Next phases for the IRS; trust and bullies; tariffs' effects; and other highlights from our favorite tax bloggers.
The jig is up
- National Association of Tax Professionals (
https://blog.natptax.com/ ): A look at Phase "Cutting-Edge Technology" Four of the IRS strategic plan. One of the first steps will be a (no doubt badly needed) 1099 portal and, further out, a "holistic" look at each taxpayer. - University of Illinois Tax School (
https://taxschool.illinois.edu/blog/) : What to tell them about IRS Direct File, its pilot program and what they intend to do about customer service. See "badly needed" above. - The Tax Times (
https://www.thetaxtimes.com ) The stuff that tax cheats' dreams are not made of: The IRS turns up the heat on Malta Pension Plans. - Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): In other words, and in one of our fav headlines of the week: "The Jig Is Really Up."
Just trust us
- AICPA Insights (
https://www.aicpa-cima.com/blog ): Trust for the profession takes time and work — and this entry has our favorite quote of the week: "Most of us overestimate how well we judge ourselves and our biases." - Solutions For CPA Firm Leaders (
https://ritakeller.com/wordpress/ ): Funny, in these tough staffing times, how many firms do not offer accounting scholarships. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): How automation might solve the industry's staffing crunch. - Peisner Johnson (
https://peisnerjohnson.com/blog/ ): Whether you're buying or selling in an M&A, be wary of past and present sales tax obligations. - Sikich (
https://www.sikich.com/insights/ ): How to spot bullying in the remote workplace.
Investing in people
- Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): The tax treatment of legal settlements can be confusing for those who receive them, especially employment-related claims. One such issue was the subject of Montes v. Commissioner, which examined whether payments from an employment suit could be excluded from income. - Marcum (
https://www.marcumllp.com/insights ): A look at changing provisions of New York's Metropolitan Commuter Transportation Mobility Tax, which is directed at select employers and self-employed professionals operating within the metropolitan commuter transportation district. One big change, though hardly restricted to this tax: a surge in the rate. - Tax Foundation (
https://taxfoundation.org/blog ): The Trump administration imposed several rounds of tariffs, amounting to an $80 billion tax increase on $380 billion worth of imports; the Biden administration has largely retained most of them. What has been the effect on the U.S. economy? - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Nearly a third of states took steps to change their tax systems this year by "investing in people" through refundable tax credits — and, in a few notable cases by raising revenue, from those most able to pay. But another third of states lost ground.
