ERC red flags; moving to the cloud; security and the holidays; and other highlights from our favorite tax bloggers.
Hidden costs
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): FinCEN and the IRS Criminal Investigation Division have issued an alert concerning schemes associated with the Employee Retention Credit — including 10 handy-dandy red flags of fraud.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): How much will IRS 1099-reporting and other postponements cost the U.S. Treasury?
- Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Race was front and center in a lot of state policy debates this year. Less visible but also important were the racial implications of tax policy changes, from refundable credits to top-heavy tax breaks.
- Taxbuzz (https://www.taxbuzz.com/blog): Omnipresent homeowners’ associations have a key aspect to their financial management: reserve funds. How HOAs typically manage them, along with an examination of potential tax implications for both the association and the homeowners.
- Virginia – U.S. Tax Talk (https://us-tax.org/about-this-us-tax-blog/): A look at the international implications of Rev. Proc. 2023-34’s annual inflation adjustments.
- Tax Foundation (https://taxfoundation.org/blog): Full expensing for some plants and machinery will be made permanent in the United Kingdom. What’s the expected economic impact across several categories?
- Vertex (https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0): What international clients need to know about Brazil’s recent monumental steps to revamp its consumption tax.
The business of business
- Meyers Brothers Kalicka (https://www.mbkcpa.com/insights): A recent court case makes plain the pain of not properly substantiating business expenses.
- Canopy (https://www.getcanopy.com/blog): Most (and counting) businesses have turned to the cloud to run processes — though accounting seems to remain divided on making the switch. Best practices should you opt to take your practice in that direction, including due-diligence questions for providers and how to determine your test clients.
- National Association of Tax Professionals (https://blog.natptax.com/): Your biz clients may sometimes have to vacate properties, leading to foreclosures or bankruptcies. Enter you, the tax pro, to play a crucial role in comprehending 1099-As and 1099-Cs. A few of the top questions from a recent webinar on the topic and accompanying answers.
- Sikich (https://www.sikich.com/insights/): Recent Department of Labor and IRS guidance for employers and plan sponsors and the Form 5500.
- Withum (https://www.withum.com/resources/): Accounting best practices when transitioning from development or rehabilitation to placed-in-service when dealing with affordable housing entities.
Holly jolly write-offs
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