Sadness of financial illiteracy; remote partners; benefits of failing; and other highlights from our favorite tax bloggers.
No surprises
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The American Institute of CPAs has released an exposure draft of significant proposed changes to the Statements on Standards for Tax Services. Comments are welcome through the end of this year; the proposed standards would be effective no earlier than 2024. The draft would both reorganize the Statements on Standards for Tax Services and create three new standards.
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): A look at the draft instructions for the IRS 8889 for HSAs, including the extension of safe harbor and disregarded coverage for telehealth and other remote care services — and no surprise billing for emergency or air ambulance services.
- Procedurally Taxing (https://procedurallytaxing.com): IRC 6751(b) requires that the immediate supervisor of an IRS agent proposing a penalty approve the penalty in writing — a provision the IRS glossed over for years. In the conservation easement case Sparta Pink Property, LLC v Commissioner, the Tax Court examines an unusual argument that the IRS approved the penalty too soon.
- Sikich (https://www.sikich.com/insights/): The Employee Retention Credit is not yet out of reach if your client’s willing to amend past quarterly returns.
- Global Taxes (https://www.globaltaxes.com/blog.php): A look at the recent (though extremely short) window the IRS has granted regarding some international and late returns.
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): A new Tax Court opinion, Lamprecht v. Commissioner, involves accuracy-related penalty for failure to report income from foreign accounts.
- The Tax Times (https://www.thetaxtimes.com): Final rules establishing a database of beneficial ownership information are pending before a division of the Office of Management and Budget in a bid to keep money from moving through shell companies.
Never stop learning
- Taxbuzz (https://www.taxbuzz.com/blog): A recent scam promising to pay investors based on how securities were doing at a given moment has earned an extradited U.S. citizen an all-expense-paid trip home from Costa Rica.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): This first of three entries looks at the special problems startups might have with financial statements.
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): A look at the Affordable New Jersey Communities for Homeowners and Renters, or ANCHOR, program, the state’s replacement for Homestead Benefit property tax relief.
- Mauled Again (http://mauledagain.blogspot.com/): Life insurance, a headstone and a sad example of financial illiteracy and the sort of incomprehension that generates disagreements and unnecessary litigation.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Are contributions to a law professor’s legal defense fund deductible?
Keys to success
- Avalara (https://www.avalara.com/blog/en/north-america.html): Even great and powerful accountants will avoid dealing with some taxes if they can — with sales taxes being People’s Exhibit A. Yet there are compelling reasons for accounting professionals to offer sales and use tax services.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): Seasoned preparers probably need little reminder on this topic as the second season gets underway, but you new folks should know that you can do well in this profession all year long.
- Rosenberg Associates (https://rosenbergassoc.com/blog/): Remote work’s all the rage and will likely be with us in some form for years. But can a remote worker ever make firm partner?
- Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): Failure can be your key to success.
