AI is your friend; hope from Moore; the risks; and other highlights from our favorite tax bloggers.
All CAPS
- National Taxpayer Advocate (
https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/ ): Congress has greenlighted the IRS banning taxpayers from claiming some refundable credits if the agency determines that the taxpayers claimed credits “due to reckless or intentional disregard of the rules and regulations.” A study finds that the average taxpayer lost some $4,100 each year of a ban — a hit for many taxpayers, especially considering that the IRS might fail to follow its own policies and procedures when imposing a ban. - Boyum & Barenscheer (
https://www.myboyum.com/blog/ ): A look back at, and the implications moving forward of, the death of the Chevron doctrine. - Canopy (
https://www.getcanopy.com/blog ): In accounting, how artificial intelligence is an ally and not a replacement. - Don’t Mess with Taxes (
http://dontmesswithtaxes.typepad.com/ ): An overview of Direct File as New Mexico and Pennsylvania elect to join the program next year. - University of Illinois Tax School (
https://taxschool.illinois.edu/blog/ ) : All Caps Dept.: The Inflation Reduction Act imposes a 15% corporate AMT; the IRS has released several notices of subsequent guidance, including how to determine the applicable financial statements for those subject to the CAMT.
Best paths
- Tax Notes (
https://www.taxnotes.com/procedurally-taxing ): Prof. Brant J. Hellwig relates working with members of the Tax Court while drafting the second edition of “The United States Tax Court: An Historical Analysis.” - Taxjar (
https://www.taxjar.com/resources/blog : What is “sales tax” anyway? - TaxConnex (
https://www.taxconnex.com/blog- ): While it seems states only pile on sales tax regs, a few like New Jersey have hit Delete on some measures. - The National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You Make the Call” looks at James, who has both business and non-business bad debt. His business bad debt was from his guitar repair entity, where credit he extended to Brian in 2018 became uncollectible in 2022. When James tells his accountant, Quinn, about his bad debt, Quinn remembers Sec. 6511 explaining the statute of limitations for amending returns. Can this code section help James remedy his bad debt? - Global Taxes (
https://www.globaltaxes.com/blog.php ): Taxpayers potentially caught by a tax on unrealized earnings might — might — have reason for optimism after the recent Moore decision by the Supreme Court. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): We all know that promoting from within is often the best path to continue a firm’s success. You need more partners — but how to get your managers interested?
Shorts
And soon
- Sovos (
https://sovos.com/blog/ ): Global companies (and those trying to think globally) face a decision over their indirect tax compliance. Do they think globally? Do they view their automation as a series of tactical choices or a single strategic opportunity? - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Perks of a new job might include a company-matched 401(k), swag wearables or all-you-can-drink cold brew at the office. But what about when the gig comes with a new place to live, even temporarily? The complexity of corporate housing/lodging tax is on the rise. - AICPA & CIMA Insights (
https://www.aicpa-cima.com/blog ): According to enterprise execs recently surveyed, the current risk landscape is complex. And risks are increasing. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): By 2028, retail and commerce media spending is expected to exceed all television and streaming advertising. The implications for sales tax compliance for retail and e-commerce companies (and soon for other industries as well).
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