Assessing your fees; partner comp; how to spend money; and other highlights from our favorite tax bloggers.
Pressing questions
- Tax Pro Center (
https://accountants.intuit.com/taxprocenter/ : How do your fees stack up against the national average? - National Association of Tax Professionals (
https://blog.natptax.com/ ): Answers to some of the top questions about beneficial ownership information reporting. - Tax Vox (
https://www.taxpolicycenter.org/taxvox ): The Social Security retirement program will be unable to pay full promised benefits in about 10 years. Two “highly respected” experts would slash tax subsidies for private retirement savings and use the money to shore up the public system. - Summing It Up (
http://blog.freedmaxick.com/summing-it-up ): Newly proposed federal legislation will require Employee Retention Credit promoters to disclose their clients to the IRS. Employers are advised to verify their claims with an independent third party — preparing for potential audits. - Avalara (
https://www.avalara.com/blog/en/north-america.html ): Last month the House overwhelmingly passed H.R. 7024, a bill that increases Child Tax Credit provisions, depreciation allowances, the low-income housing tax credit and tax relief for losses due to natural disasters, among other provisions. It also changes reporting thresholds for at least some 1099s. - Marcum (
https://www.marcumllp.com/insights ): What to remind them about taking a loss on worthless securities. - Sikich (
https://www.sikich.com/insights/ ): The Institute of Internal Auditors has released its revised Global Internal Audit Standards, which kick in next January. Deciding when to implement the new standards presents “a bit of a challenge.”
Reports and roundtables
- Tax Foundation (
https://taxfoundation.org/blog ): A new Congressional Budget Office report finds that temporary pandemic-related policies reduced income inequality in 2020 by more than any other year since 1979. - Institute on Taxation and Economic Policy (
https://itep.org/category/blog/ ): The GAO has echoed that the IRS can raise significant revenue through unpaid but legally owed taxes by auditing the most well-off households. - The Rosenberg Associates (
https://rosenbergassoc.com/blog/ ): Initial highlights of a recent managing partner panel covering partner comp (“Firms that pay out 100% of the profits may be short-sighted …”) and partner buyouts, including “circuit breakers” to protect the firm’s cash flow and make large buyouts affordable. - Vertex (
https://www.vertexinc.com/resources/resource-library/filter/field_asset_type/blog?page=0 ): Tax technologists are increasingly difficult to find, hire and retain. A recent roundtable of chief tax officers goes over some of the qualities the role requires.
That time of year
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