In the blogs: Fiscal realities

Next stop more billions; misaimed mansion tax; auditing’s future; and other highlights from our favorite tax bloggers.

Fiscal realities

• Taxable Talk (http://www.taxabletalk.com/): California’s bullet train needs $4 to $7 billion to complete a segment — not to mention another $100 billion for more complete work. To date, every deadline and projection has been exceeded, and California is looking at a budget deficit of $73 billion. Sooner or later, the federal funding propping up this project will cease and fiscal realities will have to be looked at.
• The Tax Times (https://www.thetaxtimes.com): The IRS will begin mailing compliance letters to more than 125,000 taxpayers who failed to file a return between 2017 and 2021 — all with incomes from $400,000 to more than $1 million. Will this lasso otherwise-lost big tax bucks?
• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Many state legislative sessions are in the final stretch, lawmakers pushing to get bills to governors’ desks, compromising on the floor and rehashing old proposals to get over the finish line. West Virginia lawmakers ended their legislative session with a bill that over time will fully exempt Social Security income from the state’s income tax; the Nebraska legislature is stalemated as they consider their governor’s $2 billion property tax cut proposal; and a Kansas flat tax bill has reemerged as a fully phased-in 5.45% rate after the legislature fell short of overriding a gubernatorial veto.
• Global Taxes (https://www.globaltaxes.com/blog.php): The estate of a Texaco heiress has struck black gold in what could be a pivotal FBAR decision against the IRS.
• Taxjar (https://www.taxjar.com/resources/blog): April’s sales tax due dates. 
• National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at Mary Ann, who buys health insurance through the marketplace but received no 1095-A. She neglected to mention her marketplace insurance to Grace, her tax preparer. Grace e-filed the return without the 8962 for the Premium Tax Credit and the return was rejected. Could the return have been rejected for neglecting to include the 8962?
• Taxbuzz (https://www.taxbuzz.com/blog): Homeowners’ associations are as prevalent as cul-de-sacs these days. What the IRS has to say about their tax obligations.
• Tax Foundation (https://taxfoundation.org/blog): Is Chicago next for a mansion tax? More specifically, one that lands on the shoulders of business?

A team

See all the people

• AICPA & CIMA Insights (https://www.aicpa-cima.com/blog): Accounting and finance professionals scramble to address the twin concerns of rising costs and lack of labor. Two solutions are gaining traction.
• Boyum & Barenscheer (https://www.myboyum.com/blog/): How can a manufacturing client benefit from the Work Opportunity Tax Credit? 
• The Rosenberg Associates (https://rosenbergassoc.com/blog/): How big a buyout for a partner who retires really early?
• Virginia – U.S. Tax Talk (https://us-tax.org/about-this-us-tax-blog/): Direct File is up and running — but not for those taxpayers overseas.
• Keller Advisors (https://ritakeller.com/wordpress/): Experts now call helicopter parenting style dangerous for child development and recommend parents embrace “anti-fragility.” How does this new word relate to supervising your entry-level staffers?