Accountants go meta; muddy start to the season; the controller as preparer; and other highlights from our favorite tax bloggers.
What a world
- Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Most state budgets are flush with cash due to billions in federal aid and a rebounding economy, positioning state policymakers to invest in programs such as health care, education and infrastructure to help communities rebound from the pandemic. Yet most state legislatures are instead opting for premature, myopic tax cuts.
- Boyum & Barenscheer (https://www.myboyum.com/blog/): Many employees receive part of their compensation from sales-related commissions. To attract and keep top talent, some companies even allow employees to earn unlimited commissions. Not hard to guess how such a system could get abused.
- Mauled Again (https://mauledagain.blogspot.com/: A recent tangled web of crooked tax prep in Ohio is a reminder that committing one crime often leads to committing others, as well as to just bad decisions.
- Eide Bailly (https://www.eidebailly.com/taxblog): “Accounting firms are following the example set by other companies to launch operations in the metaverse, a digital space where players simulate real-life activities from shopping to gaming to business consulting.” Maybe, in this industry’s case, all three.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): A networking card gets you into any virtual or in-person gathering and helps you leave with a big stack of business contacts. No? Maybe a networking card will exist someday, but in the meantime, networking is a skill you can and must learn.
- Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): Estates are like big snowflakes that families claw each other apart over — each one’s unique, and here’s what to remind them about estate planning being far from one-size-fits-all.
- Taxing Subjects (https://www.drakesoftware.com/blog): Form 1024, “Application for Recognition of Exemption under Section 501(a) or Section 521 of the Internal Revenue Code,” is the latest function headed into the e-world.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): For most federal agencies, centralized review by the Office of Information and Regulatory Affairs and regulatory impact analysis have been a routine for more than 40 years. Not so in the tax context.
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): The SBA’s year-end Payroll Protection Program loan forgiveness report reveals that some four out of five PPP loans have asked for, and been given, forgiveness.
The month ahead
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): The filing season does indeed kick off soon, with the first return being thrown out (so to speak) a week from Monday. This year’s subheads to this headline news include: “Computer Systems Will Be Ready,” “COVID-Related Tax Tips” and, yes, “[Last Year’s] Clean-Up Still Ongoing.”
- TaxMama (http://taxmama.com): Some of the good and bad things this month will bring to the tax world.
- Taxbuzz (https://www.taxbuzz.com/blog): In this month’s chat, tax pros discuss coping with tax planning in this age of congressional uncertainty.
- Canopy (https://www.canopytax.com/blog): Seven accounting memes to brighten your week include one about still dealing with the last two seasons and which features mud.
State your case
- John R. Dundun II EA (http://johnrdundon.com/): As of right now, all Colorado employers — regardless of the number of employees or where those employees work — are subject to paid sick leave requirements.
- Tax Foundation (https://taxfoundation.org/blog): Alaska’s proposal to introduce a wholesale tax on vapor products could in fact make switching from combustible tobacco — one stated aim of pushing vaping — pricier for smokers.
- Avalara (https://www.avalara.com/blog/en/north-america.html): States’ sales tax holidays for this year.
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): A rundown of the latest (and “famous”) New Jersey NATP state tax seminar.
- The Tax Times (https://www.thetaxtimes.com): Time plays tricks on us all. The Tax Court, in Todisco, has granted a wife innocent spouse relief for two tax years even though she knew about tax deficiencies in the earlier year when she signed the later year’s return.
- Procedurally Taxing (https://procedurallytaxing.com/): Regarding another case, guest blogger Audrey Patten discusses how the tacit consent doctrine may extend far beyond signing a joint return.
Ounces of prevention