In the blogs: Limping

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The IRS site is not as popular; the role of marketing in talent acquisition; new blog; and other highlights from our favorite tax bloggers.

Limping

  • Tax foundation (https://taxfoundation.org/blog): Over the past few decades, policymakers have increasingly relied on the Tax Code to implement important social spending initiatives. Meanwhile, the IRS’ capacity has not expanded to match major new responsibilities. The solution?
  • Taxation (https://www.taxpolicycenter.org/): The IRS limped through another season, “reduced to filling staffing gaps in customer service and returns processing by shifting workers.” Processing delays and other issues have shown that the agency’s visible vulnerabilities now have less to do with law enforcement and more to do with customer service. How that might make it harder for the agency to get funding down the road.
  • Tax and Accounting Bloomberg (https://pro.bloombergtax.com/news-insights/): Yes, a lot has happened in the past 85 days or so, including a massive and curious year-over-year drop in taxpayer visits to the IRS website.
  • Federal tax crimes (http://federaltaxcrimes.blogspot.com/): Highlights from the recent TIGTA report on FATCA, with strong encouragement for accounting professionals to dig deeper into the details of the report.
  • Mutilated again (http://mauledagain.blogspot.com/: Whether it’s the New York City subway or the Pennsylvania state troopers, “most lawmakers don’t have the kind of education and experience in economics, tax policy, engineering, finance… ‘business and similar disciplines’ to develop real answers regarding fuel taxes.
  • Eide Bailly (https://www.eidebailly.com/taxblog): “And done right, Tax Day can be the starting point for rethinking and reshaping the boundaries of tax citizenship.” We have never seen a blogger write: “Bah. Humbug.”

Play by the rules

  • tax jar (https://www.taxjar.com/resources/blog): The Sales Tax Challenge in the Sharing Economy.
  • National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at James, 20, and Charles, 19, brothers who each inherited IRAs from their late mother. Both are students without scholarships; their rich dad pays more than half of their child support. In 2021, each received an IRA distribution of $59,562, well above the Kiddie Tax unearned income threshold. Each also earned an income of $7,500. James attended the school for five months, from August to December 2021, and is considered a full-time student. Charles is not considered a full-time student since he enrolled in only 11 credits compared to the 12 required by the university for full-time status. Should brothers file an 8615?
  • TaxConnex (https://www.taxconnex.com/blog-): What online selling customers need to know about registering to collect and remit sales tax.
  • Avalara (https://www.avalara.com/us/en/blog.html): The rules of the house rule, well, the rule when it comes to online sellers’ extremely local sales tax obligations.
  • HBK (https://hbkcpa.com/insights/): A private foundation is exempt under IRC Sec. 501(c)(3) but does not qualify as a public charity. Such an organization must comply with complex rules governing assets and activities – including, as this article discusses, the requirement to make annual qualifying distributions to avoid significant excise taxes.
  • Procedural taxation (https://procedurallytaxing.com): A look at a summary opinion of Wheeler v. Comm’r which further explores the limits of community property tax relief under IRC Sec. 66(c).

Forms and functions

  • Boyum and Barenscheer (https://www.myboyum.com/blog/): Something to remind them of the big tax differences between S and C corps.
  • CPA Growth Trends (https://www.cpagrowthtrends.com/): The role of marketing in talent acquisition varies, but the need for marketing, HR, and recruiting efforts to work together smartly and quickly in this area has never been greater.
  • Henri+Horne (https://www.hhcpa.com/blogs/): What to remind them about the SS-4.
  • AICPA Insights (https://www.aicpa.org/blog): Important for organizations to properly file their Federal 8822-B is determining who the “responsible parties” are.
  • canopy (https://www.canopytax.com/blog): The top 10 unmissable accounting fairs this year.

Surprise Surprise

new to us

  • Yeater & Associates (https://yeaterassociates.com/blog/): This Greeley, Colorado, CPA firm offers a wealth of financial topics, including local small business taxes, the importance of a personal balance sheet, and whether an accountant is always needed after a client. gets QuickBooks. Welcome!
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