No more paper checks; death and tax debt; the perfect time to onboard software; and other highlights from our favorite tax bloggers.
Truths and consequences
- Wolters Kluwer (
https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news ): The snowflake in the blizzard: President Trump has signed an executive order effectively eliminating the U.S. government's long-standing practice of issuing paper checks — including refunds — to eliminate inefficiencies, reduce costs and enhance payment security. Key provisions of the order and what it could mean to the profession. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): The House tax plan, by the numbers. - The Wandering Tax Pro (
http://wanderingtaxpro.blogspot.com/ ) And the good, bad and ugly about that big, beautiful bill. - Taxpayer Advocate Service (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): How a "commonsense" proposal in Sec. 903 of the draft TAS Act would simplify estimated tax payments with evenly spaced due dates. - Taxnotes (
https://www.taxnotes.com/procedurally-taxing ): IRC provisions governing consolidated returns are grounded in the identification of an "affiliated group of corporations" (or an "affiliated group") for which a consolidated return may be made. A few foundational matters and fact patterns to spot an affiliated group. - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): A U.S. appeals court recently addressed a critical issue for estate tax practitioners: the deductibility of transfers mandated by a prenuptial agreement as "claims against the estate." - Withum (
https://www.withum.com/resources/ ): When companies face new tariffs or increases to existing ones (who doesn't, these days?), mechanisms that can be implemented are bonded warehouses, the Customs Reconciliation Program or setting up a foreign trade zone. Plusses and minuses of each, including tax considerations. - Dean Dorton (
https://deandorton.com/insights/ ): How tariffs factor into inventory accounting for income tax purposes, as well as pitfalls that can trigger unfavorable tax consequences.
To the Swift
- Taxjar (
https://www.taxjar.com/resources/blog ): Starting a new biz is likely a time-sucking thrill-a-minute for clients. Take one thing off their to-do list with this sales tax compliance checklist. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): Taylor Swift's hard-earned reputation as a savvy music mogul inspires other creative spirits to be "fearless" in their artistic endeavors. But a taxpayer's financial ability to live out their wildest dreams may depend on their chosen medium. - The Sales Tax People (
https://sales.tax/expert-articles/ ): The latest that e-commerce clients need to know about marketplace facilitator laws. - Sovos (
https://sovos.com/blog/ ): While we're on the subject, what is sales tax, anyway? A step-by-step look. - Trout CPA (
https://www.troutcpa.com/blog ): What to remind them about the FICA Tip Credit. - The National Association of Tax Professionals (
https://blog.natptax.com/ ): This week's "You Make the Call" looks at Leo, owner of a small HVAC business who recently hosted a summer kick-off barbecue at his shop for his five technicians (he also participated). No customers or other management staff attended. Leo provided sodas, juice, burgers and brats. Is the cost of the food and beverages fully deductible or subject to the 50% limit? - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Two financial planning tools to help manufacturer clients weather uncertainty. - Yeo & Yeo (
https://www.yeoandyeo.com/resources ): Never mind the soul. What happens to debt, including tax debt, when someone dies?
Making connections
- Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Companies seek a lot of benefits from a "connected commerce" strategy. But the pace of change in retail is intense, and tax leaders need to keep an eye on how many shifts can affect compliance. - Mauled Again (
https://mauledagain.blogspot.com/ ): Are tax pros sufficiently social to lower their risk of dementia? - CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): After three filing seasons with Schedules K-2 and K-3, patterns and pain points have emerged. Introduced to improve the reporting of international tax info, these schedules have had far-reaching impacts even for real estate and private equity partnerships with little or no foreign activity. - TaxProCenter (
https://accountants.intuit.com/taxprocenter/ ): Once firms invest in a new tax engine, onboarding and data conversion go on the back burner as firms deal with extended returns. This seemingly logical and unavoidable shift sets the stage for potential mayhem come January. Five reasons extension season is a great time for onboarding. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Favorite headline of the week: "To PE, or Not to PE, Is That the Question?"
