Familiar fears for firms; 10 reminders for the season; new blog on the block; and other highlights from our favorite tax bloggers.
Nothing doing
- The Tax Times (
https://www.thetaxtimes.com ): Who has access to the beneficial ownership information data submitted so far? - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): Can doing nothing grow the economy by trillions over the next decade? Congressional Republicans may be on the road to making that assumption while assuming too that extending Tax Cuts and Jobs Act provisions does not change tax policy and would increase economic growth. Remember what Felix Unger said happens when we “assume.” - The Buzz About Taxes (
http://thebuzzabouttaxes.com/ ): Could the Social Security Fairness Act’s ending of the Windfall Elimination Provision affect clients’ foreign Social Security-like payments or foreign pensions? - Current Federal Tax Developments (
https://www.currentfederaltaxdevelopments.com/ ): In CF Headquarters Corporation v. Commissioner, the Tax Court has found that a $3.1 million grant related to 9/11 was taxable income. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): What to know (so far) about the U.S.-Canada trade war, not including why elbows are up.
Matter of perspective
Spending wisely
- Taxbuzz (
https://www.taxbuzz.com/blog ): The high points to hit for U.S. preparers approaching foreign compliance prospects. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): Subsequent events are in the spotlight these days, and the audit guidance hasn’t kept pace with changes in reporting frameworks, risk assessment methodologies and technological advancements. Deciding whether to report these events is one of the gray areas in financial reporting. Here are answers to some common questions about reporting subsequent events. - MBK (
https://www.mbkcpa.com/insights ): Retirement “savings” get all the headlines, but what’s your client’s retirement spending plan? - Taxjar
( https://www.taxjar.com/resources/blog ): “Merchant of Record” often comes up when an e-commerce client is trying to manage sales tax obligations. What’s it mean? - TaxConnex (
https://www.taxconnex.com/blog- ): The big sales tax differences between groceries and restaurant food. - U of I Tax School (
https://taxschool.illinois.edu/blog/ ): Some of these “10 Reminders for 2024 Tax Filing Season” may seem basic, but it never hurts to be pinged about such details as the rising cost of IRS private letter rulings and automatic changes to the Child Tax Credit. - Sikich (
https://www.sikich.com/insights/ ): SOC 2 reports (a framework developed by the AICPA) offer a competitive advantage to service organizations. How to achieve SOC 2 compliance and best practices for maintaining it. - Eide Bailly (
https://www.eidebailly.com/taxblog ): A look at IRS under- and overpayment rates for the second quarter.
New to us
- Integritas3 (
https://www.integritas3.com/blog ): These forensic and tax experts working with law firms, individuals and organizations “to find and fix problems” have a lively blog. Recent tax topics include scams, crimes (even ancient ones), financial infidelity and IRS layoffs. Welcome!
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