In the blogs: Nothing but trouble

Tax targets; getting creative; one SALT workaround; and other highlights from our favorite tax bloggers.

Nothing but trouble

Keep calm and FBAR

Lend me your earmarks

• AICPA & CIMA Insights (https://www.aicpa-cima.com/blog): One TCJA provision that continues to be debated in Congress is the SALT deduction cap. A look at IRS guidance on one workaround: the passthrough entity tax, a state or other jurisdiction’s elective or mandatory entity-level income tax on partnerships and S corps.
• Tax Foundation (https://taxfoundation.org/blog): Favorite opening of the week: “Utah’s taxes are unusually earmarked.” Seems most of the state’s individual and corporate income tax collections, along with revenues from intangible property, are earmarked for public education and more than a quarter of sales tax revenue is earmarked as well for priorities from transportation to water and natural resources. Utah is the only state to earmark the entirety of one of its major taxes; this November, voters might change that.
• Avalara (https://www.avalara.com/blog/en/north-america.html): Recent tax laws it pays to know.
• Don’t Mess with Taxes (https://dontmesswithtaxes.typepad.com): In 2027, the Saver’s Credit will become a contribution made by the U.S. Treasury to qualifying taxpayers’ designated accounts — the filer’s workplace 401(k)-type plan or their personal traditional IRA. The IRS wants our thoughts.
• Marcum (https://www.marcumllp.com/insights): The SEC director of the Division of Corporation Finance released the “Disclosure of Cybersecurity Incidents Determined To Be Material and Other Cybersecurity Incidents,” which clarifies the distinction between mandatory disclosure and voluntary disclosure for public companies under Form 8-K.
• Summing It Up (http://blog.freedmaxick.com/summing-it-up): In November, New York’s Department of Financial Services amended its Cybersecurity Regulation. The rule is aimed predominantly at the banking and insurance industries, but many other organizations will still be required to adhere.