Keeping your peeps; Better’s economic impact; new to us; and other highlights from our favorite tax bloggers.
Tsunamis of change
- John R. Dundun II EA (http://johnrdundon.com/): Favorite headline of the week: “Partnerships and Income Tax – Staring into the Abyss of IRS Form 1065.”
- Mauled Again (http://mauledagain.blogspot.com/: Throughout most of our lives we walk the line between ignorance and obstinance. Here’s a well-documented (read, “appeals”) case of how one taxpayer danced the line over and over regarding unreported income.
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Favorite opening of the week: “The narrative about money hasn’t garnered this much excitement since credit cards started offering points, travel miles and cash back rewards.” Crypto: “Ignoring this tsunami of change is like Kodak ignoring the digital camera market…” Practical ways to help your clients navigate crypto as smartly and profitably as possible.
- HBK (https://hbkcpa.com/insights/): In investments as in love, past performance is not a guarantee of future results. That’s why so many users of a contractor’s financial statements spend more time analyzing the company’s work-in-progress schedule than they do their prior-year’s income statement.
- The Tax Times (https://www.thetaxtimes.com): No Surprise Here Dept.: How the GOP is against expanded IRS auditing.
- CPA Growth Trends (https://www.cpagrowthtrends.com/): You don’t have to be a tech expert to leverage marketing tech tools in your firm — but you do need “a bit of passion” and a will to learn the vernacular. Start with “martech.”
- Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): You’d be surprised how even your high-earning clients might not recognize a good deal when they see it. What to remind them about the money benefits of health savings accounts.
Show me people
- Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): Even as Americans resign in numbers most efficiently measured in millions, how to hang on to your team.
- Sikich (https://www.sikich.com/insights/): Some companies have found the secret sauce to keeping employees engaged; many still struggle. After sitting down to discuss the top challenges facing HR executives, one thing is clear: human resource professionals need to get creative. Here’s what they had to say.
- Canopy (https://www.canopytax.com/blog): What’s next for the industry? Among other answers from a recent summit, people persons.
- Allison Christians (https://www.allisonchristians.com/blog): “International Investment Agreements vs. Tax Policy: The grey area in international law” examines India’s retroactive capital gains tax on offshore indirect transfers and the one decision to prevent application of the tax.
- Tax Warriors (https://www.taxwarriors.com/): The Organisation for Economic Cooperation and Development deal aims to ensure all multinational enterprises will be subject to a minimum of 15% tax rate starting in 2023. It also reallocates more than $125 billion of profits from around 100 of the world’s largest and most profitable MNEs to countries worldwide. A discussion of the deal and what it means to multinational enterprises.
- Taxjar (http://blog.taxjar.com/): Is food taxable in Tennessee?
- Avalara (https://www.avalara.com/us/en/blog.html): Kansas has spanking new guidance on sales and use tax collection obligations of remote sellers.
Debates and offers
- Tax Foundation (https://taxfoundation.org/blog): As Congress debates next steps on the tax provisions in the Build Back Better Act, it’s important to consider the economic impacts. The foundation has found that long-run GDP would drop by a little over $1 for every $1 in new tax revenue.
- Boyum & Barenscheer (https://myboyum.com/blog/): As pandemic stress drags on, private business owners are considering selling. Six steps for affected clients to think about before hanging out that For Sale sign.
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): Effective this month, the IRS changed its policy allowing taxpayers to keep their refunds once the IRS accepts their offers in compromise and enables certain taxpayers to seek OBRs while their offers are pending consideration.
- Turbotax (https://blog.turbotax.intuit.com): What to remind them about refundable tax credits.
- National Association of Tax Professionals (https://blog.natptax.com/): Drake Software and the NATP met recently to discuss the nuances of the Advance Child Tax Credit payments and what sorts of impacts these payments will have on clients’ returns in 2022.
New to us
- WCG (https://wcginc.com/blog/): This fine blog from a Colorado Springs firm recently added a slew of entries on the new brackets, ineffective S corp elections and other S corp topics — and recruiting efforts. Much to see here, and welcome.