The clawback; in acquisitions, like likes like; marketing for preparers; and other highlights from our favorite tax bloggers.
Nasty ‘assty
- Institute on Taxation and Economic Policy (https://itep.org/category/blog/): How the debt-ceiling deal could wind up increasing the deficit by clawing back billions from the IRS.
- Tax Vox (https://www.taxpolicycenter.org/): Or, to put it another way, “What policymakers give, policymakers can take away.”
- National Association of Tax Professionals (https://blog.natptax.com/): A recent IRS letter ruling should serve as a reminder that nonprofit organizations could lose their tax-exempt status for payments to a related for-profit organization without arm’s-length operations.
- Global Taxes (https://www.globaltaxes.com/blog.php): The Tax Court has held that the IRS lacks authority to assess and collect after an owner of foreign companies fails to file or pay penalties. How will this play out?
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): Tracy v. Commissioner presented the Tax Court with whether a disabled, elderly attorney is eligible for penalty relief concerning payroll taxes associated with winding down his practice.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): The Weather Outside Is Frightful Dept.: What to remind them about documenting property for tax and insurance claims before the hurricanes and other weather that our mother used to call “nasty assty.”
- The Tax Times (https://www.thetaxtimes.com) Steamroller win in the Senate recently for the U.S.-Chile bilateral tax treaty. The lone opposition was Kentucky Republican Rand Paul, who failed to amend the agreement with extra privacy safeguards.
Going pro
- The Rosenberg Associates (https://rosenbergassoc.com/blog/): For years there’s been a merger frenzy in the profession as boomers near retiring age (likely without a succession plan for their firm) and larger firms continue feeding their ceaseless appetite for growth by acquisition. But why do CPA firms usually just sell to other CPA firms?
- Canopy (https://www.getcanopy.com/blog): Low pay and stalled career growth figure into why accountants quit and why new students aren’t coming on board.
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): Advice for recent grads considering the profession, from Ricky Nelson to Sherwin Williams.
But not forgotten?
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): How even after widespread COVID, tax relief remains under-theorized and politically motivated.
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Another constant that COVID flipped on its head: the concept of hiring remote, even overseas, workers to handle tax prep.
- Marcum (https://www.marcumllp.com/insights): The net operating loss provisions of the CARES Act don’t apply at the state or federal level for years beginning on or after Jan. 1, 2022. Now that New York’s treatment of NOLs has recoupled with the federal provisions, a potential taxpayer problem becomes evident.
- Mauled Again (http://mauledagain.blogspot.com/): Sometimes you just get it right first off: A message from a few years back about freedom and taxes, by way of speed limits.
- Solutions For CPA Firm Leaders (https://ritakeller.com/wordpress/): Not to zoom in on death or anything, but would your clients miss you if you were gone?
Letter rip
- Taxbuzz (https://www.taxbuzz.com/blog): A new report indicates that artificial intelligence could help the IRS recover more than $6 billion in losses.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): As organizations gear up for the global data security standard PCI DSS 4.0, changes and requirements loom, one of the most critical being updates of policies and procedures. Highlights of policy areas needing updates.
- University of Illinois Tax School (https://taxschool.illinois.edu/blog/): What to remind them about two other provisions of SECURE 2.0: additional catchup contributions and student loan matching contributions.
- Taxable Talk (http://www.taxabletalk.com/): The World Series of Poker has opened again; soon will come the ITINs.
Be reasonable
- Procedurally Taxing (https://procedurallytaxing.com): A taxpayer with more than 100 years of pristine compliance history, a dedicated executive board and hands-on CEO and dependable compliance employee and external auditor neglected to make employment tax deposits or file 941s for three quarters. The IRS assessed $500,000-plus in penalties. Will reasonable cause hold up?
- Boyum & Barenscheer (https://www.myboyum.com/blog/): Are your NFT clients’ interim and year-end financial statements at odds?
- Meyers Brothers Kalicka (https://www.mbkcpa.com/insights): Women are still overlooked for promotion and leadership. The reality: You can’t ignore that companies with greater gender diversity among leaders are more profitable.
- AICPA Insights (https://www.aicpa-cima.com/blog): Thirty-eight states plus D.C. have now legalized cannabis for medical and/or recreational use and you could have clients investing in or expanding into this industry. How to keep up.
- Taxing Subjects (https://www.drakesoftware.com/blog): Marketing techniques tailored for tax preparers start with recognizing your audience.
- Sikich (https://www.sikich.com/insights/): The benefits of making the transition to agile auditing are well-documented, so organizations may jump into this transition — only to be blindsided with challenges during implementation. What to watch for.
- Sovos (https://sovos.com/blog/): Three things to tell your e-commerce clients if they get a sales tax notice from a state or jurisdiction.
- Turbotax (https://blog.turbotax.intuit.com): As the season fades, what to remind them about what records to keep.
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