Return of an audit; remodeling tax proposals; digital steering; and different highlights from our favourite tax bloggers.
Protecting busy
- Nationwide Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): A once-hot pattern is about to look once more: the Earned Revenue Tax Credit score audit.
- HBK (https://hbkcpa.com/insights/): Idaho has joined the ranks of states which have adopted single-sales issue and market-based sourcing for taxing multistate earnings.
- CPA Progress Tendencies (https://www.cpagrowthtrends.com/): Perhaps it looks as if everyone’s bustling as of late at your agency — besides the marketer. One productive method for them to remain busy is a content material audit. Listed here are 4 ideas.
- Sikich (https://www.sikich.com/insights/): You’d be shocked what number of purchasers don’t know the mandated limits for IRA contributions. They is likely to be shocked, too, when their contributions hit the fan.
- Procedurally Taxing (https://procedurallytaxing.com): A have a look at O’Donnell v. Commissioner, during which the IRS rejected the taxpayer’s supply as not in one of the best curiosity of the federal government, “a policy-based determination however one separate from public coverage rejection based on the Inside Income Guide.”
- Options for CPA Agency Leaders (http://ritakeller.com/weblog/): Wildly despairing, acutely depressing, racked with sorrow: Strive via yet one more loopy season to understand being alive.
- Bloomberg Tax and Accounting (https://professional.bloombergtax.com/news-insights/): No it’s true: There’s pleasure within the occupation.
Humorous issues
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): You Don’t Hear This On a regular basis Dept.: In United States v. Lucidonio, Lucidonio was charged with conspiracy counts of aiding and aiding. The court docket denied his movement to dismiss these counts, and the quick denial addresses main themes in tax crimes — a lot in order that the blogger recommends “that tax crimes followers learn the opinion. Maybe learn much more than as soon as.”
- Eide Bailly (https://www.eidebailly.com/taxblog): All of the information that matches on current IRS doings, from backlogs to refund timing to the Worker Retention Credit score “fiasco.”
- Tax Vox (https://www.taxpolicycenter.org/): Favourite opening of the week: “A humorous factor occurred to the trillions of {dollars} of proposed tax will increase on firms and high-income households that have been excessive on the agendas of President Biden and congressional Democrats only a yr in the past: They appear to have, at the least for now, fallen right into a deep Capitol Hill gap.” All isn’t misplaced for exercise on Capitol Hill, although, as these proposals have been changed by discuss of billions in tax cuts for companies and high-income households.
- Mauled Once more (http://mauledagain.blogspot.com/: How tax reductions and suspensions will discourage individuals from taking steps to cut back demand for gasoline. As demand is a component in the price of something, the consequence could also be costs transferring in an unintended course.
Questions, class?
- Taxbuzz (https://www.taxbuzz.com/weblog): Stims, infrastructure, confusion: What does the tax scene seem like going ahead?
- Tax Professional Heart (https://proconnect.intuit.com/taxprocenter/): Within the cloud or in your closet? What goes into deciding one of the best tech resolution to your agency?
- Taxing Topics (https://www.drakesoftware.com/weblog): New info on the up to date IRS FAQs web page relating to 2020 unemployment compensation exclusion revolves round delayed funds of unemployment compensation. For instance, if a taxpayer was unemployed in 2020 however funds have been delayed till 2021, does the taxpayer nonetheless qualify for the exclusion?
- Cover (https://www.getcanopy.com/weblog): Providing consumer accounting/advisory providers is basically rebranding the connection along with your purchasers. Evolving tech and a distant workforce make it simpler to advise proactively. Do you have to?
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): On this week’s “You Make the Name,” does a taxpayer who didn’t beforehand qualify as an actual property skilled however who now does underneath Sec. 469(c)(7)(B) report long-term rental earnings on Schedule C as a substitute of on Schedule E?
Gross sales afurl
