Within the blogs: Out with the bull 


New yr, new priorities; advisory service roadblocks; GM sues Frisco; and different highlights from our favourite tax bloggers.

Out with the bull

  • Keller Advisors (https://ritakeller.com/wordpress/): Listed below are greater than a dozen 2024 resolutions to your agency. Decide a couple of and persist with them.
  • Tax Professional Heart (https://accountants.intuit.com/taxprocenter/): Members of Intuit’s Tax Council share their observe resolutions, together with “a dollar- and time-efficient skilled and private life,” “not taking anybody’s bull anymore” and “deleting as a lot as attainable.”
  • Institute on Taxation and Financial Coverage (https://itep.org/class/weblog/): The yr could also be new, however state lawmakers appear to have the identical previous decision: slashing state revenue taxes. 
  • Boyum & Barenscheer (https://www.myboyum.com/weblog/): One other take a look at who should report helpful possession data.
  • Palm Seashore Accounting and Monetary Providers (https://www.pbafs.com/weblog): A handy-dandy guidelines for shoppers (or for you) contemplating early retirement.

Guidelines re-defined

  • Taxable Speak (http://www.taxabletalk.com/): Of crypto, playing and the 8300.
  • Do not Mess with Taxes (http://dontmesswithtaxes.typepad.com/): How briskly the IRS turns round returns and kicks out a refund is, to cite Capt. Barbossa of “Pirates of the Caribbean,” “Extra pointers than precise guidelines.”
  • Procedurally Taxing (https://www.taxnotes.com/procedurally-taxing): When a Tax Court docket petition completely, positively did not get there in time.
  • Taxing Topics (https://www.drakesoftware.com/weblog): The IRS has introduced new penalty reduction of some $1 billion to people, companies, and tax-exempts who did not obtain automated assortment reminder notices throughout the pandemic.
  • Present Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The IRS will not uphold the stance outlined in Personal Letter Ruling 201647001, the problem being the dedication of present (and attainable subsequent property) tax penalties of modifying an deliberately faulty grantor belief.

Nagging questions

  • Tax Vox (https://www.taxpolicycenter.org/taxvox): A latest listening to of the Home Methods and Means Committee’s Subcommittee on Tax Coverage introduced consideration to an essential subject: How can the Tax Code spur financial progress whereas sharing the positive aspects broadly? Children are a part of the reply.
  • Cover (https://www.getcanopy.com/weblog): Favourite opening of the week, relating to psychological sabotage to offering value-added companies: “How can I present advisory companies if I do not even know what they’re? What if I give the improper recommendation? What if I get put into jail for recommendation I did not even know was improper? What if aliens invade and destroy the planet as a result of I did not know that short-term leases are depreciated over 39 years and never 27.5?” You get the thought. Here is the best way to plow forward anyway.
  • Sovos (https://sovos.com/weblog/): A case lately filed within the Illinois Impartial Tax Tribunal by PetMeds Categorical re-opens the million-dollar query: Can a taxpayer win a constitutional argument towards financial nexus?
  • Nationwide Affiliation of Tax Professionals (https://weblog.natptax.com/): This week’s “You Make the Name” appears to be like at Cliff, a furnishings salesman who annually receives a W-2 from his employer. When he sells a sure variety of furnishings items on the retailer, he additionally earns an incentive bonus from the producer, which is reported to him on a 1099-MISC. Ought to this 1099 revenue be reported on a Schedule C as self-employment revenue?
  • Mauled Once more (http://mauledagain.blogspot.com/): One other favourite opening: “Those that observe tax find yourself coping with every part in life, not simply meal exclusions, medical expense deductions, and related transactions, but additionally the definition of fuels.”

Locations

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