Tax Law Income

Within the blogs: Small detours

August 5, 2021
hadmin

The problem with some tax credits; a PPP procurement portal; Crypto responses; and other highlights from our favorite tax bloggers.

Small detours

  • National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): An earlier blog described the initial stages of a tax return after filing, including certain detours that a tax return can take how to go through the reviews before posting on IRS systems. One of those detours: a review by the IRS's Error Resolution System, during which the return is checked for possible errors or omissions. And this sign-up season, ERS has seen a significant backlog, which has resulted in delays in refunds.
  • Boyum & Barenscheer (https://myboyum.com/blog/): Erasing That Fine Line Dept .: What exactly is the difference between a “gift” and a “kickback” for employees? (By the way, what about relatives? ")
  • Sovos (https://sovos.com/blog/?region=united-states): How the new E-988 surcharge could be the start of a new and far-reaching tax liability for sellers of prepaid wireless products and services.
  • Taxjar (http://blog.taxjar.com/): There are many ways to host an online course. And do you know what else there is in great variety in online lessons? Sales tax law! Here is "Online Class Controllability 101".
  • Tax Foundation (https://taxfoundation.org/blog): Louisiana lawmakers passed tax reform that has received overwhelming political support, but voters will have the final say. Ultimately, the plan would simplify the state's tax laws, reduce the tax burden on residents, and make the state more competitive. A walkthrough of what's in these reforms and what impact the changes will have on taxpayers.

Limited credit

  • Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): A look at the recent discussion by the IRS Chief Counsel's office on issues related to the cancellation of conservation easements. Specifically, these requirements prevent an easement with a waiver clause that precludes an increase in the post-donation asset (due to post-donation improvements in calculating the charity's share of that revenue) from qualifying for a charitable deduction.
  • The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): What to remind you of changes to the child and long-term care loan for 2021.
  • Taxbuzz (https://www.taxbuzz.com/blog): What you can say about tax breaks – and how such "perks" can actually cost a customer money.
  • Mauled Again (http://mauledagain.blogspot.com/): Another problem with tax credits and deductions for the right thing – with a particular focus on the undeserved benefits of perseverance.
  • Conclusion (http://blog.freedmaxick.com/summing-it-up): New York State's 2021-22 draft budget included a new pass-through entity tax ("PTET"), an optional tax on passport – by legal entities, valid for tax years beginning on or after January 1, 2021. Eligible Partnerships and S companies that are required to register in New York have the option to pay corporate tax at graduated rates. A look at PTETs, including the other states that have them.
  • The Tax Times (https://www.thetaxtimes.com): FBAR Stays High: A look at a recent report that a New York woman is being fined $ 333,000 for having bank accounts in Switzerland and controlled in Hong Kong, not reporting to Kong.
  • Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): The Small Business Administration now has an application portal for the Paycheck Protection Program, which borrowers with loans of USD 150,000 or less allows to ask for forgiveness directly from the SBA.

A question of time

  • Solutions For CPA Company Leaders (http://ritakeller.com/blog/): How You Will Reap: Plant Seeds Early examines how the American Institute of CPAs is encouraging the profession to urge high school students to think about it , a CPA. “There is only one thing wrong with this activity,” claims the blogger.
  • Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): The US Senate is steering this week towards the passage of a 550 billion infrastructure bill, an important milestone for President Joe Biden's economic agenda. Recent developments include the Democratic and Republican Senators negotiating a plan to ruin their weekend over the 2,702-page bill. Majority Leader Chuck Schumer said it would happen "in a few days".
  • Eide Bailly (https://www.eidebailly.com/taxblog): More current news about the real infrastructure week.
  • Parametric (https://www.parametricportfolio.com/blog): Investors may miss opportunities due to the wrong tax management strategy. While one size fits all, an organized, systematic approach that is continuously monitored and adjusted can ensure that investors make the most of every opportunity.
  • Don't mess with taxes (http://dontmesswithtaxes.typepad.com/): Last fall, the Internal Revenue Service announced that it was adding QR codes or quick response codes to some of the communications it sends to taxpayers . In particular, the codes are included in tax assessments. The timeless goal: to make it easier for taxpayers to deal with the notices and the agency.
  • AICPA Insights (https://future.aicpa.org/blog): This revamped blog is moving to a new daddy and this week the new AICPA chair is showing its vision for the future of the profession.

To be pinned

  • Taxation of Topics (https://www.drakesoftware.com/blog): The second week of the Security Summit “Protect Your Clients; Protect Yourself ”campaign focuses on helping taxpayers protect their returns by highlighting the benefits of an IP PIN. The biggest hurdle seems to be thematically similar for many clients: making them understand why they need an IP PIN. Plus six tips for anyone thinking about an IP PIN.
  • Gordon Law (https://gordonlawltd.com/blog/): The Crypto-Crawlies: What to Say About Responding to a CP2501.
  • Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): What to tell them about trusts in general.
  • Surgent Income Tax School (http://www.theincometaxschool.com/blog/): Your customers expect and deserve much more than just a correct tax return. In order to make the experience positive and add value, a good first impression must be made. How to cross this Ts before.