Pluses of filing early; shutdown fallout; CAF problems; and other highlights from our favorite tax bloggers.
Sense of security?
- Liberty Tax (http://www.libertytax.com/tax-lounge): What to tell them about the pluses of filing early, from possibly avoiding fraud or ID theft to knowing exactly what you do or don’t owe.
- The Income Tax School (http://www.theincometaxschool.com/blog/): And remember, “The shutdown is likely giving [your clients] a false sense of security that they now how more time. Here’s the thing: They don’t!”
- Intuit Proconnect (http://taxprocenter.proconnect.intuit.com/): You Said It, Brother Dept.: “Given the complexity of our Tax Code, tax season is already jam-packed with an intensity of volume over a short period of time.” With more questions from your clients and delays on final forms and revenue procedures on the new Tax Code items as the cherry on top, a different approach to setting your clients’ expectations might be in order.
- Dinesen Tax Times (http://dinesentax.com/blog): This “Glossary” examines the tiers of railroad retirement benefits and points the way to good sources for further reading.
- Wolters Kluwer (http://news.cchgroup.com/): A look at the most important of some 10 technical corrections related to depreciation in the recent Blue Book issued by the Joint Committee on Taxation, including QIP and Sec. 179 expensing of QIP.
- Solutions For CPA Firm Leaders (http://ritakeller.com/blog/): Why many firms should pursue client accounting services — and why smaller firms seem “less enthusiastic” on the idea as they stare down the barrel of elevating technology into a much broader role in their business.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): “Real property owners and developers often consider the federal Historic Tax Credit when evaluating whether to acquire and substantially rehabilitate historic buildings. What did the Tax Cuts and Jobs Act do to this credit? Well, little good for the future of historic buildings.
- Sagenext (https://www.thesagenext.com/blog): If your clients’ requirements have evolved to financial advice from compliance reporting, “From Bookkeeping to Strategic Advisory” looks at how you can change your approach — and increase your value in the market.
- Houston Tax Attorney (http://www.irstaxtrouble.com/category/tax-blog/): If a U.S. person commits tax fraud under the laws of a foreign country, can the foreign country’s tax collector use the U.S. court system to collect from the U.S. person?
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): A jaundiced eye examines some aspects of the “Famous N.J. State Tax Seminar” presented by the New Jersey chapter of the National Association of Tax Professionals. The food has improved and breakout sessions remain well worth the drive in sometimes foul weather.
- Bloomberg BNA (https://www.bna.com/news/#!topic=tax&type=blogpost&page=1): At least one Texas legislator seems to be serious about property tax reform in 2019: Republican Rep. Matt Krause introduced a bill that would allow local taxing jurisdictions to substitute a local sales and use tax for the property tax.
- Taxable Talk (http://www.taxabletalk.com/): Where is PokerStars? The Netherlands wonders.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Our favorite (we’re sorry to say) opening of the week: “Economic inequality in the United States is now approaching historic levels last seen in the years leading up to the Great Depression.” A look at a recent paper aiming to move beyond the “stalemate” of whether the federal income tax alone can curtail rising inequality to “redefine the role of wealth in a progressive tax system.”
- Procedurally Taxing (http://procedurallytaxing.com): Guest blogger Prof. Patrick Thomas discusses an issue impacting all practitioners but of particular importance to academic clinics: the CAF unit at the IRS, usually dealt with to submit power of attorney forms. Note: “Many of the CAF unit problems cross all practice areas.”
- Tax Vox (http://www.taxpolicycenter.org/taxvox): Yes, they’ve answered the question for many of America’s families who live on the rim — and maybe for a few of your clients — but will that answer hold the strain if the shutdown drags on? A look at refunds and other benefits that vulnerable Americans can barely live without.