Surpluses and cuts; the CP80 mess; cost of “skin in the game;” and other highlights from our favorite tax bloggers.
Great challenges Tax Foundation ( https://taxfoundation.org/blog ): Favorite opening of the week: “One of the greatest challenges of lawmaking is recognizing when a beautiful theory must succumb to an ugly fact.” We live in a reality where complex tax policies that work well in theory can have a hard time when the rubber meets the road.
Solutions for CPA Firm Leaders ( http://ritakeller.com/blog/ ): You scrambled to hire enough qualified folks to help the firm through tax season. Now that you have them, will you be able to keep them? Sad to say, firm partners and managers don’t often communicate continually, with clarity, about a person’s job performance.
Institute on Taxation and Economic Policy ( https://itep.org/category/blog/ ): Remember that “Star Trek” where they encountered something wondrous that was, in fact, dangerous? (Actually, they were all like that…) Consider the elixir of temporary revenue surpluses: Several state legislatures are continuing to push ahead this year with significant tax-cut packages that would dramatically reduce revenues — and leave states in a bad position for another unexpected economic shock.
TaxConnex ( https://www.taxconnex.com/blog- ): How it’s extremely better to check sales tax liability before a merger or acquisition.
Taxable Talk ( http://www.taxabletalk.com/ ): The IRS and FinCEN now allege that foreign online poker accounts are “casino” accounts that must be reported as foreign financial accounts. Problem is, most of these entities don’t broadcast their addresses. Some individuals sent email inquiries to one of these gambling sites and received politely worded responses (or not-so-politely worded) that said that the address was none of their business.
The Wandering Tax Pro ( http://wanderingtaxpro.blogspot.com/ ): Clients who’ve received the CP80 Notice telling them they have an outstanding credit for 2020 when they haven’t filed their 2020 return ask the blogger, “How can the IRS say I haven’t filed my return when they cashed my check?” Here’s the story as the blogger understands it; fellow tax pros are welcome to correct him if he’s wrong.
Stakes are high […]
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