Saturday, April 13, 2024
HomeAccountingWithin the blogs: Out with the bull 

Within the blogs: Out with the bull 

New yr, new priorities; advisory service roadblocks; GM sues Frisco; and different highlights from our favourite tax bloggers.

Out with the bull

  • Keller Advisors ( Listed here are greater than a dozen 2024 resolutions to your agency. Choose a number of and keep on with them.
  • Tax Professional Heart ( Members of Intuit’s Tax Council share their observe resolutions, together with “a dollar- and time-efficient skilled and private life,” “not taking anybody’s bull anymore” and “deleting as a lot as attainable.”
  • Institute on Taxation and Financial Coverage ( The yr could also be new, however state lawmakers appear to have the identical previous decision: slashing state revenue taxes. 
  • Boyum & Barenscheer ( One other have a look at who should report useful possession info.
  • Palm Seaside Accounting and Monetary Providers ( A handy-dandy guidelines for shoppers (or for you) contemplating early retirement.

Guidelines re-defined

  • Taxable Speak ( Of crypto, playing and the 8300.
  • Do not Mess with Taxes ( How briskly the IRS turns round returns and kicks out a refund is, to cite Capt. Barbossa of “Pirates of the Caribbean,” “Extra pointers than precise guidelines.”
  • Procedurally Taxing ( When a Tax Court docket petition completely, positively did not get there in time.
  • Taxing Topics ( The IRS has introduced new penalty aid of some $1 billion to people, companies, and tax-exempts who did not obtain automated assortment reminder notices in the course of the pandemic.
  • Present Federal Tax Developments ( The IRS will not uphold the stance outlined in Non-public Letter Ruling 201647001, the problem being the dedication of present (and attainable subsequent property) tax penalties of modifying an deliberately faulty grantor belief.

Nagging questions

  • Tax Vox ( A latest listening to of the Home Methods and Means Committee’s Subcommittee on Tax Coverage introduced consideration to an necessary matter: How can the Tax Code spur financial development whereas sharing the good points broadly? Youngsters are a part of the reply.
  • Cover ( Favourite opening of the week, concerning psychological sabotage to offering value-added providers: “How can I present advisory providers if I do not even know what they’re? What if I give the mistaken recommendation? What if I get put into jail for recommendation I did not even know was mistaken? What if aliens invade and destroy the planet as a result of I did not know that short-term leases are depreciated over 39 years and never 27.5?” You get the thought. Here is the right way to plow forward anyway.
  • Sovos ( A case not too long ago filed within the Illinois Impartial Tax Tribunal by PetMeds Specific re-opens the million-dollar query: Can a taxpayer win a constitutional argument towards financial nexus?
  • Nationwide Affiliation of Tax Professionals ( This week’s “You Make the Name” appears at Cliff, a furnishings salesman who annually receives a W-2 from his employer. When he sells a sure variety of furnishings items on the retailer, he additionally earns an incentive bonus from the producer, which is reported to him on a 1099-MISC. Ought to this 1099 revenue be reported on a Schedule C as self-employment revenue?
  • Mauled Once more ( One other favourite opening: “Those that observe tax find yourself coping with all the things in life, not simply meal exclusions, medical expense deductions, and comparable transactions, but in addition the definition of fuels.”




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