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The IRS and politics — nothing new; AICPA priorities; new weblog on the block; and different highlights from our favourite tax bloggers.
Capitol punishment
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): When previously — and underneath what presidents and going after what targets — has the IRS gotten political?
- Tax Vox (https://www.taxpolicycenter.org/): Congressional Democrats are contemplating watered-down variations of two international measures from final yr’s Construct Again Higher. But a single international minimal tax that conforms to the OECD/G-20 Pillar 2 mannequin could be less complicated and lift income extra effectively than imposing two weaker international minimal taxes.
- Present Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): Ouch Dept.: When a physician will get nailed for underpayment and failure to file.
- TaxMama (http://taxmama.com): Mama’s on a brand new campaign: to repair the tax legislation neglect on the subject of the romance scams (and 14 different such rip-offs) from the FBI. The issue? The Tax Cuts and Jobs Act eradicated taxpayers’ rights to deduct casualty and theft losses except they have been in a catastrophe space.
Well timed priorities
- AICPA Insights (https://www.aicpa.org/weblog): New institute chair Anoop Mehta lays out three massive priorities for the approaching yr.
- Tax Basis (https://taxfoundation.org/weblog): The carrot or the sticker shock? How the federal government would use 1,900% excise tax penalties to make drug producers decrease costs.
- Sikich (https://www.sikich.com/insights/): Pandemic, staffing, inflation, last-minute reg upheavals: Tax execs have been busy, and getting ready for the implementation of the brand new lease accounting requirements underneath ASC 842 and GASB 87 has repeatedly been pushed down precedence lists. A couple of inquiries to see how ready you and your agency are for the brand new requirements.
- Wolters Kluwer (https://www.wolterskluwer.com/en/options/tax-accounting-us/industry-news): A have a look at new IRS necessities for digital fingerprinting for practitioners’ e-File functions.
- Summing It Up (http://weblog.freedmaxick.com/summing-it-up): PCI DSS 3.2.1 assessments are, on the whole, point-in-time assessments. A number of actions that have to be each day, quarterly, semi-annual or annual. If these aren’t carried out within the requisite interval, you could end up non-compliant with few or no choices for remediation. Right here’s your guidelines.
- Rubin on Tax (http://rubinontax.floridatax.com/): How the time to file an property tax return to make the portability election has been prolonged to 5 years.
- TurboTax (https://weblog.turbotax.intuit.com): What to remind them about deductions and their children’ numerous summer season camps.
- Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): To wit, this week’s “You Make the Name” seems at Houa and Sua, each 11 and voluntarily enrolled in Lady Scout summer season camp for one week in July. Each ladies’ dad and mom usually work in the course of the day. Because of her dad and mom’ trip, Sua will keep in a single day at Houa’s home in the course of the week. Can both set of fogeys declare the camp bills on the 2441?
Spending insurance policies
- Mauled Once more (http://mauledagain.blogspot.com/): Half of Pennsylvania’s cities have eradicated their police departments to save cash, and the quantity is rising. Is their counting on the remainder of their fellow Pennsylvanians to fund their safety by way of the state police unsuitable?
- Boyum & Barenscheer (https://www.myboyum.com/weblog/): A spending coverage is the method to find out how a lot of the worth of investments a nonprofit group will faucet every year for bills. There’s no one-size-fits-all optimum coverage, however 5 normal sorts have emerged.
- Gordon Regulation (https://gordonlawltd.com/weblog/): What to remind them about IRS installment agreements (if you will get by way of the feelings attributable to the IRS letter that makes the settlement crucial).
- HBK (https://hbkcpa.com/insights/): For those who randomly polled 100 individuals concerning the distinction between a sponsorship and promoting, most would most likely say they’re the identical. However in nonprofit accounting, the distinction may find yourself costing — or saving — your consumer hundreds of {dollars} in taxes.
- Taxbuzz (https://www.taxbuzz.com/weblog): What tax execs advised a current TaxBuzzChat about advising shoppers on planning for inflation and recession.
Tough crusing
Take coronary heart
- Henry+Horne (https://www.hhcpa.com/blogs/): When you have a consumer who’s an ordained, commissioned or licensed minister, right here’s what to remind them about their particular tax breaks.
- Cover (https://www.getcanopy.com/weblog): You realize it’s true: Purchasers aren’t at all times going to return to you. Eleven strikes to seek out extra.
- Surgent Earnings Tax College (http://www.theincometaxschool.com/weblog/): Contemplating first the way it may alleviate your staffing issues, do you have to truly run a tax prep faculty?
- Procedurally Taxing (https://procedurallytaxing.com): The blogger has tackled 6511(h) earlier than and Ruebsamen v. United States follows the identical sample as many earlier instances and is one more professional se case within the stream. In some respects, although, “It is without doubt one of the most disheartening of all the instances.”
New to us
- World Taxes (https://www.globaltaxes.com/weblog.php): This worldwide agency views U.S. insurance policies from the skin wanting in, with subjects for advisors, attorneys and accountants. Current subjects replicate rising pursuits, together with second citizenships, ex-pats’ retirement plans and even idioms of English (many entries are additionally in numerous languages). Welcome.
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