Bumping the 1099-Ks; nonsensical language; showing your appreciation; and other highlights from our favorite tax bloggers.
All that looms
- Taxable Talk (http://www.taxabletalk.com/): In case you were getting bored, the IRS again booted all those 1099-Ks down the road. Looks like they’ll be phased in. Someday. Also, how the 2023 season is finally winding down.
- Marcum (https://www.marcumllp.com/insights): This is the time of year of recollection of the past 12 months. From the Employee Retention Credit to Sec. 174, turns out 2023 was a pretty busy year for the federal tax scene, starting with the ERC.
- AICPA Insights (https://www.aicpa-cima.com/blog): AI, ESG, the ever-popular staffing, and other issues that loom worldwide for the profession next year.
- Taxing Subjects (https://www.drakesoftware.com/blog): Yes, it’s been quite a year — and it’s going to be quite a 2024 for integrating tax and retirement planning with a client’s financial life. An overview of some tips and reminders about required minimum distributions, Roths, 401(k) elective deferrals and more.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): For the senior givers on your client list, qualified charitable distributions tick up for next year.
- Taxbuzz (https://www.taxbuzz.com/blog): A recent study shows that Arizona’s job annual growth is projected at 1.2% over the next 30 years — quadruple the expected national rate. As the state continues to emerge as a hub for business growth and investment, the importance of strategic tax planning can’t be overstated.
- University of Illinois Tax School (https://taxschool.illinois.edu/blog/): The latest on the BOI of the CTA.
Inartful dodgers
- Global Taxes (https://www.globaltaxes.com/blog.php): The recent tale of Stephen L. Schechter, a U.S. citizen residing in the Principality of Monaco who tried a lot of shenanigans to dodge the IRS for offshore income and stock deals. Didn’t work.
- Procedurally Taxing (https://www.taxnotes.com/procedurally-taxing): In large part because of inartful (“some may say ‘nonsensical'”) statutory language, exactly what the “supervisory approval” requirement of Sec. 6751 entails has been intensely litigated — and courts have trouble making sense of it. Treasury specifically cited “confusion” from court decisions as a reason for the proposed regulations that aim to bring some certainty and sense to the subject. In their proposed form, they’re not there yet. And here’s how the Treasury regs can do something beyond clarifying a poorly drafted statute, including fix the problems of Walquist v. Commissioner.
- The Tax Times (https://www.thetaxtimes.com): Of New Jersey, a securities partnership in the Caymans and U.S. income tax.
- Mauled Again (http://mauledagain.blogspot.com/): Ever get ensnared on one of those rotaries because you keep missing your exit? How requiring states, counties, municipalities, school districts and fire departments to pay fuel taxes means that those entities would need to increase other taxes to provide the funds with which those entities would pay fuel taxes.
- Tax Vox (https://www.taxpolicycenter.org/taxvox): Fav headline of the week (because we can’t argue): “Children Deserve More than Shutdown Threats and Continuing Resolutions.”
Euphoria
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