Field audits down; streamlining taxes for social policies; bad-date boondoggle; and other highlights from our favorite tax bloggers.
Time to panic
- Tax Vox (
https://www.taxpolicycenter.org/taxvox ): The Tax Policy Center has compared President Trump’s tax situation with other tax-filers in 2016, including those with adjusted gross income exceeding $1 million. The results are simultaneously stunning and yet no surprise. - Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin continue wrangling to cobble together a second round of COVID-19 stimulus payments. Some people, however, don’t want the ostensible financial relief they’re already getting. - Taxable Talk (
http://www.taxabletalk.com/ ): In two weeks it’s October 15. What to tell clients with extensions? “If you have yet to send your paperwork to your tax professional, it’s past the time to do so. Yes, it’s time to panic!”
Forward motions
- IRS Mind (
http://www.irsmind.com/blog/ ): IRS audits of taxpayers have dropped off significantly in the past 10 years and “field” audits — comprehensive audits usually saved for complicated taxpayers or situations where the IRS wants a detailed examination — have fallen sharpest. A look at the numbers. - Solutions For CPA Firm Leaders (
http://ritakeller.com/blog/ ): Think about how you felt immediately after your last strategic planning retreat. Relieved? Enthusiastic? Optimistic? Cool. And a month later? How to keep those feelings alive and keep your firm moving forward. - TaxProf Blog (
https://taxprof.typepad.com/taxprof_blog/ ): Would agency coordination between the IRS and other federal agencies — a.k.a. tax coordination — improve administration, management and potential outcomes of social policy tax expenditures?
Original opinions
- Procedurally Taxing (
https://procedurallytaxing.com ): The IRS decision a while back to send out millions of notices with bad dates may not have created the prevalent problem originally thought. - Federal Tax Crimes (
http://federaltaxcrimes.blogspot.com/ ): In United States v. Little, the court affirmed the conviction and sentencing of a lawyer who enabled one family to cheat on their taxes, using in part failure to file FBARs. A discussion of two points from the opinion.
