Capital gains at death; ounces of prevention; extremely dark money; and other highlights from our favorite tax bloggers.
The fine print
- Federal Tax Crimes (http://federaltaxcrimes.blogspot.com/): In United States v. Kronowitz, the court sustained the government’s assertion of the FBAR civil willful penalty. “The facts were bad” for Kronowitz, an accountant and preparer over many years who admitted to seeing “hundreds” of Schedule Bs and testified that “being familiar with the purpose of Schedule B and its requirements” probably did not read the instructions because he was “more concerned with providing for his family and taking care of his clients.”
- Taxjar (http://blog.taxjar.com/): What to tell them about various liens.
- Procedurally Taxing (https://procedurallytaxing.com): Gilbert v. U.S. is a recent Ninth Circuit opinion that discusses and applies the Declaratory Judgment Act in the context of a contract dispute between a foreign entity that owned Arizona property and the Gilberts, Americans who bought the property. A look at “the somewhat unusual path” that led to the court’s finding that the DJA prevented the court from reaching the merits of the dispute.
- The Tax Times (https://www.thetaxtimes.com): A Queens, New York, acupuncture clinic owner uses the C-Duction (cash) and now faces tax charges.
- Sovos (https://sovos.com/blog/?region=united-states): A look at new Kansas regs affecting direct-to-consumer wine shipments in the state.
- Tax Vox (https://www.taxpolicycenter.org/): President Biden has proposed major changes in the way the U.S. taxes the assets of those who have died. How the White House would, and would not, tax capital gains at death.
Ten years and counting
- Avalara (https://www.avalara.com/us/en/blog.html): The impact of the coronavirus pandemic on business and consumer habits was unexpected and immediate (can you say, “Click here to complete purchase”?). A recent survey of commerce leaders examines this groundswell shift in consumer habits and how it’ll affect businesses now and in the future.
- National Association of Tax Professionals (https://blog.natptax.com/): This week’s “You Make the Call” examines Cesar, a plumber with a Schedule C business. A year ago last May, his son, Cesar Jr., 10, was diagnosed with COVID by a test approved by the CDC. Cesar was told by his doctor to quarantine since he was exposed and to care for his child until further notice; Cesar was unable to work for 60 days. Cesar’s preparer is reading about Form 7202 and wondering, does Cesar qualify for the sick leave credit for certain self-employed individuals?
- Tax Pro Center (https://proconnect.intuit.com/taxprocenter/): Approximately every 10 years, there’s been an economic or catastrophic crisis with lasting effects. (And they say you can’t depend on anything anymore!) Tips to prepare your firm for the next mess.
- TaxProf Blog (http://taxprof.typepad.com/taxprof_blog/): Is dark money getting darker? How the IRS has shuttered collection of donor data, its long-time practice of requiring most nonprofits to disclose substantial donor names and addresses on the nonprofit annual return. The political shenanigans and implications involved.
- Boyum & Barenscheer (https://myboyum.com/blog/): To help you (or your client) get arms around the concept of succession planning, you can look at it from three different perspectives: long, soon and abruptly dire.
- Bloomberg Tax (https://pro.bloombergtax.com/news-insights/): The Group of Seven rich nations has secured a landmark deal that could help countries collect more taxes from big companies and enable governments to impose levies on U.S. tech giants such as Amazon and Facebook. The deal aims to modernize the century-old international tax code and cools transatlantic tensions that threatened to spill into a trade war under Donald Trump. But key details are still to be nailed down — and full implementation could take years.
- Surgent Income Tax School (http://www.theincometaxschool.com/blog/): Using the experiences of the season just gone by, here’s a short list of things you can get started on right away to improve your practice, starting with networking.
- Canopy (https://www.canopytax.com/blog): What exactly is a growth strategy and why is it critical you have one?
- Sikich (https://www.sikich.com/insights/): The deadline looms on the new lease accounting standards under FASB ASC Topic 842 or GASB Statement 87. How do you select a compliance solution?
- Taxbuzz (https://www.taxbuzz.com/blog): In the latest chat, tax pros across the country discuss what they really think of influencers who say prep is no longer a viable source of income, tax planning for business owners right now and the pros and cons of wait-and-see.
- Solutions for CPA Firm Leaders (http://ritakeller.com/blog/): It’s not just a matter of how to fix people, but of which people to fix.
- Summing It Up (http://blog.freedmaxick.com/summing-it-up): Under the ARP’s Higher Education Emergency Relief Fund III, the U.S. Department of Education authorized the release and will funnel approximately $36 billion in emergency funds to public and private non-profit institutions. A look at restrictions and compliance requirements.
- National Taxpayer Advocate (https://www.taxpayeradvocate.irs.gov/taxnews-information/blogs-nta/): What to tell them about the “lifecycle” of their federal return.