More than prep; homebuyer credit needs work; tax shots across the Hudson; and other highlights from our favorite tax bloggers.
Whine of the times
- Withum (
https://www.withum.com/resources/ ): Always keep in mind as they endlessly parade through your office this time of year: Clients probably need more than just prep. Do they know how to ask? Do you? - Virginia – U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): Thorough preparation of the current year's return should include a review of the prior year's return — which of course could always unearth an error and the need to amend. Should Americans living abroad always leap to do so? - Tax Pro Center (
https://accountants.intuit.com/taxprocenter/ ): Polyglot Subplot Dept.: The IRS keeps adding languages to taxpayer help sources. - Don't Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): On March 22, the IRS closed out its ERC VDP on an HN (high note). - Procedurally Taxing (
https://www.taxnotes.com/procedurally-taxing ): Remembering a Tax Court judge who was a champion in helping low-income and unrepresented taxpayers. - Keller Advisors (
https://ritakeller.com/wordpress/ ): Favorite opening of the week, aimed at leaders of CPA firms: "No one wants to hear you whine."
Home games
- Tax Vox (
https://www.taxpolicycenter.org/taxvox ): A tax credit for first-time homebuyers could be an important step towards restructuring how the U.S. subsidizes home ownership. How the version in President Biden's 2025 budget misses an opportunity by being temporary and by retaining the current mortgage interest deduction. - Marcum (
https://www.marcumllp.com/insights ): In what seems like the endless sparring between "convenience of employer" and reciprocal taxation states, the New Jersey Economic Development Authority has approved a $35 million pilot program to spur businesses to relocate New Jersey residents who work out of state (read "in New York") back to the Garden State. - Mauled Again (
http://mauledagain.blogspot.com/ ): A mileage-based road fee continues to get the blogger's support and continues to be attacked by people who "either do not understand how it works or who haven't bothered to dig into the details rather than offering coined phrases invented by the anti-tax lobbyists."
Good suggestions
- Turbotax (
https://blog.turbotax.intuit.com ): What to remind them (at least regarding tax potholes) about using retirement savings to pay off debt. - HBK (
https://hbkcpa.com/insights/ ): What to tell them about single audits. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): When thinking of technological innovation, your clients in the not-for-profit sector aren't likely to come first to mind. Too bad: Nonprofits serve important missions, often with limited resources. Tech innovations you can suggest to significantly improve these clients' operations. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Sales tax changes are in full bloom from coast to coast in April.
