On the path to 600; know your VAT; the overseer of marketing; and other highlights from our favorite tax bloggers.
Grappling ahead
- Sikich (
https://www.sikich.com/insights/ ): Why Washington expects Republicans to use budget reconciliation to push their tax bill next year. - CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): Key future tax policies that could impact private equity firms as the Tax Cuts and Jobs Act continues (or expands). - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): Any tax bill that addresses the future of the TCJA will have to grapple with how best to tax high-income households. What are the better ways to tax the affluent, holding constant their tax burden? - Dean Dorton (
https://deandorton.com/insights/ ): The game is still young, but among the arresting possibilities of Trump’s tax proposals: Reducing the corporation tax rate to 15% for domestic manufacturers could present investment opportunities for European companies, who may someday expand their own production in the U.S. or even relocate from Europe. - The Buzz About Taxes (
http://thebuzzabouttaxes.com/ ): What’s changed over the past few years about retiring abroad?
Look on my works
- The Tax Times (
https://www.thetaxtimes.com ): What becomes a payment-method legend most? A look at the IRS yet again postponing the $600 income reporting threshold for Venmo and such. - TaxProf Blog (
http://taxprof.typepad.com/taxprof_blog/ ): A recent Tax Court case offers a lesson in possible limits to IRS powers to assess some reporting penalties (and this blog offers a dandy line from Shelley). - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): Tax cuts for the wealthy and corporations will not make Louisiana more competitive, this entry contends, but instead “blow a hole in the state budget while asking low- and middle-income working families to make up the difference.”
In any capacity
- MBK (
https://www.mbkcpa.com/insights ): What to remind them about audits, including the different types, the stages and how to prepare. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Excellent overview of the three little letters your clients will need to sell overseas: VAT. - Gordon Law (
https://gordonlawltd.com/blog/ ): Marketing is key to growing a brand and generating business for your clients (and for you). What we all should remember, though, is selling or promoting goods or services in any capacity might incur FTC oversight. - The National Association of Tax Professionals (
https://blog.natptax.com/ ): This week’s “You Make the Call” looks at Susan, who pays her neighbor Ali to babysit her five-year-old son and perform light housework two days a week. Ali will turn 18 this month and is a full-time high school student. Ali also meets the definition of being a household employee and Susan pays her in cash for the hourly work; Susan consistently pays Ali $240 per month, meaning that by the end of the year she will have paid Ali $2,880. Is Susan required to pay FICA and FUTA taxes for the wages paid to Ali?
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