In the blogs: Knowing the lingo

AitM; IRS strategies after Chevron; the taxman’s jackpot; and other highlights from our favorite tax bloggers.

Knowing the lingo

• Tax Vox (https://www.taxpolicycenter.org/taxvox): Households making some $450,000 or more would receive almost all of the benefits of extending key provisions of the Tax Cuts and Jobs Act, according to a new analysis.
• Dean Dorton (https://deandorton.com/insights/): As you ponder security of your own laptops, know this: Last year, the Internet Crime Complaint Center received some 21,000 reports of business email compromises from organizations (who in turn reported $2.9 billion in losses). How are cyber-criminals getting to the biz emails? Through the new acronym AitM (Adversary-in-the-Middle), in which a threat actor tricks users into entering credentials and multifactor authentication.
• The Tax Times (https://www.thetaxtimes.com): Three strategies of defense for the IRS post-Chevron.
• Vertex (https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0): Tax reform in Brazil is moving forward, as the Brazilian Chamber of Deputies recently voted on the government’s proposal, Complementary Law Project 68/2024. 
• Mauled Again (http://mauledagain.blogspot.com/): A mystery of 14 years is over regarding what to call two components of a section of the Tax Code.
• Virginia – U.S. Tax Talk (https://us-tax.org/about-this-us-tax-blog/): If your clients want a defense that probably won’t work, tell them to try, “Oh Mr. Taxman, I know it looks like my money … but it really isn’t … .” If they’re using a nominee, also tell them to make sure it’s done right. 
• Tax Notes (https://www.taxnotes.com/procedurally-taxing): How in Neuberger, Quinn, Gielen, Rubin & Gibber PA v. United States, a law firm became the alter ego of many a taxpayer.
• Parametric (https://www.parametricportfolio.com/blog): A long-time boom market is dandy, but how can clients still manage loss harvesting?
• Taxable Talk (http://www.taxabletalk.com/): In a blog entry rich with the lingo of the game, a look at the real winners of the recent World Series of Poker.

State of the states

• Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Takeaways from 2024 state legislative sessions include how major tax cuts were largely rejected but states continue to chip away at income taxes. And while property tax cuts were a hot topic nationwide, many states failed to deliver effective solutions to affordability.
• TaxConnex (https://www.taxconnex.com/blog-): The importance of mapping for sales tax obligations and compliance.
• Taxjar (https://www.taxjar.com/resources/blog): August sales tax due dates.
• Withum (https://www.withum.com/resources/): A look at Michigan’s recently expanded R&D tax credit, which bumps the break to potentially 15% of qualifying expenses from the previous 1.9%.

The staff of life

Don’t panic

• The National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at Mary, who received a W-2 for tax year 2023 from her home state’s Medicaid program. The payments are for the care of her incapacitated father; Mary lives with him in his home to provide care. Are these payments truly wages that Mary must claim as income?
• Gordon Law (https://gordonlawltd.com/blog/): Why the first thing they should do is not panic after getting a CP14.
• Sikich (https://www.sikich.com/insights/): An attempt at “demystifying” the current expected credit loss model for not-for-profits.
• AICPA & CIMA Insights (https://www.aicpa-cima.com/blog): Grow your network, grow professionally, shape policy and the future of taxes: top benefits of volunteering for the AICPA Tax Division.
• Taxing Subjects (https://www.drakesoftware.com/blog): How feedback from clients — seeking it, gathering it and acting on it — is key to a robust practice.