Wagering and taxes; taming email; to NEC or not; and other highlights from our favorite tax bloggers.
- Avalara (https://www.avalara.com/us/en/blog.html): Favorite opening of the week: “Words matter. If they didn’t, lawmakers wouldn’t bother changing them, as the Vermont Legislature did recently” with a tiny “any” to a tiny “the” in regard to tax on retail sales of prepaid wireless telecommunications services.
- Taxable Talk (http://www.taxabletalk.com/): That dream season: The IRS has released a second memorandum dealing with the money that changes hands in fantasy sports, especially whether it constitutes a wagering transaction.
- Tax Vox (https://www.taxpolicycenter.org/taxvox): The $750 report revealed “far more than [Trump’s] personal ability to avoid taxes. They show how the tax law can make it easy for the very wealthy to avoid taxation. And they reveal more than deficiencies in the tax law.”
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): A look at a recent study on “The Economic Impact of Biden’s Tax Policy.” Cut that carbon and wedge that labor!
Forgive and don’t forget
- Mauled Again (http://mauledagain.blogspot.com/): The case of “Tax Lien & Gutted Getaway” involved two dance teachers who formed a partnership to teach dance. Each had previously operated her own business as a sole proprietor. When one of the two partners, the plaintiff, tried to pay an expense of the business, she discovered that there was only $2,000 in the business joint account rather than the expected $8,000. Where was the $6,000? Talk about a two-step.
- Tax Girl (https://www.forbes.com/sites/kellyphillipserb/): A look back at the anniversary of the conviction of the most infamous guy to ever claim, “They can’t collect legal taxes from illegal money.”
- Taxing Subjects (https://www.drakesoftware.com/blog): Another glance at the simpler application for forgiveness of Paycheck Protection Program loans of $50,000 or less. There are conditions (something we’re sure all used to these days).
- Taxbuzz (https://www.taxbuzz.com/blog): You Don’t Mess Around With Stim Dept.: A look at the recent extension to apply for an Economic Impact Payment.
You make the calls
- Strategic Advisor (https://strategicadvisor.liveplan.com/): Invite to a Oct. 22 webinar on one valuable topic in terms of everyone’s time: corralling that email!
- National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” looks at the owner of a small technology company that uses the services of two foreign contractors, one in Guatemala and the other in Costa Rica. Does the owner have to issue them a 1099-NEC?
- Palm Beach Accounting and Financial Services (https://www.pbafs.com/blog): What to remind them about protecting assets with life insurance.
- Turbotax (https://blog.turbotax.intuit.com): What to remind self-employed clients about SEP IRAs.
- Sikich (https://www.sikich.com/insights/): If you have community banks and credit unions among your clients, here’s a good look at their unique challenges when it comes to cybersecurity — and what you can help do.
- Wolters Kluwer (http://news.cchgroup.com/): Successful firms support client retention through great client service. These five tips make good use of many tools that working from home has made familiar now.
Yet more silver linings
- Canopy (https://www.canopytax.com/blog): Cloud computing has scudded onto the scene as an efficient and advanced way to boost the success of just about every type of business. No better time to start for accounting firms. Business owners are also “surprised to discover that the concept of the cloud is straightforward.”
- Sagenext (https://www.thesagenext.com/blog): Then there’s this: “When most of the world is still behind closed doors amidst this pandemic, the cloud has proved to be a protective shield, making sure businesses operate smoothly, without compromising their productivity by one single bit.” Additional major benefits.
- AICPA (https://blog.aicpa.org/): Ballot initiatives relating to cannabis will be voted on in five states — Arizona, Mississippi, Montana, New Jersey and South Dakota — this November. If you are a CPA working with clients in the cannabis industry, or if you think you might in the future, you’ll want a firm grasp of the issues regarding cannabis accounting. (On a lighter note, insert your pun with word “pot” HERE…)
- The Wandering Tax Pro (http://wanderingtaxpro.blogspot.com/): The Social Security Administration’s COLAs for calendar 2021.
- Eide Bailly (https://www.eidebailly.com/taxblog): Applicable federal rates for November.
- Tax Foundation (https://taxfoundation.org/blog): So what has accounted for America’s dramatic rise in the rankings of the International Tax Competitiveness Index of OECD countries?