In blogs: The fine print
Capital gains on death; prevention ounces; extremely dark silver; and other highlights from our favorite tax bloggers.
The fine print
- Federal tax crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Kronowitz, the court accepted the government’s assertion concerning the voluntary civil sanction of the FBAR. “The facts were bad” for Kronowitz, an accountant and preparer for many years who admitted to seeing “hundreds” of Schedules B and testified that “knowing the purpose of Schedule B and its requirements” did probably not read the instructions because he was “more concerned with supporting his family and taking care of his clients.”
- Taxjar (http://blog.taxjar.com/): What to tell them about the different privileges.
- Procedural taxation (https://procedurallytaxing.com): Gilbert v. United States is a recent Ninth Circuit opinion that discusses and applies declaratory judgment law in the context of a contractual dispute between a foreign entity that owned property in Arizona and the Gilbert, Americans who purchased the property. A look at “the somewhat unusual path” which led the court to conclude that the ADI prevented the court from ruling on the merits of the dispute.
- Tax time (https://www.thetaxtime.com): An owner of an acupuncture clinic in Queens, New York, uses C-Duction (in cash) and now faces tax charges.
- Sovos (https://sovos.com/blog/?region=united-states): An overview of new Kansas regulations affecting shipments of wine directly to consumers in the state.
- Vox Taxation (https://www.taxpolicycenter.org/): President Biden has proposed major changes in the way the United States taxes the assets of those who have died. How the White House would tax and not tax capital gains on death.
Ten years and more
- Avalara (https://www.avalara.com/us/en/blog.html): The impact of the coronavirus pandemic on the habits of businesses and consumers was unexpected and immediate (can you say “Click here to complete purchase”?). A recent survey of trade executives examines this drastic shift in spending habits and how it will affect businesses now and in the future.
- National Association of Tax Professionals (https://blog.natptax.com/): This week, “You Make the Call” examines Caesar, a plumber with a Schedule C business. A year ago last May, his son, Cesar Jr., 10, was diagnosed with COVID by a test approved by the CDC. His doctor told Caesar to quarantine himself since he was exposed and to look after his child until further notice; Caesar was unable to work for 60 days. Caesar preparer reads Form 7202 and wonders if Caesar qualifies for sick leave credit for certain self-employed workers?
- Professional Tax Center (https://proconnect.intuit.com/taxprocenter/): Approximately every 10 years there is an economic or catastrophic crisis with lasting effects. (And they say you can’t depend on anything anymore!) Tips for getting your business ready for the next mess.
- TaxPro Blog (http://taxprof.typepad.com/taxprof_blog/): Is black silver getting darker? How the IRS shut down the collection of donor data, its long-standing practice of requiring most nonprofits to disclose the names and addresses of major donors in the annual report of nonprofits. non-profit. The political shenanigans and the implications involved.
- Boyum & Barenscheer (https://myboyum.com/blog/): To help you (or your client) understand the concept of succession planning, you can look at it from three different angles: long, soon, and sharply disastrous.
- Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): The Group of Seven Rich Nations has struck a landmark deal that could help countries collect more taxes from big business and allow governments to impose taxes on U.S. tech giants like Amazon and Facebook. The agreement aims to modernize the century-old international tax code and calm the transatlantic tensions that threatened to escalate into a trade war under Donald Trump. But the key details have yet to be clarified – and full implementation could take years.
To move on
- School of Income Tax (http: //www.the Incometaxschool.com/blog/): Based on the experiences of the past season, here is a short list of things you can start right away to improve your practice, starting with networking.
- Canopy (https://www.canopytax.com/blog): What exactly is a growth strategy and why is it essential to have one?
- Sikich (https://www.sikich.com/insights/): The deadline is looming on the new lease accounting standards under FASB ASC Topic 842 or GASB Statement 87. How do you select a compliance solution?
- Taxbuzz (https://www.taxbuzz.com/blog): In the last chat, tax professionals across the country discuss what they really think about influencers who say preparation is no longer a viable source of income, from tax planning to homeowners. business right now and the pros and cons of waiting.
- Solutions for executives of CPA firms (http://ritakeller.com/blog/): It’s not just about how to fix people, it’s about which people to fix.
- In summary (http://blog.freedmaxick.com/summing-it-up): As part of ARP’s Higher Education Emergency Relief Fund III, the US Department of Education has authorized the release and will channel approximately $ 36 billion in emergency funds to public and private nonprofit institutions . A look at the restrictions and compliance requirements.
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): What to tell them about the “life cycle” of their federal declaration.