Scams of the season; the size of the IRC; how to market next year; and other highlights from our favorite tax bloggers.
Warm and fuzzy
- Tax Vox (https://www.taxpolicycenter.org/taxvox): Supreme Court verbal arguments begin in CIC Services v. IRS, a little-known case that threatens to gut the ability of the IRS to limit abusive tax shelters, and it could do even wider damage to the agency’s ability to use regulations to implement tax law.
- Taxing Subjects (https://www.drakesoftware.com/blog): Perfect Storm Dept.: A warning to taxpayers and tax pros to beware of scams and ID theft schemes during the holiday shopping period, the approaching tax season and the pandemic from the IRS and its Security Summit partners.
- AICPA (https://blog.aicpa.org/): On that subject, our favorite opening of the week: “While you’re buying for your loved ones and feeling warm and fuzzy, cybercriminals are feeling the same about the uptick in online shopping because it presents more opportunities to steal data.” Sobering stats follow, as do good tips on smart passwords, spotting scam sites and educating kids.
- Avalara (https://www.avalara.com/us/en/blog.html): How to fulfill tax obligations on recurring subscriptions.
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): May tax evasion be charged as a money laundering offense?
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com): What happened when taxpayers requested an extension from the IRS to elect the mark-to-market method of accounting.
- Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): For all the emotions involved, one part of clients’ planning their legacy involves actual digital and physical organizing. What to remind them to have on hand.
- National Association of Tax Professionals (https://blog.natptax.com/): A new direction that could help small-biz clients: The Qualified Small Employer HRA is based on small-business owners reimbursing their employees for health insurance rather than buying it for them. California, Texas, North Carolina, New York and Florida lead in signups.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): The ability to understand and monitor cost and profitability at the individual resident level provides a distinct advantage for any post-acute care provider. If you have clients in this area, the patient-driven payment model has accelerated a shift to capitation-like reimbursement, putting the responsibility on post-acute care providers to manage their costs, all while maintaining high quality of care for patients.
Doesn’t code well
- Mauled Again (http://mauledagain.blogspot.com/): A recent visit to a site claiming to contain Title 26 of the United States Code (a.k.a. the IRC, a.k.a. “3.95 million words”) contained much more than the Code. Is bigger always better?
- Wolters Kluwer (http://news.cchgroup.com/): A look at the International Accounting Standards Board’s proposed amendments to specify how a company measures the lease liability in a sale and leaseback transaction.
- National Taxpayer Advocate (https://taxpayeradvocate.irs.gov/about/nta-blog): Advice for those who get an advance payment of the premium tax credit and also got a warning notice from their marketplace about potentially losing APTC benefits next year.
- Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): Congress faces a rapidly approaching deadline to pass a new round of funding for the U.S. government, with dimming odds both of confirming Judy Shelton to the Federal Reserve Board and hashing out another coronavirus relief package. Another day in paradise.
- Turbotax (https://blog.turbotax.intuit.com): What to tell them about charities and deductions.
- Boyum & Barenscheer (https://myboyum.com/blog/): In this year to end all years, what to tell them about year-end planning.
- Sikich (https://www.sikich.com/insights/): Though much uncertainty remains — on the public health, economic and political fronts — this is no time for marketing teams to remain stagnant. Next year requires “an optimistic but measured approach.” Here are a few marketing suggestions, starting with revisiting your clients’ diversity and inclusion promises.