In the blogs: Another one in the books

The big AI question; staff pay; sourcing nonresident income; and other highlights from our favorite tax bloggers.

Another one in the books

HBK (https://hbkcpa.com/insights/): Nearing the end of another 12 months of rising interest rates, market volatility and inactivity from Congress to fix or extend tax provisions, year-end tax planning is challenging. This makes it more critical to ensure any opportunities for tax reduction and deferral are on the table.
Gordon Law (https://gordonlawltd.com/blog/): Not many days remain for crypto investors’ end-of-year tax moves, either.
Marcum (https://www.marcumllp.com/insights): How the concept of the family office will, in just a few weeks, start colliding with the Corporate Transparency Act.
Armanino (https://www.armanino.com/articles/): AI, Biden’s proclamation and your opportunity.
TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): And what exactly can tax preparers offer clients that AI can’t?
Parametric (https://www.parametricportfolio.com/blog): After two years of record highs, charitable gifting declined in 2022 just as inflation made it harder for charities to meet financial goals. As investors focus on year-end charitable gifting and tax planning, here’s what to tell them about maximizing donations while reducing taxes.
Von Lehman CPA & Advisory Firm (https://vlcpa.com/articles/): Not all contributions to a charity are tax-deductible by the donor, as in the case of “quid pro quo” donations.
The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): What to remind them about when to talk to their tax expert.
Turbotax (https://blog.turbotax.intuit.com): What to remind them about bumping up that refund in the last few weeks of 2023.

Money talks

Tax Foundation (https://taxfoundation.org/blog): The uncertain future of American finances amid “potential economic instability” points to the need for tax reforms that encourage individuals to build financial security simply. What about universal savings accounts?
Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Experts seemed to agree that the House GOP’s recent tactic of “paying for” a spending proposal by cutting IRS funding makes no sense because it reduces revenue collections and increases the deficit. They also seemed to agree that a lot of the problems with well-off people avoiding and evading taxes stem from the Tax Code’s complexity.
National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at Linda, who has a traditional IRA with Fidelity. What are the methods of transferring her account to another brokerage firm without incurring taxes and penalties?
Sikich (https://www.sikich.com/insights/): Which to pump: a Roth 401(k) or a traditional 401(k)?
Meyers Brothers Kalicka (https://www.mbkcpa.com/insights): Many Inflation Reduction Act provisions were intended to combat climate change, largely through tax incentives. Such tax breaks aren’t usually relevant to the work of nonprofits. But if your NFP clients are new facilities or adding improvements, the IRA’s changes to one deduction could benefit.
The Rosenberg Associates (https://rosenbergassoc.com/blog/): Well-designed staff compensation can be a huge asset for any firm looking to retain top talent. But what exactly to do? Results and analysis of a recent poll on staff bonus programs, along with ideas on how to update yours.
The Tax Times (https://www.thetaxtimes.com): Recently argued by the U.S. government in circuit court: Nonresident income from personal property sales is not always taxed to the country where the nonresident lives but may be subject to an exemption as inventory property.
Virginia – US Tax Talk (https://us-tax.org/about-this-us-tax-blog/): An earlier blog detailed how easy it is for the foreign person to fall into some nasty American tax traps when entering a foreign partnership with a U.S. person. A look at that blog’s comments from international tax attorney Richard LeVine.