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In the blogs: Difficult but important

Holes in a proposed gun tax; IRS budget-to-be; offshore account troubles; and other highlights from our favorite tax bloggers.

Difficult but important

  • Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): The busy season eventually fades into the off season, which in turn gives way to the second busy season before you can finally follow up with clients in November and begin traditional tax planning before the new calendar. Why this cycle needs to change.
  • Tax Vox (https://www.taxpolicycenter.org/): Taxes have appeared in recent news headlines of mass shootings through a proposed 1,000% excise tax on assault weapons and other high-powered guns. But this most significant gun/tax legislation pretty much since 1934 (remember the St. Valentine’s Day Massacre?) has some significant gaps.
  • Institute on Taxation and Economic Policy (https://itep.org/category/blog/): A look at recent major state-level tax proposals and a note to check a recent institute report focusing on how to advance equitable tax policy in the South.
  • National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): Finally, after inter-agency info-sharing snafus and Congress fixing the problem, the IRS can stop assigning to private collection agencies the accounts of taxpayers who receive SSI benefits. 
  • Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Love it or hate it or love to hate it, the IRS stands to get a $1 billion bump in its budget (to $13.6 billion) for FY23.
  • EideBailly (https://www.eidebailly.com/taxblog): All the news that fits recently about dogging the IRS. Woof.
  • TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): A look at ProPublica’s continuing series on how the ultra-rich dodge taxes “on an epic scale.”

Over there

  • Gordon Law (https://gordonlawltd.com/blog/): What to remind them about filing the 3520, including “tricky” rules even as the IRS turns up the burner on penalties for offshore financial doings.
  • Taxable Talk (http://www.taxabletalk.com/): Suppose you must file a FBAR. There is no tax due but substantial penalties for not filing. Is the penalty per unreported account or per unreported form? 
  • Tax Foundation (https://taxfoundation.org/blog): Despite winning a second presidential mandate in April, French President Emmanuel Macron’s parliamentary party lost its absolute majority in the National Assembly — where support of Macron’s tax agenda is important for three reasons.
  • The Tax Times (https://www.thetaxtimes.com): Take-Home Pay Dep’t.: As this publication’s Blotter will attest, the IRS continues to take an extremely dim view of business owners collecting and then pocketing payroll taxes.

Keeping in practice

Questions and answers

  • The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): The blogger was recently asked about a retired taxpayer who lives in South Carolina with an adult son who lives in California. The son wants to purchase a personal residence in California worth $1.3 million but needs the help of his father with the down payment and the monthly mortgage. Title will be in the name of both; both will be named on the purchase mortgage. Only the son will live in the property. Two of the big tax questions and the answers.
  • Sovos (https://sovos.com/blog/?region=united-states): What to remind them about the new (and tougher) reporting requirements regarding the 1099-K.
  • Summing It Up (http://blog.freedmaxick.com/summing-it-up): Five steps to guide a client who has just been told that their organization has become payment card industry-compliant, starting with whether they’re a merchant or service provider.
  • Henry+Horne (https://www.hhcpa.com/blogs/): What to remind clients who don’t qualify for the Child Tax Credit about credit for other dependents.
  • Taxjar (https://www.taxjar.com/resources/blog): It’s painfully clear how inflation impacts consumer spending. How does it influence sales tax?
  • TaxConnex (https://www.taxconnex.com/blog-): What could happen in 48 months? A look back at the sales tax landscape since Wayfair showed up.
  • Taxing Subjects (https://www.drakesoftware.com/blog): Breaking up is, in fact, hard to do, and in few areas of personal finance and taxes is this clearer than in divorce.
  • Parametric (https://www.parametricportfolio.com/blog): Taxable investors are also usually missing a key piece: the effect of taxes, both on the portfolio and on the benchmark.