In the blogs: Trimming the VAT
September 03, 2019, 4:32 p.m. EDT
Disasters and deductions; SE biz records; putting the green in green; and other highlights from our favorite tax bloggers.
Trimming the VAT
- Mauled Again (http://mauledagain.blogspot.com/): Cash does not always carry in Philadelphia.
- Tax Foundation (https://taxfoundation.org/blog): A look at Germany’s recent debate over whether to raise the VAT on meat. Various reasons have been stated in support of such a tax hike, with agriculture’s role in climate change among the most prominent.
- Taxjar (http://blog.taxjar.com/): September sales tax due dates, in order of state.
- Avalara (https://www.avalara.com/us/en/blog): A roundup of recent legislative and policy changes that can affect sales tax compliance, including how a small group of federal lawmakers from non-sales-tax states are still pushing to regulate the way states tax remote sales, how digital products will soon be subject to sales tax in North Carolina, and how nexus is under consideration in Florida.
- Rubin on Tax (http://rubinontax.floridatax.com/): An estate tax charitable deduction is permitted when a qualified charity first holds an interest in a trust followed by a non-charitable beneficiary, based on actuarial computations, if the lead interest is in the form of a guaranteed annuity or unitrust payment. What happens if there is no express term of years for the lead interest, and instead the trust provides for the term to be computed by a formula included in the trust instrument?
Why oh why?
- Tax Girl (https://www.forbes.com/sites/kellyphillipserb/): How and why claiming a casualty loss after a hurricane is trickier post-reform, when losses for individuals are now only deductible to the extent they are attributable to a federally declared disaster.
- Intuit Proconnect (http://taxprocenter.proconnect.intuit.com/): Tax and compliance deadlines for September, from year-end planning sessions with clients and reminders of extension deadlines to FICA deposits and 4070s.
- IRS Mind (https://www.irsmind.com/): A look at IRS 36-, 72- and 84-month payment plans.
- Taxbuzz (https://www.taxbuzz.com/blog): Got a low-income client who knows about income taxes but you have to tell them that with the combination of credits the client qualifies for, their income tax liability will actually be close to zero? “So why,” the client wonders, “do my paychecks still come out lower than expected?”
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Seems Labor Day season makes a great time to check withholdings.
- Liberty Tax (http://www.libertytax.com/tax-lounge): What to remind them about life events that might trigger a need to check withholdings.
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): Speaking of laboring, here is a question for the self-employed: Are you keeping good records of your business tax deductions?
The business end
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): According to The Wall Street Journal, at least one consumer-products conglomerate, facing millions in taxes because of Treasury Department anti-abuse regulations, isn’t recognizing those costs in its financial statement and contends that the new rules aren’t valid.
- Tax Vox (https://www.taxpolicycenter.org/taxvox): Under pressure from President Trump and worried about a worldwide economic slowdown, the Federal Reserve recently cut short-term interest rates. By continuing to push rates down, the Fed may be doubling down on a $25 trillion gamble with future costs yet to be covered. At the same time, the administration reportedly is considering tax cuts to boost the economy in the short term.
- Boyum & Barenscheer (https://myboyum.com/blog/): In reporting financial results for real estate companies, GAAP and the income tax basis of accounting often provided very different financial reporting results.
- Sagenext (https://www.thesagenext.com/blog): Embracing green technology wholeheartedly remains rare when it comes to small and midsize businesses. In the age of highly competitive environments and the almighty profit, how green can make green in the long run.
- Income Tax School (http://www.theincometaxschool.com/blog/): Your firm’s cybersecurity checklist.
Place your bets
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Schwarzbaum Order on Motion for Summary Judgment, the court denied summary judgment for the government in an FBAR willful penalty-collection suit. Whether denial was proper, the issue that did catch the blogger’s attention was that “this taxpayer entered OVDI in 2011 and opted out of the civil penalty regime in OVDI, thus taking his chance with the resulting audit. He apparently lost that bet.” But that wasn’t the end of the story.
- Procedurally Taxing (https://procedurallytaxing.com): A recent week’s designated orders included a focus on abuse of discretion in a collection due-process case, tax protesters being penalized, a whistleblower petitioner’s choice and a ruling on requests for production of documents.
New to us
- Canopy (https://www.canopytax.com/blog): The cloud solutions provider for practices offers a variety of entries covering management, tax planning and resolution, marketing and more. One recent post addresses the wherefores of at last going paperless. Welcome!