In the blogs: Interesting questions

1099s every quarter; latest tax lawmaking; a crypto outlook for 2024; and other highlights from our favorite tax bloggers.

Interesting questions

Where there’s a Means

Incoming

• Surgent Income Tax School (http://www.theincometaxschool.com/blog/): You know in broad terms what you have to do to get ready for the season — streamline client communications, delegate chores and so on, and on — but here are some solid and actionable tips to get you going in each category.
• Gordon Law (https://gordonlawltd.com/blog/): A crypto lawyer and CPA offers predictions for the coming 12 months, starting with 2024 being the year of the crypto audit and even this November’s election having little impact on the virtual currency markets.
• Taxable Talk (http://www.taxabletalk.com/): It does turn out that businesses won’t have to reach for that 8300 after getting a payment of more than $10,000 in crypto, at least for a while.
• Sovos (https://sovos.com/blog/): Top points from a recent roundtable on the latest W-8 and W-9 changes. First is that among decentralized organizations, a recurring issue emerged: Tax reporting departments often unearth problems with Form W-8 and W-9 changes when it’s already too late. 
• Sikich (https://www.sikich.com/insights/): “Highly anticipated” updates to the Institute of Internal Auditors Global Internal Audit Standards are out and internal audit functions have a year now to review and update their existing internal audit frameworks. The challenge is the time necessary to review and understand the changes.
• Vertex (https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0): Brazil has ushered in a comprehensive reform of the country’s consumption taxes, the most significant transformation of the Brazilian tax system in its democratic history. Here’s what to know.
• University of Illinois Tax School Blog (https://taxschool.illinois.edu/blog/): Guest video blogger Larry Gray of AGC Solutions explains the basics of the BOI requirement.
• Meyers Brothers Kalicka (https://www.mbkcpa.com/insights): A strong recommendation that small-business clients contact their attorney ASAP regarding the above filing requirements.

Hot tropics

• Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): What to remind your eager beavers about filing early. 
• Marcum (https://www.marcumllp.com/insights): ESOPs are on the brink of a new era of “adequate consideration.”
• TaxConnex (https://www.taxconnex.com/blog-): An overarching series of “hot topics” kicks off with a look at economic nexus thresholds and reporting.
• Boyum & Barenscheer (https://www.myboyum.com/blog/): Whether your client’s employer-sponsored plan is subject to the auto-enrollment provision of SECURE 2.0 or they want to get the most out of their plan, a few key questions need attention before enacting an auto-enrollment provision. What you can advise.