Planning around SSI COLAs; holiday business deductions; complex decisions of inheritance; and other highlights from our favorite tax bloggers.
Rated M for Mature
- Mauled Again (
http://mauledagain.blogspot.com/ ): The prejudice for any consumer picking a merchant has been around since the first cash register rang. It’s also been the content of countless marketing webinars and seminars, millions of advertising meetings and probably trillions of advertising dollars to try to find the sweet spot to reach the client. The same, of course, applies to tax preparers. A long-time blog reader states just, “I would avoid a tax preparer who works out of an adult bookstore.” - Taxing Subjects (
https://www.drakesoftware.com/blog ): The latest guide for the QBI deduction for tax pros. Plus, an EFIN scam alert. - ITEP (
https://itep.org/category/blog/ ) What was once acres of quiet farmland in Richland Parish, Louisiana, has been turned into a hotbed of construction after state legislators swapped rural broadband sales tax rebates into subsidized data center construction. Other state governments are rushing to offer billions of dollars in subsidies in their states, apparently without understanding how the money will be recouped, including by taxes. - CLA (
https://www.claconnect.com/en/resources?pageNum=0 ): The FDIC has issued its final rule updating 12 CFR Part 363 (a.k.a. FDICIA) which governs annual independent audits and reporting requirements for insured depository institutions. Details of the final rule.
Vigilance is always best
- MeyersBrothersKalicka (
https://www.mbkcpa.com/insights ): What to remind them about exceptions to the 10% IRA withdrawal penalty. - TaxConnex (
https://www.taxconnex.com/blog- ): A look at what can go ho-ho-horribly wrong for many ecommerce clients this time of the year. - Taxbuzz (
https://www.taxbuzz.com/blog ): Cryptocurrency taxes for New Jersey investors: What to know for 2025. - National Association of Tax Professionals (
https://www.natptax.com/news-insights/ ): Understanding CP080B notices for non-filers. - Berkowitz Pollack Brant (
https://www.bpbcpa.com/articles-press-releases/ ): Tax planning around SSI’s 2026 COLAs. - The Tax Times (
https://www.thetaxtimes.com ): Many foreigners owning property or assets in the United States are in violation of 706-NA filing requirements because of a misunderstanding, though the basic rule is pretty clear. - Virginia – US Tax Talk (
https://us-tax.org/about-this-us-tax-blog/ : In her recent article “Foreign Trusts – How Structure Can Prevent a Million-Dollar Penalty,” Priya Royal emphasizes a core maxim of cross-border tax planning: Whenever U.S. persons are part of the “clan,” heightened vigilance is required. The same principle holds true when U.S. situs assets are involved in foreign families or their structures. Global couples, global assets and global financial flows mean that U.S. tax exposure can creep in unexpectedly. - U of I Tax School Blog (
https://taxschool.illinois.edu/blog/ ): Can biz clients deduct everything they buy this time of year for and about clients? Fielding their myths.
They grow up so fast
- Palm Beach Accounting & Financial (
https://www.pbafs.com/blog ): Early in running a business, once-a-year tax prep might work. As your clients’ business matures, their financial picture becomes more layered, often in ways traditional tax prep is not equipped to handle. Why entrepreneurs outgrow basic tax prep (and what they need instead). - Wiss (
https://wiss.com/insights/read/ : Your client’s parents spent decades building a business, saving diligently in retirement accounts. Now your client is inheriting both the business and the IRA. Now how to get them ready for some complex decisions.
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