New form questions; taxpayers behave badly; why people leave; and other highlights from our favorite tax bloggers.
The year that will be
- AICPA Insights (https://future.aicpa.org/blog): What are the dates of entry into force of the provisions of the major bill? Critical question when planning for clients. But maybe the first question should be, “When will the big tax bill be enacted?” Or even will be will it be promulgated?
- Taxable conversation (http://www.taxabletalk.com/): “Buried on page 23” of the draft instructions for the new 1040, the IRS appears to add a requirement for a Paycheck Protection Program loan forgiveness statement for 2021 personal returns… .
- John R. Dundon II EA (http://johnrdundon.com/): Rev. proc. 2021-48 discusses PPP loan reporting and inspires the understatement of the week: “There seems to be quite a bit of misinformation on the internet about how to report this loan forgiveness.”
- Sovos (https://sovos.com/blog/?region=united-states): How the IRS added the 1099 NEC to the Combined Federal State Filing program, as well as the latest information on this program.
- The wandering tax pro (http://wanderingtaxpro.blogspot.com/): A review of what’s new on 1040, 1040-SR and Schedules 1, 2, and 3 – except Schedule A, delayed due to SALT limitation change that may be included in final legislation Build Back Better.
- Taxation (https://www.taxpolicycenter.org/): How and why a $25,000 SALT deduction cap would only be a modest improvement over the House’s $80,000 version.
- Current Federal Tax Developments (https://www.currentfederaltaxdevelopments.com/): The IRS requires partnerships with international tax information to prepare and attach Schedules K-2 and K-3 to partnerships with tax years beginning in 2021. Yet the final versions of these forms are not currently available – a potential issue for a one-year tax partnership that began operations in 2021 but whose year-end for its first tax return is before the end of 2021.
- Wolters Kluwer (https://www.wolterskluwer.com/en/solutions/tax-accounting-us/industry-news): Highlights from the recent AICPA/CIMA conference include an update from the IASB and staff of the SEC’s Corporate Finance Division discussing a number of topics related to the accounting and disclosure requirements of the SEC.
- Procedural taxation (http://www.procedurallytaxing.com/): The recent 35th Civil and Criminal Sanctions Conference featured SBSE Deputy Commissioner (Collections), Darren Guillot, covering many topics including nearly 10 million non-filers in 2019 and how Collection is turning to artificial intelligence to help respond to taxpayers.
Almost the year that was
- Don’t Mess With Taxes (http://dontmesswithtaxes.typepad.com/): What a cry: property taxes have just increased again on the “Home Alone” cinema.
- Solutions for CPA firm leaders (http://ritakeller.com/blog/): People who don’t need staff Dept: Great Resignation-wise, “people don’t leave companies. They leave people.
- Federal tax crimes (http://federaltaxcrimes.blogspot.com/): In United States against Fields, the Fifth Circuit upholds a defendant’s waiver of an attorney’s conflict of interest, but denies an allegation of ineffective attorney assistance.
- National Association of Tax Professionals (https://blog.natptax.com/): In this week’s “You Make the Call,” Haruto’s Aunt Akira made her the sole beneficiary of her estate after learning she was terminally ill. Upon hearing this sad news, Haruto immediately gifted some of his assets to Aunt Akira. At the time of the donation, the asset base was $5,000 and the fair market value was $200,000. Aunt Akira’s illness killed her in three months and all of her assets passed to Haruto, including the assets he gifted to her. What is the basis of these assets for Haruto?
- tax warriors (https://www.taxwarriors.com/): Something to remind them of the right business entity and the tax benefits associated with it.