Green is costing green; Moore to come; disaster disbelief; and other highlights from our favorite tax bloggers.
Good intentions
- Tax Vox (https://www.taxpolicycenter.org/taxvox): Green energy tax breaks included in the Inflation Reduction Act have proven more popular among businesses than Congress imagined. Up goes the deficit but down go carbon emissions. Overall, is that good or bad?
- AICPA Insights (https://www.aicpa-cima.com/blog): A recent survey looks at how U.S. companies of all sizes have — and assuredly have not, even these days — gotten better at managing risk.
- Mauled Again (http://mauledagain.blogspot.com/): Is it good or bad when tax breaks flow into private hands? Depends on the hands — or, in this case, fielders’ mitts.
- Von Lehman CPA & Advisory Firm (https://vlcpa.com/articles/): The latest bird’s-eye view of the M&A landscape.
- Boyum & Barenscheer (https://www.myboyum.com/blog/): What to remind biz start-up clients about how expenses will be treated on their returns.
- Avalara (https://www.avalara.com/blog/en/north-america.html): Roads to certain places are paved with good versions of these … Massachusetts looks to exempt sales of certain apparel “intended to be worn or carried on or about the human body by children five years of age and younger.” “Intended,” the blogger notes, “is an interesting word choice.”
Case by case
- Global Taxes (https://www.globaltaxes.com/blog.php): How our bustling Supreme Court will hear Moore, a tax case of a seemingly insignificant amount of money that could open floodgates for refunds to multinationals.
- Procedurally Taxing (https://procedurallytaxing.com): In United States v. Paulson, the Ninth Circuit reversed a district court and held beneficiaries and trustees personally liable for unpaid estate taxes.
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): It’s not often you see a private letter ruling asking for permission to make a late election to not deduct bonus depreciation under IRC 168(k). Even less often do you see 11 identical requests for that ruling issued in the same week.
- Gordon Law (https://gordonlawltd.com/blog/): In a “significant development for the crypto industry,” a federal judge has ruled in favor of Ripple Labs, stating that its digital asset, XRP, is not itself a security in secondary market transactions.
Spreading word
In the making
- HBK (https://hbkcpa.com/insights/): Among big tax changes looming in Ohio: an exemption increase to the state’s Commercial Activity Tax, a two-year phase-in for reducing personal income taxes; and use of the resident tax credit for pass-through entity taxes paid to other states.
- Taxbuzz (https://www.taxbuzz.com/blog): Why California’s businesses may face only rising taxes for the next several years.
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): What the IRS giveth, the IRS taketh away. Or so it seems for disaster relief taxpayers until they get to page four of the collection notice.
- Turbotax (https://blog.turbotax.intuit.com: The list of states with federal filing extensions at the same time due to disasters seems to be growing.
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