The Inflation Reduction Act; the 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 the fact that federal spending could reach 30% of US GDP 2052 – should give lawmakers pause.
- sikich (https://www.sikich.com/insights/) Build Back Better is put on a ventilator.
- Taxation (https://www.taxpolicycenter.org/): Senator Joe Manchin agreed to “a lower 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 need to know about its contents.
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): And a breakdown of the IRS cut.
- Mutilated again (http://mauledagain.blogspot.com/): Off The Top Of My Head Dept.: If Congress really wants to help people deal with inflation, maybe they should go through the IRC and adjust the fixed dollar amounts that are currently only not adjusted for inflation.
- taxbuzz (https://www.taxbuzz.com/blog): A look at a tax break former President Donald Trump could get after burying his ex-wife on his golf course.
- In summary (http://blog.freedmaxick.com/summing-it-up): Worry about the unknown (the recession being people’s A-piece) makes small and medium-sized business leaders confused and worried. This first in a series recommends actions every business should take, starting with finance, data and people.
- CPA Growth Trends (https://www.cpagrowthtrends.com/): How to get potential employees to notice your recruiting website and videos, including timing and selecting topics that “connect”.
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): Keep those shields up, Mr. Scott: The IRS’ latest warnings to preparers include scams that start with emails or text messages from individuals claiming to be potential customers.
Everything is blurry
- Rubin on tax (http://rubinontax.floridatax.com/): The IRS has issued guidance regarding issues regarding the agency’s activity to collect back tax from assets located overseas. Although technical, it provides some interesting insight into what the IRS can and cannot do, and some approaches it will take.
- Procedural taxation (https://procedurallytaxing.com): Updates to a recent article on the post-Boechler disputes (about whether the IRC 6213(a) impairment claim filing deadline is still jurisdictional and not subject to an equitable toll) include that all briefings were completed within the Punch the case before the judge who is presumably already working on an opinion, and that the culpe The case in the Third Circuit survived the government’s motion for summary affirmation, and the Culps filed their opening brief.
- TaxConnex (https://www.taxconnex.com/blog-): Guide clients through the steps to mitigate their sales tax risk.
- Peisner Johnson (https://peisnerjohnson.com/blog/): In many situations, automating sales tax can be counterproductive. How Automation Can or Cannot Be Applied to Sales Tax.
- canopy (https://www.getcanopy.com/blog): Tired of cops and crooks getting all the right lines? Then check out “Your Favorite Accountants in Pop Culture,” from “Breaking Bad” to “Cheers” to “Ghostbusters.”