The Inflation Reduction Act; latest scams; accountant icons; and other highlights from our favorite tax bloggers.
Into the unknown
- Tax Foundation (https://taxfoundation.org/blog): The Congressional Budget Office’s “sobering” report on the government’s long-term finances — including that federal spending could hit 30% of GDP by 2052 — should give lawmakers pause.
- Sikich (https://www.sikich.com/insights/) Build Back Better gets put on a respirator.
- Tax Vox (https://www.taxpolicycenter.org/): Sen. Joe Manchin has agreed to “a slimmed-down tax, health care, climate and energy bill.” It leaves out nearly all of President Biden’s proposals to raise taxes on high-income households as well as efforts to restore an expanded Child Tax Credit, but here’s what you do need to know about its contents.
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): And a breakdown of the IRS’s cut.
- Mauled Again (http://mauledagain.blogspot.com/): Off The Top Of My Head Dept.: If the Congress truly wants to help people dealing with inflation, perhaps it should go through the IRC and adjust fixed-dollar amounts that currently are not adjusted for inflation.
- Taxbuzz (https://www.taxbuzz.com/blog): A look at a tax break that former President Donald Trump might get after burying his ex-wife on his golf course.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): Concern over the unknown (with recession being people’s exhibit A) has small- and midsized-business leaders confused and apprehensive. This first in a series recommends action every business should perform, starting with finances, data and people.
- CPA Growth Trends (https://www.cpagrowthtrends.com/): How to get prospective staff to notice your website and recruiting videos, including timing and picking themes that “connect.”
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): Keep those shields up, Mr. Scott: The latest IRS warnings to preparers include scams that start with emails from individuals claiming to be potential clients sent by email or SMS messages.
It’s all a blur
Pop quiz
- Rubin on Tax (http://rubinontax.floridatax.com/): The IRS has issued advice regarding questions about the agency’s activity to collect tax delinquencies from assets located overseas. While technical, it does provide interesting information on what the IRS can and can’t do, and some approaches they’ll take.
- Procedurally Taxing (https://procedurallytaxing.com): Updates to a recent post on post-Boechler litigation (over whether the IRC 6213(a) deficiency petition filing deadline is still jurisdictional and not subject to equitable tolling) include that all briefing has been completed in the Hallmark case before the judge who is presumably already working on an opinion, and that the Culp case in the Third Circuit survived the government’s motion for summary affirmance and the Culps have filed their opening brief.
- TaxConnex (https://www.taxconnex.com/blog-): Walking clients through the steps of mitigating their sales tax risk.
- Peisner Johnson (https://peisnerjohnson.com/blog/): In many situations, sales tax automation can be counterproductive. How automation can or can’t be applied to sales tax.
- Canopy (https://www.getcanopy.com/blog): Tired of cops and crooks getting all the good lines? Then check out “Your Favorite Accountants in Pop Culture,” from “Breaking Bad” to “Cheers” to “Ghostbusters.”
