CPAs’ real pay; crypto data released; factoring receivables; and other highlights from our favorite tax bloggers.
Minimum standards
- Avalara (https://www.avalara.com/blog/en/north-america.html): Among analyses and tips concerning the accountant shortage is one arresting detail from a CPA. She recently told NPR that her hourly salary has, on occasion, worked out to less than minimum wage.
- National Association of Tax Professionals (https://blog.natptax.com/): An appeals court found a taxpayer liable for penalties and interest after he authorized a preparer to e-file returns on his behalf and the preparer failed to do so. It’s long been established that a taxpayer is responsible for any unpaid taxes when their preparer fails to file their returns, but this decision marks the first time an appeals court has applied the rule to situations where the preparer must e-file a return.
- Tax Vox (https://www.taxpolicycenter.org/taxvox): Former South Carolina Governor Nikki Haley, who appears to be winning increasing support among Republicans in the race for her party’s 2024 presidential nomination, is running on a fairly standard GOP tax and budget platform. But it includes important twists and some inconsistencies with her record as governor.
- Tax Foundation (https://taxfoundation.org/blog): How Jeff Bezos took wing amid talk of a wealth tax for the State of Washington.
- Current Tax Developments (https://www.currentfederaltaxdevelopments.com/): The IRS has clarified its position on a widely promulgated theory by numerous Employee Retention Credit consultants, which has implications for a significant cohort of employers claiming eligibility for the tax break.
- Virginia – US Tax Talk (https://us-tax.org/about-this-us-tax-blog/): Of a certain U.S. high judge, forgiven loans and debt cancellation.
- Gordon Law (https://gordonlawltd.com/blog/): More than two years after an IRS subpoena, crypto exchange Kraken will share data with the agency regarding the identities and transaction histories of some 42,000 users — who should prepare for potential audits.
For some reason
- Vertex (https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0): A recent McKinsey report examines how retailers made major changes in response to the pandemic — and how now is no time to ease up on transformation efforts. The playbook in McKinsey’s article details emerging consumer trends and related organizational needs, including three with implications for retail tax groups.
- Sovos (https://sovos.com/blog/): Companies that offer subscription streaming are increasingly finding themselves the targets of newly proposed taxes and attempts to expand and contort existing taxes.
- Taxjar (https://www.taxjar.com/resources/blog): Services in Missouri don’t incur sales tax. Except, as is business-as-usual in sales tax, for certain exceptions.
- The Buzz About Taxes (http://thebuzzabouttaxes.com/): Favorite opening of the week: “For some reason or the other, Nepal has been calling all year.” How one client’s experience raises the same questions as in other cross-border tax matters.
- Meyers Brothers Kalicka (https://www.mbkcpa.com/insights): What to remind corporate clients about the Accumulated Earnings Tax.
- Von Lehman CPA & Advisory Firm (https://vlcpa.com/articles/): This cash flow analysis includes a handy look at the good and bad of a client’s factoring receivables.
- Solutions For CPA Firm Leaders (https://ritakeller.com/wordpress/): Congrats to this year’s Best Firms for Women.
Our thinning calendar
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): For National Family Caregivers Month, a look at some federal tax breaks available for these crucial and too-often unheralded relatives.
- Turbotax (https://blog.turbotax.intuit.com): As we in the North begin to do what our mother used to call “twist the tail” on the thermostat, here’s what to remember about new clean energy credits.
- TaxConnex (https://www.taxconnex.com/blog-): Nexus, taxability, exemptions … Time again for year-end tax planning. For your applicable clients, do not forget sales tax.
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