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In the blogs: Just saying

The statute’s start; chat’s all, folks; costs of fraud; and other highlights from our favorite tax bloggers.

Just saying

Post-game show

  • Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Another season in the books. But this year the afterglow includes everyone’s special agency and its new strategic plan. And how what’s in it may determine how future seasons go.
  • Eide Bailly (https://www.eidebailly.com/taxblog): Regulate preparers, the IRA benefits China, we can shortcut debt: It was Tax Day all week in this recap of recent ramblings on Capitol Hill.
  • National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at a preparer who e-filed a client’s 2022 personal return on April 18 at about 6 p.m. CDT and was out of the office on April 19. Upon returning, the preparer discovered the return had been rejected due to an error. Will the client face late-filing penalties when the preparer resubmits the return?
  • Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): A closer look at the Biden and Harris tax returns.
  • HBK (https://hbkcpa.com/insights/): A recent sales tax assessment in North Carolina makes it all the way to the U.S. Supreme Court.
  • Turbotax (https://blog.turbotax.intuit.com): Mid-season season Gen Z trends included almost two out of three filers seeing an increase in adjusted gross income of 10% or more year over year, and almost all getting a refund in Tax Year 2021. 
  • Taxbuzz (https://www.taxbuzz.com/blog): What to remind biz clients about how different entities affect taxes.
  • Tax Pro Center (http://proconnect.intuit.com/taxprocenter/): What to remind your S corp clients about using an accountable plan to deduct home office expenses — and how such a plan must meet requirements for the IRS.
  • Procedurally Taxing (https://procedurallytaxing.com): The back and forth (and forth and back) over whether handing a return to a revenue agent who requests it constitutes starting the clock on the statute of limitations.
  • Institute on Taxation and Economic Policy (https://itep.org/category/blog/): The party continues in many states: Among developments, Alaska’s governor plans a state sales tax in his upcoming budget and Minnesota legislators eye a new bracket for those with incomes over $1 million and a potentially powerful Child Tax Credit.

Tech marks

  • University of Illinois Tax School (https://taxschool.illinois.edu/blog/): Fear Itself Dept.: With alarms ringing over artificial intelligence and ChatGPT, are firms in danger of overlooking how these fancy new initials might streamline prep? Putting these tools to use.
  • Canopy (https://www.getcanopy.com/blog): One vendor is trying right now to bring ChatGPT into your worklife.
  • Marcum (https://www.marcumllp.com/insights): Breach Reading Dept.: The “Occupational Fraud 2022: A Report to The Nations,” published by the Association of Certified Fraud Examiners, studies 2,110 fraud cases spanning 133 countries and finds losses of some $3.6 billion.
  • Sikich (https://www.sikich.com/insights/): And according to the IBM “Cost of a Data Breach 2022” report, organizations with an incident response team and that test their response plan can save an average of $2.66 million compared with those that do not have such backstops. What’s involved in putting a team together?
  • Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): How a change of protocol from proof of work to proof of stake does not create taxable income to holders of cryptocurrency.