Scare tactics about the IRS; marketing for one; a new blog; and other highlights from our favorite tax bloggers.
The fun out of funding
- Procedurally Taxing (https://procedurallytaxing.com): Serious issues surround IRS priorities and how the agency will spend the significant increase in funding from the Inflation Reduction Act. The immediate problem seems to be “the potentially dangerous rhetoric that politicians have been using to describe the funding.”
- Mauled Again (http://mauledagain.blogspot.com/): Yes, claims that the IRS is going to go after people with incomes under $400,000 and that the agency plans to hire 87,000 additional door-kicking agents proves that scare tactics never go out of style.
- Tax Vox (https://www.taxpolicycenter.org/): The new minimum tax on the income that large corporations report to their shareholders is the revenue centerpiece of the Inflation Reduction Act. But the levy does more than promise to raise more than $200 billion in new revenues: It also “generates profound questions about the nature of corporate accounting and tax policy in an era of rapidly evolving commerce.”
- TaxMama (http://taxmama.com): Mama’s commonsense two cents on the IRS funding/hiring — and on corporations with a billion dollars of profit who will still get to keep $850 million and will still get to pass the added cost of taxes on to consumers.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): How about a course to explain the IRA?
Thinking big
Staying nimble
- CPA Growth Trends (https://www.cpagrowthtrends.com/): How marketing teams of one can not only succeed but thrive while helping a firm grow. One grabber sub-topic: “10 Ways One Person Marketing Departments Can Do More in Less Time.”
- Canopy (https://www.getcanopy.com/blog): What good’s a blog to a firm? You’re reading this, aren’t you? How to get a blog on your firm’s site — and the tips kick off by dispelling a couple of major myths.
- Taxing Subjects (https://www.drakesoftware.com/blog): Updating software, reviewing tax law changes, earning CPE, training staff: In preparing for the looming season, many firms overlook a written information security plan. (Tax pros are required by the FTC to have one of these plans in place to protect client info.) Such firms can turn to the IRS, which has published a 29-page sample plan by the Security Summit.
- HBK (https://hbkcpa.com/insights/): Protect yourself from ransomware, including reviews of what happened to previous victims: an Aug. 24 webinar.
- Sovos (https://sovos.com/blog/?region=united-states): Diane Yetter, president and founder of the Sales Tax Institute, chimes in on what makes up a “nimble” sales tax strategy (“…the information technology, legal, sales, marketing, billing and accounts receivable departments are perfect places to start…”).
- Taxjar (https://www.taxjar.com/resources/blog): September sales tax due dates.
- TaxConnex (https://www.taxconnex.com/blog-): The remote-worker question is becoming common and loud concerning residency and income tax. Can such workers create sales tax nexus for your clients who sell online?
- Avalara (https://www.avalara.com/blog/en/north-america.html): Diapers, sanitary napkins, tampons and similar products will soon go sales/use tax-free in Colorado and Iowa.
Electric avenues
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): A reminder that smaller charities opting to file a 990-N must sign into the IRS modernized authentication platform.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): An overview of provisions in the IRA that could benefit (or otherwise affect) nonprofits, starting with climate-friendly facility and equipment upgrades.
- Henry+Horne (https://www.hhcpa.com/blogs/): Sharing custody of a child makes for a tricky dependents situation.
- Turbotax (https://blog.turbotax.intuit.com): Handy and clear numbers if they ask what they get by going with an electric car after this year.
- National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at Emily, whose annual employer benefits renewal period has arrived. Her health care options include an HSA or an FSA. Emily, 49, asks you if both cover the same types of qualified medical expenses when all other requirements are met. What do you tell her?
New to us
- HallCPA (https://www.therealestatecpa.com/blog): This North Carolina firm specializes in real estate investors and business owners with a blog that covers a variety of related topics. Recent subjects include the Inflation Reduction Act, why to never put rental real estate in a corporation and what clients might be asking about in-person versus virtual CPAs. Welcome!
