Remaining backlog; changes since polling day; no new customers; and other highlights from our favorite tax bloggers.
The new abnormal
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): When a “season” or two becomes the calendar year: “In recent weeks, the IRS has processed between 900,000 and 1.1 million personal and business returns per week and has approximately six weeks before shutting down its systems to prepare for the next filing season.”
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): Amid millions still to be made, in a Nov. 10 update, the IRS reported that it was “opening mail within normal time frames” and had “processed all individual paper returns and documents” that did not contain any errors or did not require further examination “in the order received.”
- Eide Bailly (https://www.eidebailly.com/taxblog): All the news that fits Danny Werfel — and what Republicans might have in mind for the Biden administration and the IRS down the road.
- Taxation (https://www.taxpolicycenter.org/): Americans voted on dozens of ballot initiatives this year, including tax hikes, tax cuts, cannabis taxes and sports betting. The results were, so to speak, all over the map. What have we learned?
- taxbuzz (https://www.taxbuzz.com/blog): Well, for starters, it’s now 4% harder to be a millionaire in Massachusetts.
- Mutilated again (http://mauledagain.blogspot.com/): Is it sufficient for a corporate auditor to rely on the alleged omission of an outside tax consultant to point out the illegality of what the auditor is doing, whether or not the auditor is acting at the direction of superiors ? Now we all have to sit down and wonder who we’re talking about….
- tax time (https://www.thetaxtimes.com): While Zelle users are required to report their income, the network itself says it does not must report transactions because it does not actually hold the funds.
- Sovos (https://sovos.com/blog/?region=united-states): How will remote work affect the future of business insurance?
- TaxConnex (https://www.taxconnex.com/blog-): When does the virtual equal the real, at least for a growing number of tax administrations? The latest on the endless story of sales tax and crypto.
- Avalara (https://www.avalara.com/blog/en/north-america.html): A reminder that Missouri will begin taxing distance sales on January 1. Happy new year.
- John R. Dundon II EA (http://www.johnrdundon.com/): Favorite Opening of the Week: “Like a cloudburst, Colorado’s updated tax laws for 2022-23 are beautiful to look at and arguably dangerous to misunderstand.”
- Taxable conversation (http://www.taxabletalk.com/): The “nightmare” deposit situation that could occur if you don’t retrieve your records before a company (e.g. FTX cryptocurrency exchange) goes under.
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): A look at recent relief from the IRS on an IRA rollover deadline for a victim of fraud.
- Procedural taxation (https://procedurallytaxing.com): In Kelly v. Commissionera petitioner sought to use the due process of collection to obtain an initial reduction (“…seemed overstated…”) It is also worth noting that the case did not involve a discussion of prior propriety.
Hold it all
- tax jar (https://www.taxjar.com/resources/blog): For your customers who sell online (and you may have more than you think…), six steps to ensure their sales tax compliance.
- AICPA Insights (https://www.aicpa.org/blog): burned? Lacking motivation? Juggling competing priorities? Here are half a dozen scenarios associated with a time management technique that could help you.
- WCG (https://wcginc.com/blog/): how and why a company has hindered the acquisition of new customers. (“It may seem like a silly thing to say…but we sure would be fools if we said we could, but failed to deliver…”)
- Turbotax (https://blog.turbotax.intuit.com): Something to remind them of the tax changes that are intertwined with those of life.
- CPA room (https://www.therealestatecpa.com/blog): If your clients are embarking on home ownership, what should they be reminded of the tax benefits associated with qualifying as a real estate professional?
- Tax foundation (https://taxfoundation.org/blog): As we approach this year’s lame session of Congress, interest is renewed in reforming the child tax credit as part of a broader tax deal. But a year after the enactment of the CTC, policymakers are no closer to a consensus on where credit should go.
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Congress has extended relief through 2025 for taxpayers who purchase health insurance on an exchange and want to take advantage of the premium tax credit.
- HBK (https://hbkcpa.com/insights/): The latest quarterly newsletter for nonprofits looks at tax arguments for donors, IRS hopes for tax exemption, and key considerations before establishing an endowment fund, among other topics.
- Boyum and Barenscheer (https://www.myboyum.com/blog/): A reminder of limits and other details for next year on HSAs.