Income equality; disclosing crypto; meetings are a waste of time; and other highlights from our favorite tax bloggers.
End-of-year questions
- Virginia – U.S. Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ ): Though the IRS e-filing plan for Mr. and Mrs. Main Street Taxpayer might simplify tax season, can it work for those who file U.S. taxes from overseas? - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Cutting sales tax rates sounds great for your e-commerce clients. But is it? - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): So is income unequal or what? - Procedurally Taxing (
https://www.taxnotes.com/procedurally-taxing ): Another year gone by, and how did the Center for Taxpayer Rights do? - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): The Biden administration has proposed raising the tax rate on U.S. corporate income to 25, maybe 28%. The opposition argues that such an increase will chase business offshore and hamper American companies. The problem: Foreign countries rely on VATs and so can afford to maintain lower corporate income tax rates. The U.S. does not have a supplemental source of revenue like a VAT. The answer? - National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You Make the Call” looks at Jesse, 53, who’s been with his current employer for 30 years. Jesse has $450,000 in his 401(k), all contributions made with pre-tax dollars. Last July, Jesse took a distribution of $40,000 to pay for surgery and medical expenses for himself. Will he pay the 10% penalty for early distribution?
Busy busy
Coast to coast
- Withum (
https://www.withum.com/resources/ ): Recent state sales tax updates include Iowa revoking a key tech exemption, Pennsylvania helping nonprofits with registration and Texas having to jigger local taxes due to redistricting and annexation of communities. - Tax Foundation (
https://taxfoundation.org/blog ): Virginia’s got itself a new plan, especially when it comes to sales and income tax. - TaxConnex (
https://www.taxconnex.com/blog- ): End of year marks a fine time to correct the year’s sales tax compliance goofs.
Take a meeting
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