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In the blogs: Nothing’s free

Fifty years of preparing taxes; golden days for whistleblowers; confusion in Colorado; and other highlights from our favorite tax bloggers.

Nothing’s free

  • Mauled Again (http://mauledagain.blogspot.com/): As fresh today as the day it was penned: “In order for a person to have something for free, someone else must pay.”
  • The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): Half a century of preparing taxes started with a chance encounter on Lincoln’s Birthday, a briefcase of that year’s tax “stuff,” and instructions to “jump in and swim.” Oh, and the best way to learn how to prepare returns “is by preparing them manually.”
  • Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com): Many taxpayers seem to believe that income below a certain level does not represent income that must be reported on a taxpayer’s return. Not true in some instances of drop-shipping for online sales.
  • Eide Bailly (https://www.eidebailly.com/taxblog): All the news that fits to print on the latest federal budget proposals.
  • Mahaney Law (https://www.mahanyertl.com/blog/): A new report indicates that wealthy Americans withhold over $600 billion each year in taxes; over the next decade the amount of unpaid taxes will exceed $7 trillion. Will this — and heightened enforcement — encourage more tipsters?
  • Tax Foundation (https://taxfoundation.org/blog): Lawmaking efforts remain underway to reform federal treatment of marijuana by descheduling it, meaning it no longer would be a prohibited substance. Not surprisingly, the bill includes an excise tax on all sales of marijuana products, which would take effect six months after the bill becomes law. The issue with the tax design, however, is twofold.

Help with frustration

  • Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): What to remind them about deadlines in June.
  • Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): In honor of the holiday just passed, tax considerations for military survivors.
  • Taxbuzz (https://www.taxbuzz.com/blog): What to remind them about the IRS sending unemployment benefit tax refunds for those who overpaid.
  • Boyum & Barenscheer (https://myboyum.com/blog/): Many Americans remain unemployed due to the COVID-19 pandemic (at least 9.8 million at the end of April, according to the U.S. Bureau of Labor Statistics). But that’s expected to change quickly as employers ramp up hiring activities. If your not-for-profit client will soon need new staffers, they might want to start putting out feelers now.
  • Taxing Subjects (https://www.drakesoftware.com/blog): What to tell them if they ask about the latest IRS word on interest rates.
  • Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): How one word can make a lot of difference when dealing with frustrations.
  • Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): What to tell them about the basics of crypto — including how it’s taxed.

State news

  • John R. Dundon II EA (http://johnrdundon.com/): Colorado is arguably the most challenging regime as a direct result of all 70 home rule municipalities and their draconian collection enforcement standards. On a bright note, and much to the relief of retailers, Colorado is now making strides streamlining local sales tax collection for remote sellers within the state.
  • Taxjar (http://blog.taxjar.com/): June’s sales tax due dates, by state.
  • Sovos (https://sovos.com/blog/?region=united-states): Why to pay attention to — and why too many taxpayers might ignore or misuse — states’ information on voluntary disclosure agreements. A look at Delaware.