In the blogs: Complicating matters

Abandoning crypto; Moore; why the deficit balloons; and other highlights from our favorite tax bloggers.

Complicating matters

• Taxable Talk (http://www.taxabletalk.com/): Get ready for three little letters (BOI, for beneficial ownership information) to start meaning a whole lot to your business clients. The latest on the reporting requirements and timeframe.
• Global Taxes (https://www.globaltaxes.com/blog.php): Among the CTA/BOI latest, some time’s been extended for gathering the info and the Better Business Bureau says watch out for scammers.
• Withum (https://www.withum.com/resources/): When you drop your bundle of bitcoin on a doorstep, can you declare a loss? The tax implications of abandoning cryptocurrency.
• AICPA & CIMA Insights (https://www.aicpa-cima.com/blog): A look at the intricate relationship between artificial intelligence and the impact of generative AI on the accounting profession.
• Sikich (https://www.sikich.com/insights/): Global concerns can do wonders to complicate payroll. Here’s how to wade through the questions.
• The Rosenberg Associates (https://rosenbergassoc.com/blog/): Should the managing partner position be rotated? Pro and con.
• National Association of Tax Professionals (https://blog.natptax.com/): The tax implications of death.
• University of Illinois Tax School (https://taxschool.illinois.edu/blog/): Fav opening of the week: “If the death of a taxpayer brings many complications associated with the decedent’s estate, the executors of deceased farmers must contend with a bumper crop of tax issues.”
• TaxConnex (https://www.taxconnex.com/blog-): I’d never want to pay extra for something that would have me as a member: How does sales tax apply to memberships?
• Marcum (https://www.marcumllp.com/insights): In state doings, Tennessee has changed filing requirements for the 2023 biz tax; Connecticut’s pass-through entity tax is optional for 2024; and Florida’s new foreign-ownership restrictions have been upheld.
• TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Look out for this coming hot topic: remote employees and taxation.
• The Buzz About Taxes (http://thebuzzabouttaxes.com/): Required minimum distributions, catch-ups, student loan matches: What to remind them about bits of SECURE 2.0 that kick in next month.

Moore the merrier

• Tax Foundation (https://taxfoundation.org/blog): Another favorite opening: “The U.S. federal Income Tax Code has a problem with timing: Sometimes it assesses taxes too early, in a way that creates a measurable bias against saving or investment.” When the Supreme Court hears Moore v. United States, the plaintiffs will argue that a component of the 2017 reform taxed their income from an international business venture before it was “realized.”
• Virginia – U.S. Tax Talk (https://us-tax.org/about-this-us-tax-blog/): If your clients are worth more than $100 million in annual income or more than $1 billion in assets and they’re thinking about relinquishing U.S. citizenship or getting a green card as a long-term resident, the time is now.
• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Rewrite the Tax Code? Rattle an amendment? Will Moore “unleash chaos?”

Cheesy

• The Tax Times (https://www.thetaxtimes.com): An arrangement now full of holes: Banque Pictet has agreed to cough up some $122.9 million after admitting it helped U.S. taxpayers park money in offshore spots. The bank is also required to disclose information relating to accounts closed 2008 through 2022.
• Procedurally Taxing (https://www.taxnotes.com/procedurally-taxing): The IRS MeF business rules rejecting a second e-filed return to claim a qualifying child or dependent (DUPTIN return) harm many low-income taxpayers; the remedy of filing a subsequent paper return isn’t well known and is administratively burdensome. This series of blogs continues to examine the problem.
• Tax Vox (https://www.taxpolicycenter.org/taxvox): Why is the budget deficit enormous and growing? When one political party proposes new tax cuts or new spending, the other party offers its own deal in return: “We’ll accept your tax cuts and new spending but only if you agree to ours.” And neither side tries to offset the costs with new revenues or spending cuts. Two classic examples of this are offered as Congress tries to wrap up its “work” for this year.

Accuracy rules