In the blogs: Ob-La-Di OBBBA

OBBBA and gambling; a billing lesson from bookkeeping; BOI 2.0; and other highlights from our favorite tax bloggers.

Ob-La-Di OBBBAe

Challenges new and old

Why to love enforcement

National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): How the Taxpayer Assistance and Service Act includes the Taxpayer Advocate’s recommendation to clarify TAS’s ability to access certain types of IRS information, and what that means for TAS’s independence.
Tax Vox (https://www.taxpolicycenter.org/taxvox): Seems counter-intuitive, we admit, but cutting IRS enforcement is actually a disservice to taxpayers and opens the floodgates to unintentional errors.
Virginia – U.S. Tax Talk: (https://us-tax.org/about-this-us-tax-blog/): In Soroban Capital Partners LP v. Commissioner, a Tax Court decision upended assumptions about the self-employment tax exemption for limited partners in hedge funds, and by analogy to venture capital and private equity partnerships both in the U.S. and abroad.
Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Victims of major natural disasters generally are eligible for a variety of federal filing relief, which the IRS eventually greenlights. A bill that would speed up that process awaits President Trump’s signature.