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In the blogs: Playing nice

1099 trouble; getting a partner out; oh BOI; and other highlights from our favorite tax bloggers.

Playing nice

Incoming

  • The Tax Times (https://www.thetaxtimes.com): In what may well become the huge tax story of the second half of this year, FinCEN has issued its first guidance on reporting beneficial ownership information. Reporting requirements kick in next Jan. 1.
  • Global Taxes (https://www.globaltaxes.com/blog.php): The rule will require a reporting company to identify itself and report four pieces of information about each of its beneficial owners: name, birthdate, address and “a unique identifying number and issuing jurisdiction from an acceptable identification document.” The idea? Greater exposure of “criminals, corrupt actors and anyone trying to hide ill-gotten gains in the United States.”
  • Marcum (https://www.marcumllp.com/insights): The top five cybersecurity threats that popped up over the last month (“Cryptojack” is probably our favorite name.)
  • Tax Foundation (www.taxfoundation.org/blog): The past two years have seen a strong focus on tax reform, specifically on individual and corporate income taxes. But as housing prices have spiked, property tax has come into the spotlight in many states.
  • Eide Bailly (https://www.eidebailly.com/taxblog): The Washington Supreme Court has upheld a capital gains tax in a state where, until now, the state had no income tax. The court said the tax is constitutional under the Washington constitution because it is not an “income” tax.
  • Avalara (https://www.avalara.com/blog/en/north-america.html): A bill making its way through the Colorado General Assembly could help businesses comply with the state’s thorny retail delivery fee that took effect last summer.
  • Boyum & Barenscheer (https://www.myboyum.com/blog/): Key 2Q23 tax deadlines for individuals and businesses alike. 

What a relief

  • TaxConnex (https://www.taxconnex.com/blog-): How to address the growing skills gap for clients trying to field sales tax obligations, including fine-tuning job descriptions and what to look for in a candidate.
  • VonLehman CPA & Advisory (https://vlcpa.com/articles/): Taxpayers must recognize the requirement for research and experimental expenditures to be amortized ratably over five years for domestic research and 15 years for foreign. Many bipartisan bills have attempted and failed to provide relief for this requirement — but here’s a look at a new bill just introduced.
  • Tax Vox (https://www.taxpolicycenter.org/): The revenue provisions of President Biden’s fiscal 2024 budget would lower after-tax incomes an average of about $2,300 next year, according to analysis by the Tax Policy Center. 

Lots of questions

  • TaxMama (http://taxmama.com): Mama fields common problems of this season, from wonky W-2s to a new LLC and S corp election with no activity (“Do I have to file a tax return?…”)
  • Virginia – US Tax Talk (https://us-tax.org/about-this-us-tax-blog/): The season marks a good time to review the various civil statutes of limitations that apply to U.S. tax matters — plus a recent Tax Court case shows how harsh the consequences of the SOL can be if a taxpayer can’t outrun it.
  • Peisner Johnson https://peisnerjohnson.com/blog/): Shipping and handling was a bit of a mystery in e-commerce even long before it was called “e-commerce.” How does S&H apply to sales tax?
  • National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at conflicting (net-based, coincidentally) information regarding federal tax credits for two- and three-wheeled vehicles on the internet. Can a taxpayer claim the federal credit for a two-wheeled vehicle acquired in 2022?
  • Armanino (https://www.armanino.com/): If you and your client have enterprise resource planning and customer relationship management systems, what would be the advantage of integrating them?
  • Gordon Law (https://gordonlawltd.com/blog/): Wondering if staking ETH2 is taxable and how to report it? With the legal gray area surrounding ETH2 staking taxes, it’s more important than ever to understand how and when to report them.