? - HBK (
https://hbkcpa.com/insights/ ): Your clients exempt under 501(c)(3) may need to be reminded of the restrictions on their lobbying.
