Cracks and answers of income; myths of cheating; bonds and a stadium; and other highlights from our favorite tax bloggers.
Keep calm and staple on
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): A nod to the recent IRS webinar that reviews preparers’ due diligence requirements for 2021 returns. Around now you probably don’t need the list of landmine acronyms this season — CTC, ODC, EITC, AOTC, HOH — but at least there is the acknowledgment that “due diligence tests may be especially challenging for the 2022 filing season, given the substantial changes ….” Good to know someone cares.
- Taxing Subjects (https://www.drakesoftware.com/blog): Some new sources of income sometimes go where tax law hasn’t gone before. This leads to income slipping through the cracks for a while until the law catches up. The IRS wants taxpayers to know that in some areas of income, cracks are disappearing.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): “Panic ensued” until the IRS issued guidance FAQs last month to provide filing relief for Schedules K-2 and K-3 for certain domestic partnerships and S corporations. Practitioners still have lingering questions about filing requirements and transition relief.
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): Is there now binding guidance that has made crypto staking income nontaxable? Excitement rose last month over an announcement that the IRS had made a settlement offer in a relevant case — but here’s why the hoopla may have been premature.
- The Tax Times (https://www.thetaxtimes.com): News reports cite the IRS confirming that a joint international enforcement group will soon get a bead on decentralized cryptocurrency exchanges and non-fungible tokens.
- Eide Bailly (https://www.eidebailly.com/taxblog): All the news that fits about the IRS trying to improve customer service as its workers struggle to find a stapler.
Never beat
- National Association of Tax Professionals (https://blog.natptax.com/): In this week’s “You Make the Call,” James and Mary’s financial advisor told the couple that selling their life insurance policy may be a good option, and they decided to sell it. Bill, an unrelated purchaser, paid James and Mary $25,000 for their policy. How should Bill report this transaction?
- Mauled Again (http://mauledagain.blogspot.com/: Almost half of Americans think that some of their neighbors cheat on taxes. Real? Fantasy? Will we ever know?
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Expressing value (and charging more) can come hard for accountants. Here are ways to find out what the client values and work off that.
- Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): If you’re always saying you are so busy, why would clients and sources refer others to you? Avoid the B word.
- Bloomberg Tax and Accounting (https://pro.bloombergtax.com/news-insights/): This week’s Spotlight is on Kristin Balding Gutting, a principal in Dixon Hughes Goodman’s federal tax specialty services practice.
- Canopy (https://www.getcanopy.com/blog): A handy-dandy roundup (in this era of remote working and sudden nexus) of states’ tax deadlines.
- CPA Growth Trends (https://www.cpagrowthtrends.com/): Though some firms are embracing the idea of expanding their culture to be more inclusive, lack of accounting-specific data on the topic hinders overall efforts. A look at a new effort to address that deficiency.
- Henry+Horne (https://www.hhcpa.com/blogs/): What to remind biz clients about depreciation and new mileage rates.
- Boyum & Barenscheer (https://www.myboyum.com/blog/): One plus to audits for nonprofits is the reassuring of donors and stakeholders.
Fearsome
Pro se sports
- Tax Vox (https://www.taxpolicycenter.org/): Virginia’s efforts to subsidize a stadium and mixed-use commercial development for Dan Snyder and his Washington Commanders NFL team would be a waste of taxpayer money. But an attempt by three Democratic members of Congress to block the funding is misguided and short-sighted.
- Procedurally Taxing (https://procedurallytaxing.com): A dependency exemption case in which there was no delay in answering the case, no continuance of the trial and no brief by the pro se petitioner. Guess how long the Tax Court took to decide….