War and relief; the gap; partner pay; and other highlights from our favorite tax bloggers.
Totally unacceptable
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): The IRS has granted tax relief to affected U.S. taxpayers in Israel, the West Bank and Gaza. The relief doesn’t appear to help those American taxpayers simply stuck in the region due to the war.
- Tax Foundation (https://taxfoundation.org/blog: Outside of the pandemic, this year’s federal deficit is the highest in U.S. history, growing, according to preliminary figures, to some $2 trillion. Should we be worried?
- Tax Vox (https://www.taxpolicycenter.org/taxvox): The Supreme Court will soon hear Moore v. United States, in which the plaintiffs challenge the constitutionality of IRC Sec. 965. (This provision, enacted in the Tax Cuts and Jobs Act, imposes a transition tax on undistributed profits accrued by U.S. controlled foreign corporations between 1986 and the end of 2017.) A ruling in Moore that limits the taxation of unrealized income could potentially nullify other longstanding portions of the Tax Code.
- Global Taxes (https://www.globaltaxes.com/blog.php): Death and taxes: Another look at a recent FBAR settlement involving a Holocaust survivor.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Mind the ever-widening tax gap.
- Mauled Again (http://mauledagain.blogspot.com/): “Arguing about the size of the tax gap is similar to a driver contesting a speeding ticket by reacting to the police officer’s claim that the driver was operating a vehicle at 130 miles per hour with a defense that the driver was going only 100 miles per hour. At either speed, the risks are extraordinary and totally unacceptable.”
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): A look at FASB’s issuing of ASU 2023-06, which incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification, which are expected to clarify many matters for those concerned.
- The Rosenberg Associates (https://rosenbergassoc.com/blog/): How partner compensation changed over two decades.
Coast to coast
- Taxjar (https://www.taxjar.com/resources/blog): November’s sales tax due dates.
- Peisner Johnson (https://peisnerjohnson.com/blog/): What’s going on with Colorado’s retail delivery fee? Worth a peek as other states, their eyes incessantly on their coffers, consider RDFs too.
- Withum (https://www.withum.com/resources/): State tax updates include Pennsylvania’s online exemption application for nonprofits and New Mexico’s hearing on digital advertising tax.
- HBK (https://hbkcpa.com/insights/): What contractors can expect from Florida sales taxes.
- Armanino (https://www.armanino.com/articles/): The “California Climate Accountability Package” of legislation was signed into law a couple of weeks ago, mandating climate accountability in what has been a voluntary effort for businesses. These bills will likely set a benchmark for corporate environmental accountability, affecting companies in the U.S. and globally.
Scary
Where credit’s due
- EideBailly (https://www.eidebailly.com/taxblog): A recent poll shows that most “likely voters” in next year’s election want Congress to expand the Child Tax Credit. But they differ on how the credit should be expanded.
- Taxing Subjects (https://www.drakesoftware.com/blog): A look at the IRS updating clean-vehicle guidance. (This should eventually be a well-used tax break, if earlier environmental tax carrots for businesses are any indication.)
- Marcum (https://www.marcumllp.com/insights): What buyers and sellers have to specifically do to secure this credit.
- Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): What to remind new parents about finances — and especially tax breaks they might never have qualified for before.
- National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at Haroldo, a U.S. citizen, who runs a Schedule E residential rental business located entirely in Paraguay. While reviewing his past returns, you notice that the business assets have been depreciated using a variety of methods under the MACRS GDS. Is this correct?
- Sovos (https://sovos.com/blog/): What does credit card use have to do with how businesses handle their compliance issues? Quite a bit, as it turns out.
- Taxbuzz (https://www.taxbuzz.com/blog): How public charity clients can make the most of deductions.
Credit: Source link
