Short answers; corralling crypto; new blog in town; and other highlights from our favorite tax bloggers.
Getting phygital
- TaxMama (http://taxmama.com): Last week, the IRS — as part of its effort to put its windfall to good use — announced that people who e-file amended returns can now receive refunds via direct deposit to their bank accounts. Cool. What the IRS didn’t mention.
- Taxing Subjects (https://www.drakesoftware.com/blog): Will electronic filing and direct deposit help the IRS process amended returns faster? “The short answer is ‘no.’ “
- Procedurally Taxing (https://procedurallytaxing.com): In Vensure HR, Inc. v. United States, the Court of Federal Claims faced whether a three-judge circuit panel can overturn prior circuit precedent in light of subsequent Supreme Court precedent. Note that the DOJ takes a very narrow view of the ability of a panel to interpret a Supreme Court decision that’s unfavorable to the government when federal circuit precedent supports the government’s position….
- Don’t Mess with Taxes (http://dontmesswithtaxes.typepad.com/): Are IRS regs at their lowest in almost a quarter century?
- CPA Growth Trends (https://accountingmarketing.org): What is “phygital” and why do you have to bear it in mind when marketing a firm?
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): Time for another controversial proposal: The mileage allowance for business use of the taxpayer’s personal auto should not include a component for depreciation of the vehicle.
- Sovos (https://sovos.com/blog/?region=united-states): When reporting payments to non-U.S. taxpayers, one form rules all: the 1042. What to know, especially as a March deadline looms.
- National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at Jason’s surfing business in Sarasota, Florida, which was destroyed in 2022 during Hurricane Ian (a federally declared disaster). As Jason prepared his 2022 return and calculated casualty loss, he noticed 2022 gross receipts were much less than in 2021. Can he amend that previously filed 2021 return so he can claim the 2022 casualty loss in a year where he had more income?
Let’s talk
- Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): They’re talking about them for sure, but what can we all learn (and impart to clients) from headline collapses like FTX and Enron?
- Turbotax (https://blog.turbotax.intuit.com): What to remind them about going from full-time to self-employed.
- AICPA Insights (https://www.aicpa.org/blog): Digital assets create new opportunities — and new confusion, as not only guidelines and definitions are lacking but so is global consensus and authority on how virtuals should be accounted for and audited. A look at the institute’s new “Accounting for and Auditing of Digital Assets” practice aid.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): The IRS defines most cryptocurrencies as “convertible virtual currencies,” a medium of exchange with profits taxable like capital gains. But at tax time, there’s more to it than that. What are four crypto taxable events?
- The Tax Times (https://www.thetaxtimes.com): Is the EU headed toward a crypto registry?
- The Rosenberg Associates (https://rosenbergassoc.com/blog/): Many, but far from all, firms choose to hold life insurance on partners to assist with paying retirement benefits owed if a partner dies unexpectedly. Results of a recent poll.
States of the union
- HBK (https://hbkcpa.com/insights/): A Wide Range Indeed Dept.: Florida’s plan for taxpayer relief includes breaks for childcare, baby stuff and gas stoves.
- Institute on Taxation and Economic Policy (https://itep.org/category/blog/): Recent proposals in Maryland, Wisconsin and Iowa run the gamut of loved, liked and not so much.
- University of Illinois Tax School (https://taxschool.illinois.edu/blog/): More on reporting states’ rebates.
- Eide Bailly (https://www.eidebailly.com/taxblog): The latest state doings roundup also includes Minnesota’s nod to communities and historic structures, Montana’s reducing the top rate and upping its Earned Income Tax Credit and West Virginia’s cutting its income tax.
- Boyum & Barenscheer (https://www.myboyum.com/blog/): States, which end up carrying a load of the cost of elder care, are looking to set up new payroll taxes to assist in covering their costs. A long-term care topic working through the Minnesota legislature mimics current legislation in the State of Washington and under serious consideration in California, New York and Pennsylvania.
- Taxjar (https://www.taxjar.com/resources/blog): March sales tax due dates by state.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): The University of Florida Levin College of Law is looking for an “established tax professor” with administrative experience for associate dean for tax programs.
New to us
- VonLehman CPA & Advisory (https://vlcpa.com/articles/): This firm, with offices in Cincinnati, Indianapolis and northern Kentucky, offers a fine array of topics that recently included 10 ways clients can boost profitability, five things to know about private company valuation in this economy and how to determine if an nonprofit board understands their own financials. Welcome!
