In the blogs: The trouble with conspiracies

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The two tax plans right now; bad bets; the future of audit; and other highlights from our favorite tax bloggers.

The trouble with conspiracies

  • Houston Tax Blog (http://www.irstaxtrouble.com/category/tax-blog/): Related-party transactions can raise difficult tax questions, especially in the case of management fees paid by one legal entity to another legal entity that has the same or similar owners or that are controlled by the same owners. A look at the recent Wycoff v. Commissioner.
  • Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): Our favorite (quoted) line of the week: “The trouble with conspiracies is that they rot internally.” A look at U.S. v. Gibson, a nontax case of fraud and skullduggery that follows the tangled web of tax crimes and white collar crimes when it comes to court.
  • Procedurally Taxing (http://www.procedurallytaxing.com/): The ABA Tax Section is again accepting nominations for its annual award given to an individual or law firm for sustained and outstanding achievements in pro bono activities in the tax law. Nominations will be accepted until Dec. 8.

Then there were two (tax plans)

  • Backtaxeshelp (http://www.backtaxeshelp.com/tax-blog/): Brackets and SALTs and estates, oh my: Point by point, the controversial items of the Republican tax plan.
  • Tax Girl (http://blogs.forbes.com/kellyphillipserb): What’s different and what’s the same between the two versions of the tax plan now emanating from the opposite wings of the U.S. Capitol?
  • Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): The two bills also offer differing treatments of pass-through entities. Income from these businesses is passed through to the business owners, who then report it on their personal tax returns — except those earnings are now taxed at ordinary income tax rates, which under reform might be higher than the corporate tax rate. Oops.
  • Rubin on Tax (http://rubinontax.floridatax.com): For foreign persons investing individually (or through pass-through entities) in U.S. partnership and LLC structures, the reduced maximum tax rate to 25 percent on pass-through entity income may act to reduce income tax on non-capital gains.
  • Taxable Talk (http://www.taxabletalk.com/): Not to mention that buried in the GOP proposal is a nasty landmine for professional gamblers who occasionally lose.

Dependent relationships

  • TaxMama (http://taxmama.com): There’s no such thing as a friend on the Internet when it comes to seniors’ scams.
  • Dinesen Tax Times (http://dinesentax.com/blog): Clients ask the darnedest things, such as, “Can I Claim My Boyfriend/Girlfriend As a Dependent?
  • TurboTax (http://Blog.turbotax.intuit.com): In honor of the holiday just past, “Seven Savings and Tax Deductions Available for Military Families” looks at everything from combat pay to uniform expenses.
  • AG Tax (http://agtax.ca/tax-tips-and-articles): And on that subject, “IRS Tax Tips for the Armed Forces,” an interesting note: The U.S. Department of Defense employs more people than any other organization in the world.
  • Summing It Up (http://blog.freedmaxick.com/summing-it-up): A state and local tax update touches on Illinois economic development, tax amnesty in Rhode Island and Virginia, and hurricane filing-deadline relief, among other topics around the nation.

Taking and leaving

  • The Income Tax School (http://www.theincometaxschool.com/blog/): Hiring and training costs bucks, so keeping your turnover low is advantageous. Here are some great ways to invest in your employees so that they continue to grow and be successful at your firm.
  • Wolters Kluwer (http://news.cchgroup.com/): A recent webinar discussed Millennials in the firm and five tips to prepare now for the future of audit, including tips and habits to improve the quality of audits and help attract and retain staff.
  • Smith & Gesteland (https://sgcpa.com/resources/focus-blog/): Don’t let the threats slide: Fortifying your business with enterprise risk management is almost always the first and best step to future growth.
  • Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): You Know You Want To Dept.: Go ahead — cancel that meeting!
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Tax tools Tax preparation Tax season Risk management Tax audits IRS